Governor Rauner made good on his State of the State pledge to empower his newly formed Illinois Business and Economic Development Corporation (ILBECD) with an executive order recently. With it he ordered the Illinois Department of Commerce to work with this new private non-profit corporation to attract more businesses to the state. ILBECD is similar to other private economic development corporations that exist in many other states, including nearby Ohio and Indiana. These organizations aid … [Read more...]
Archives for 2016
Capital Markets Improvement Act (HR 1675) Aims to Help Small Business
Small businesses are important to building a healthy economy. They provide access to goods and services that consumers want, which helps to stimulate the economy. But most importantly, they help fuel job growth. Times have changed, and being a small business owner has become increasingly difficult. Having to deal with all the federal and state red tape that comes with owning a small business can be costly and time-consuming, which can be overwhelming for small business owners. A business … [Read more...]
The Evolution of Estate Tax
The Estate Tax has gone through numerous changes throughout the past 100 years. Rates of taxation have changed, along with attempts to repeal or reform the law. Probate lawyers must constantly follow changes to the laws to advise their clients on how to best plan their estates. The Revenue Act of September 8, 1916 As an effort to bolster government coffers before entering World War I, the Revenue Act included provisions to enact an estate tax at the rates of 1 to 10 percent for taxable … [Read more...]
New Business Owners Stumble Through Paperwork
Starting a new business is an exciting time, but that excitement can turn to horror quickly for business owners who fail to file the proper paperwork. Every business, from a part-time operation out of a person's garage to a multi-national corporation must file a series of documents with the state and federal government to achieve legal status to operate. With the assistance of a commercial attorney, new business owners can navigate the treacherous waters of business creation and protect their … [Read more...]
Commercial Renters Fight For Greater Protection
In a commercial lease there is a lot more at stake than just rent money; the success or failure of the business can hinge on the lease. Renters who do not take the time to consider carefully the terms of their agreement may face hefty maintenance costs, discover themselves responsible for unexpected taxes, or even find their business without a home. Illinois protects commercial lessees in three areas of particular importance. Habitability To protect residential tenants from exploitation by … [Read more...]
Same Sex Marriage, Divorce and Division of Property
Same-sex marriage has been one of the most polarizing issues in recent years, and its legality on a national level was not resolved until only last year. Before that, its legality was decided one state at a time. This means that many couples had to leave their own state to legally wed. While the first same-sex marriage licenses in the United States were issued in 1975, gay marriage did not become officially legal in any state until 1999. Policy on same-sex marriage varied widely between then and … [Read more...]
Is Property Tax Relief on the Horizon?
Property taxes in Illinois are the second highest in the nation. It's a growing problem. However, Governor Rauner's administration and the General Assembly are going to attempt to tackle it in the coming year. To reduce property tax rates for homeowners, the Local Government Consolidation and Unfunded Mandates Task Force is recommending a number of changes. There are approximately 7,000 taxing bodies throughout the state. There are also several hundred mandates … [Read more...]
Reducing Large Truck Liability Exposures
Business operations that rely on large trucks need a continuous action plan to reduce liability exposures. The 10,000 pound and over gross vehicle rating weight (GVWR) that defines these big trucks is also a key factor in instability and safety issues. The problems increase during severe weather and can cause serious accidents. When a heavy truck collides with a smaller vehicle, injuries, fatalities, and severe property damage are a … [Read more...]
The Limited Power of Non-Compete Clauses
A number of recent cases in Illinois have brought into question the limits of non-compete clauses in employment contracts. Some of these seem to severely limit the application of these clauses. Others have favored the employer's rights, but one thing is clear: businesses that ignore the impact of these developments put their interests at risk. The debate over non-compete clauses reached its peak in 2013. In the Fifield case the Illinois First District appeals court upheld a decision that … [Read more...]
New Chicago Regulations Change Winter Business Liabilities
During the winter months, Chicago pedestrians face a variety of challenges that serve to make their trip more dangerous. One of these hazards is the accumulation of snow and ice on the sidewalks. A change to the Municipal Code (4-4-310 & 10-8-180) went into effect in November 2015, making the removal of snow and ice from adjacent sidewalks the responsibility of business owners. Unsafe sidewalks pose challenges to all walkers. Those who are very young, elderly, or disabled face increased … [Read more...]