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Millenials inherit wealth at faster rate than previous generations

Millennials are set to inherit more wealth than any previous generation and, contrary to popular misconceptions, they are also the most likely to use it well. About a third of Americans under the age 32 with $1 million of available assets to invest inherited their money. That contrasts with less than a quarter of Baby Boomers and Gen X’ers. At first, this may seem worrisome after all Millennials are the generation that grew up with an “everyone gets a trophy attitude” and who don’t understand … [Read more...]

Independent Contractors & the Law

The number of independent contractors in America will continue to increase as businesses seek ways to streamline operations and remain competitive. In 2006, the Department of Labor stated that 42.6 million of Americans, or 30% of the workforce were classified as independent contractors. It is estimated by that 2020, nearly 60 million people, or 40% of Americans will be classified as independent contractors. However, a business must be careful not to mischaracterize a worker as an … [Read more...]

What Businesses Should Know About the Three Day Right to Cancel Law

Business owners in Illinois should understand which transactions consumers have the right to cancel within three days. What Business Owners Need to Know Starting a business in Illinois requires owners to navigate their way through a series of complex paperwork. Many people are aware of the three-day right to cancel laws, but not everyone understands that it does not apply to all transactions. In fact, it only applies to the following: Door-to-Door Transactions In Illinois, … [Read more...]

Is Chicago a Profitable Place to Start a Small Business?

Small businesses in Chicago face operational challenges that include high taxes, a slow economy, and budgetary problems in the state capital. According to an Illinois business law attorney, Chicago can be a profitable place to start a small business if entrepreneurs are willing to navigate the challenges. High Taxes One of the biggest hurdles facing small businesses in Illinois is high taxes. According to a recent article, The State of Small Business: Illinois, entrepreneurs regard high … [Read more...]

Will Governor’s Move Bring More Business to Illinois?

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...]

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...]

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...]

New Rules for Commercial Drones

From medical deliveries to real estate surveys, an increasing number of business transactions and practices now involve the use of commercial drones. However, as the world adjusts to this new technology, government regulations continue to evolve too. Because these small, unmanned aircraft continue to interfere with airplane flight paths, the Federal Aviation Administration (FAA) is introducing new requirements to enforce existing rules for recreational and commercial drone use. Registration … [Read more...]

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