November 2013 / Volume 11, No. 3

CHOOSING A BUSINESS ENTITY

Everyone starting a for-profit business is faced with the issue of what type of entity to use for the business.  There are numerous possibilities, and the distinctions among the various types of entities...

ESTATE PLANNING AFTER THE TAX REFORM ACT

For 2013 and beyond, estate planners and their clients have a new favorable tax planning environment.  For the last decade, estate planning attorneys have been attempting to address

July 2013 / Volume 11, No. 2

FOCAL POINTS FOR THE COMMERCIAL USE OF SOCIAL MEDIA

A recent survey by the Pew Research Center revealed that more than two-thirds of online adults now use one or more social networking outlets.  LinkedIn alone enjoys over 150 million users...

CONDOMINIUM UNIT FORECLOSURES – PROTECTING THE ASSOCIATION

When a lender forecloses on a condominium unit within a condominium building, it also impacts the Condominium Association and the other unit owners in the building. 

March 2013 / Volume 11, No. 1

EEOC GUIDANCE ON CRIMINAL BACKGROUND CHECKS

Based on recent pronouncements by the U.S. Equal Employment Opportunity Commission (“EEOC”), businesses that conduct criminal background checks...

WHEN IS A CONTRACT TERMINABLE?

With the possible exception of a diamond, nothing lasts forever.  This is especially true with contracts and contractual relationships, even when the...

August 2012 / Volume 10, No. 3

GIFTING FOR EDUCATION 

When deciding how to fund the education of a family member or other beneficiary, consideration has to be given to the gift tax and, with respect to grandchildren, generation skipping transfer tax...

PLANNING FOR 2013 – GIFTING IN 2012

With January 1, 2013 approaching, uncertainty remains as the current $5.12 million estate and gift tax exemption and 35% tax rate may end and be replaced in 2013 with a $1 million exemption

June 2012 / Volume 10, No. 2

GETTING PAID FOR WHAT YOU SELL

Your collection efforts have not been successful. Calls are not being re-turned or are being avoided. Repeated promises of payment remain unfulfilled. Deadlines come and go and your receivable...

Businesses:  Beware of What Appears on Your Credit or Debit Card Receipts

In today’s world, most businesses -- from service providers to sellers of goods -- accept credit cards for payment.  The proliferation of credit card (and debit card) use, however

September 2011 / Volume 9, No. 2

PROTECTING ASSETS FROM CREDITORS

While many individuals place substantial emphasis on maximizing their earnings and accumulating wealth, far fewer individuals focus their attention on protecting their assets from...

COMMON MISCONCEPTIONS ABOUT THE LAW: EMPLOYEES AND INDEPENDENT CONTRACTORS

When is an independent contractor really an independent contractor and not really an employee?  Employers sometimes think the answer is a simple one – we treat the person as...

May 2011 / Volume 9, No. 1

PROTECTING COMPANY INFORMATION IN A DIGITAL WORLD

Doing business effectively today often requires employees to have the ability to communicate and research quickly and efficiently, sometimes on a 24 hour, 7 day a week basis...

THE DUTY TO PRESERVE EVIDENCE

An area of litigation overlooked by many businesses is the preservation of evidence. In Illinois and other jurisdictions throughout the country, courts impose upon a party an obligation to...

February 2011 / Volume 8, No. 4

USE OF LIMITED LIABILITY COMPANIES IN COMMERCIAL REAL ESTATE

In 1977 Wyoming adopted the first Limited Liability Company statute in the United States, Florida was next in 1982, and as the other states, including Illinois, have since adopted similar statutes...

TEMPORARY ESTATE AND GIFT TAX RELIEF

The enactment of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the “Act”) on December 17, 2010 provides some new estate planning opportunities...

October 2010 / Volume 8, No. 9

DOES AN EMPLOYEE HAVE AN EXPECTATION OF PRIVACY WHEN TEXTING ON THE EMPLOYER’S EQUIPMENT?

In the recent case of City of Ontario v. Quon, the United States Supreme Court held that the City of Ontario (California) Police Department did not violate the Fourth Amendment rights of a...

2010 ROTH IRA PLANNING OPPORTUNITIES

There is a new opportunity in 2010 to elect to convert a regular individual retirement account (“IRA”) into a Roth IRA, without the income limitation that applied in prior years...

July 2010 / Volume 8, No. 2

PROTECTING TRADE SECRETS AND CONFIDENTIAL INFORMATION

Almost every business has information that it desires to keep confidential.  Unfortunately, there is no simple formula for knowing what information is protectable and for how long...

USING LLCS FOR ASSET PROTECTION PURPOSES

While much attention in the business world is focused on accumulating wealth, not enough attention is given to protecting what has been accumulated.  With an increasingly...