July 2013 Archives

IRS tax tips for Illinois small business formation

Many Illinois business owners know that there are a lot of decisions to make when starting a business. Some of those decisions will center around the tax ramifications of small business formation. Taxes will vary depending on the type of business and its structure.

Business formation on the minds of many in Illinois small town

As the economy took a drastic negative turn, many small businesses all across the country went out of business. Family owned shops that had been running for years suddenly could not make enough profit to keep their businesses afloat. Luckily, the economy seems to be seeing encouraging signs of an upswing, and business formation is on the minds of many entrepreneurs in an Illinois small town.

Illinois non-compete agreements: More employers want them

As the job market continues to improve, many employees around the country and in Illinois who have stayed in a job due to the recession are once again beginning to look elsewhere. In order to combat this new trend, more companies are requiring employees to sign non-compete agreements than ever before. The agreements aren't just for executives and sales positions, they are also for those in technology and medical fields. There are even agreements popping up in service industries.

Employment contracts must be tailored for security and growth

Employers often provide agreements for employees when the new person starts his or her employment. In Illinois and throughout the country, there is controversy about the appropriate use of employment contracts for lower-level or essentially unskilled workers. It's claimed that waivers of the right to sue the employer, arbitration mandates and non-compete agreements in these situations are confiscatory against the few basic rights possessed by the poor and the weak.

Illinois village looks to boost small business formation

The Illinois village of Arlington Heights is hoping to create the "Small Business Zero Interest Revolving Loan Program" with funds from the Class 6B Tax Abatement. The loan program would give a boost to small business formation in that area of Cook County. So far, the businesses who would ultimately be contributing to the fund are in agreement with the plan.

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