September 2013 Archives

Preparing for a death in an Illinois small business

When people embark on the adventure of opening their own business, the last thing they want to think about is death. However, it's important for every Illinois small business to think about what will happen to the business if one of the principals of the business passes away. Several things can be adversely affected by the death of a key person in a business if provisions aren't made ahead of time.

Illinois small business formation: what structure works best?

The answer to the question of what kind of business structure a new company should take on depends on what kind of business it is. There are two main types of entities that most Illinois small business formation takes: Limited liability company or corporation. Most everyone agrees that the limited liability company is the most popular small business structure, but there is a place for the corporation as well.

Illinois business tax: minimizing taxes when selling a business

One of the downsides of selling an Illinois business is the taxes. This is why a lot of businesses were sold last year before the rise in certain taxes took affect. A business tax that has increased five percent this year is the long-term capital gains tax. The increase in this tax alone has some business owners cringing.

Chicago empoyment contracts: FOP faces off with the mayor

The head of the Chicago police union says that a simple paperwork mistake shouldn't be taken out on the nearly 9,500 police officers in the city. In the middle of a contentious dispute between the mayor and the union president over employment contracts, the Illinois Labor Relations Board has dismissed the union president's complaint that the city has engaged in unfair labor practices by not providing the city's police officers with a retroactive raise. The city contends that it doesn't owe the retroactive raise since the union failed to inform the city within the appropriate time period that it did not want to renew the officers' contract when it expired last year.

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