November 2013 Archives

Business tax strategy denied by Illinois Supreme Court

Businesses in our state used to be able to take advantage of a tax loophole that allowed them to shift their "point of purchase" outside of Chicago to a more state sales tax friendly area downstate. The Illinois Supreme Court recently ruled that this business tax strategy could no longer be used. Fortunately, the court also said the ruling would not be retroactive.

Illinois plan to change canteen suppliers may hurt small business

At present, each Illinois prison deals with its own suppliers to stock their respective canteens. However, after studying the current processes for almost three years, the state is considering centralizing the bidding process. It may even choose only one company, and out-of-state one at that, to handle this task. This could end up causing problems for more than one small business.

Companies to go to court over drug licensing contracts

People in Illinois may not be aware that when small companies develop a new drug, they may not have the financial resources to continue developing the drug. In order to get around this obstacle these small companies will sign drug licensing contracts with larger, often more established, companies that do have the financial and business acumen to complete the development of a drug and then market it. This is what one small drug company did with a new drug it partially developed.

Illinois small business and collecting Internet sales tax

Illinois joined other states in passing legislation to collect sales tax from its residents who conducted online purchases from retailers outside the state. When that happened, many small business advertising affiliates were affected because online retail giants such as Amazon ceased doing business with those affiliates. This may be part of the reason why the Illinois Supreme Court recently invalidated the legislation.

Ethical considerations in Illinois business formation

One issue many people in Illinois that are starting a business may inadvertently not give enough consideration to is the business' culture, including ethical considerations. The atmosphere created during business formation can set the tone for the business for years to come. It isn't always easy to "reset" the culture of a business down the road.

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