April 2014 Archives

What holds people back from small business formation?

Many Illinois residents dream of owning their own business and being their own boss. However, only a percentage of those who dream about it actually take the risk of small business formation. According to a recent survey, the top two reasons why many people feel they cannot start their own business are a lack of money and not knowing where to begin.

Many disputes over contracts are ultimately settled out of court

It is not always necessary for Illinois businesses to go to court in order to settle a contract dispute. Many contracts contain arbitration or mediation clauses that provide a more economical avenue for settling the parties' differences. Sometimes, however, the parties initiate arbitration or mediation but are then able to reach an agreement on their own.

Taxing authorities expect payment, but what if there is no money?

Everyone in Illinois knows when tax time is, but it still seems to come up suddenly every year. This is especially true if a small business owes money to taxing authorities. Sometimes, the money is just not available, and a business is left wondering what to do.

Fee for Illinois small business formation could drop drastically

For Illinois entrepreneurs, the fees and costs associated with starting a business can be overwhelming. However, the state legislature may soon provide some assistance with small business formation fees. A bill was recently approved by the Illinois Senate to lower the fee. The bill now moves to the House for approval.

The tax law provides options for Illinois small business owners

Tax time is once again upon us, and Illinois small business owners receive some tax advantages not available to larger businesses. For many business owners, one of the advantages is the ability to work from home. The tax law acknowledges and accounts for this fact.

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