As your small business expands and evolves, it may make sense to consider changing its structure. Many small businesses start out as sole proprietorships or partnerships, with only one or two owners and no employees. Over time, as your business grows and changes, a more complex business structure may become beneficial. There are several key considerations in deciding whether a …
Sales Tax: What You Need to Know
Many small business owners contend with collecting, reporting, and paying sales tax. Although there is currently no federal sales tax, 45 states, and many localities, as well as the District of Columbia, have a sales tax. Different taxing authorities have their own regulations, tax rates, exemptions, and deadlines, which can be quite confusing, especially for entrepreneurs who have just started …
DIY Legal: The Hidden Cost for Your Business
Information is instantaneously available due to the rise of the internet. Additionally, many services that were not available in the past, including do-it-yourself (DIY) legal forms also exist. As a result, it is tempting to think that the forms provided by these DIY services can be a low-cost substitute for the services of an attorney. The reality is business owners …
7 Key Elements Prospective Funders Look for in a Business Plan
As the economy improves, more and more entrepreneurs are considering starting or expanding their small businesses. However, most small business owners do not have the financial resources to do this without obtaining outside funding. If you are looking for funding for your business, you will need to provide prospective funders with a well-thought-out and professional business plan, regardless of the …
NALC Fact Sheet: Spousal Maintenance
I get a lot of questions regarding spousal support, especially in farm and ranch divorces with complex financial issues. I completed a Fact Sheet for the National Agriculture Law Center on this topic here. You can read all of the family law fact sheets on agriculture here. Share this Article
Attention Small Business Owners: New Overtime Rule Issued by the Department of Labor
At the end of September, the Department of Labor issued a new overtime pay rule that will take effect on January 1, 2020. According to the Department of Labor, the new rule will make 1.3 million American workers newly eligible for overtime pay. It is important for small businesses with employees to be aware of the changes to avoid violating …
NALC Fact Sheet: Orders of Protections for Farm and Ranch Families
Sometimes farm and ranch families have domestic violence issues (as do all types of families). I worked on a Fact Sheet on Orders of Protection for the National Agriculture Law Center here. You can read all my fact sheets as it relates to family law issues with agriculture here. Share this Article
Ask Cari: What Records Do Small Businesses Need to Keep for Taxes?
Tax season is just around the corner, so now is a great time to make sure that you are retaining all the documentation you need to back up the income, deductions, and credits listed on your small business’s tax return. Keeping the proper records is not optional—it is required by the Internal Revenue Service (IRS). Recordkeeping System The IRS does …
6 Considerations for Passing Down a Family Business
You have spent years building your small business, but have you taken time to consider what will happen to it when you retire, become disabled, or pass away? Although it is often hard to fathom an event that may not occur for many years, it is important to put plans in place in advance. The failure to do so could …
NALC Fact Sheet: Alternative Dispute Resolution in Farm and Ranch Divorces
If you follow me then you know that I loooooove Alternative Dispute Resolution. In fact, I’m a trained mediator myself and I teach mediation as an adjunct professor at the University of Illinois School of Law. There is nothing that gives my heart more joy (well, except for puppies and baby goats) when I am able to resolve divorces through …
Business Insurance: Protecting Your Business from Unexpected Losses
As a small business owner, you have invested large amounts of time and money to make your business a success. Business insurance protects this investment in the event of unexpected damage to property or lawsuits, which could otherwise be devastating to your business. There are many types of insurance available depending upon the nature of your business. Worker’s compensation insurance …
Who Claims the Child(ren) as Tax Dependents under Illinois Law?
In Illinois, it is within the trial court’s discretion to give the dependency status to one parent because the tax dependency issue is viewed as an issue of support. In re Marriage of Evanoff and Tomasek, 2016 IL App (1st) 150017 (1st Dist. 2016), In re Marriage of Sawicki, 346 Ill.App.3d 1107 (3rd Dist. 2004). If a court allows the …