What to Know Before Investing in a Small Business

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With the country emerging from pandemic lockdowns and economic activity beginning to expand, small business owners are optimistic about the future. Supporting local businesses can help them grow and thrive in a post-pandemic economy. But what if you could help a business while also helping yourself? Investing in a small business can be a great way to diversify your assets …

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How to Dissolve a Partnership on Good Terms

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Many business partnerships eventually come to an end. Like other types of relationships, when business partners decide to split up, the process can be amicable or contentious. For personal and professional reasons, dissolving the partnership on good terms is in the best interest of all partners. A smooth split will prevent unnecessary conflict and legal expenses and allow the partners …

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5 Things to Consider Before Picking a Business Partner in Illinois

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Picking the right business partner for your next business venture can make or break your business. Before you decide to become business partners with someone it is important to carefully evaluate if you are a good fit to work with each other.   You may want to consult an Illinois business attorney who can help you with a partnership agreement.  …

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Four Things to Make Your New Job a Success

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Getting a job begins a major chapter in your life. As you navigate this new territory, we are here to help ensure a prosperous transition. To protect the future you are creating, you need proper financial and estate planning. As you move through this new phase of your life, there are several things you ought to get or review to …

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What You Need to Know about Hiring Seasonal Employees

Rincker Law Business/Commercial Law, Food & Ag Law 1 Comment

Summer is a popular time for businesses to hire temporary workers. Restaurants, golf clubs, resorts, amusement parks, and other warm-weather entertainment destinations depend on the summer months to boost their bottom line for the entire year. Despite the current labor shortage in some areas, this summer is expected to see a hot labor market as people emerge from pandemic lockdowns …

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What Employers Should Know about Giving Gifts to Employees

Rincker Law Business/Commercial Law, Employment and Labor Law 1 Comment

In today’s competitive job market, giving gifts and other fringe benefits to employees can be an effective way for employers to show appreciation. But generous employers should understand that most gifts and bonuses—even small ones—have tax implications. Employee gifts must be taxed and included on year-end tax forms unless they qualify as de minimis benefits, are presented as achievement awards, …

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What to Do When a Director Resigns

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Corporations are required to have a board of directors, which is selected by the shareholders. The board of directors helps govern the corporation, provides advice and counsel, conducts high-level management, elects officers, votes on key decisions, and protects shareholders’ interests. Corporate directors’ service on the board may be subject to term limits, however, a director may decide to resign from …

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3 Factors to Consider Before Starting a New Business in Champaign

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If you are starting a new business in Champaign, it will require hard work and dedication to make it successful. There are also important considerations to investigate that will help you protect your new business. The good news is that it is possible to protect yourself and your venture when you take a few essential factors into consideration. Perhaps the …

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Noncompete Agreements: How Solid Is Yours?

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There are many misconceptions and assumptions regarding the use and effectiveness of noncompete agreements. This is not too surprising considering that judicial enforcement of these agreements is very fact-intensive and situation-specific. There are no bright-line rules to help business owners determine whether a noncompete agreement will be enforceable, so it can be challenging to craft one that will provide maximum …

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What You Need to Know Before Starting a Franchise

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It has been a tough year for small businesses. Across the country, millions of small businesses have temporarily closed their doors due to the COVID-19 pandemic. Even now, as the pandemic eases and operations begin to pick back up, many small businesses report that they are struggling to fill open positions. But business owners are resilient and creative. Despite the …

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The Business of Marriage: Considerations for Married Business Owners

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Owning a business can impact every area of a person’s life. The impact is uniquely felt within a marriage. Married business owners must consider the ways in which their marriage may impact their business and vice versa. Failure to think about how these two significant institutions interact can have unforeseen consequences—everything from addressing time management to distribution of liability may …

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How Does a Member Leave an LLC?

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The owners of a limited liability company (LLC) are called members. At some point, an LLC member may find that they want or need to withdraw from the LLC. That member, as well as the other owners of the LLC, may wonder how to accomplish this. To properly withdraw from an LLC,  there are a few key questions that the …

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