Trusts and limited liability companies (LLCs) are both legal vehicles that can be used to manage and protect assets, minimize taxation, and avoid probate. Whether a trust or an LLC is a better choice may depend on the type of asset, but you do not necessarily have to choose between the two. In fact, an LLC can be placed in …
Small businesses are the backbone of the US economy, accounting for nearly half of the country’s economic activity, creating two-thirds of new jobs, and driving innovation—and business loans are the backbone of small business growth. Lenders provided over $644 billion in small business loans in 2019, according to the Small Business Association (SBA). The most common reasons why businesses borrow …
The number of people working from home has never been higher. During the pandemic, many workers got a taste of the remote-work future and realized that they prefer to work from home. Now, as companies move ahead with return-to-office plans, there is an emerging power struggle is emerging between employers that want workers back at their desks and employees who …
Both running a successful business and having a successful marriage require commitment and hard work. Operating a business as a married couple can present its share of challenges, but being devoted to one another as spouses and as business partners can bring higher levels of accountability and trust to the business. If you and your spouse can find ways to …
The war for talent is heating up. A record number of workers have quit their jobs this year, creating a massive problem for employers. While higher pay can help get new workers in the door of your business, wages alone may not be enough to keep them there. Employers are getting creative in finding ways to attract—and retain—great employees. In …
Exposure to lawsuits involving injury and loss claims is among the biggest risks that businesses face. Although liability waivers are most commonly used by businesses that offer inherently dangerous activities, such as ski resorts, amusement parks, and gyms, they can be used whenever a business seeks to limit the claims or damages that a visitor could pursue against it in …
An equity purchase agreement, also known as a share purchase agreement or stock purchase agreement, is a contract that transfers shares of a company from a seller to a buyer. Equity purchases can be used to acquire a business in whole or in part. They are frequently contrasted with asset purchases, which achieve similar objectives but have a different deal …
You have invested a lot of time and money in developing your employee, customer, and vendor relationships. You cannot stop your employees from walking out the door, but you may be able to limit their ability to take other employees and business relationships with them. Nonsolicitation agreements are contractual provisions that restrict an employee’s ability to poach your customers or …
Tax day is one of the most important—and one of the most dreaded—days on the calendar for working Americans. Although April 15 is usually the date that federal taxes are due, the Internal Revenue Service (IRS) extended the tax deadline in 2019 and 2020 due to the COVID-19 pandemic. During this time, you may have picked up a side gig …
Small businesses account for nearly half of the economic activity in the United States. To successfully compete with bigger competitors, small businesses are increasingly outsourcing to improve their efficiency and lower costs. Outsourcing allows companies to expand their competencies in key areas without taking on additional full-time, in-house employees. This is a growing trend among small businesses looking for professional …
Employers in Illinois should be mindful of certain new obligations arising under the Illinois Consumer Coverage Disclosure Act (“the Act”) (820 ILCS 46), which came into effect on August 27, 2021. The new Act applies to all Illinois employers that provide group health insurance coverage. What the Consumer Coverage Disclosure Act Requires The Act requires that Illinois employers give their …
When setting up your business, one of the most significant decisions you will make is which type of entity to form. If you have settled on forming a limited liability company (LLC), you must also choose the type of management structure it will have. LLCs can be member-managed or manager-managed. Being an LLC manager means having the legal authority to …