What Happens to Your Business When You Die

Rincker LawBusiness/Commercial Law

You spend a significant part of your life building your business, and it becomes a major part of your legacy. But when you die, everything you have built could fall apart if you have not taken the time to create a business succession plan. Without a plan in place, your business’s fate may be decided by a court instead of …

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Things to Know Before Joining a Multilevel Marketing Business

Rincker LawBusiness/Commercial Law

Multilevel marketing (MLM) businesses sell products or services directly to retail customers using commission-based, nonsalaried representatives who are encouraged to recruit new representatives and form their own sales networks. They can have thousands of representatives and generate billions of dollars in annual revenue, although many of the people who join them make little to no money. Some may even lose …

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What to Know Before Investing in a Small Business

Rincker LawBusiness/Commercial Law

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

Rincker LawBusiness/Commercial Law

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

Rincker LawBusiness/Commercial Law

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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What You Need to Know about Hiring Seasonal Employees

Rincker LawBusiness/Commercial Law, Food & Ag Law

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 LawBusiness/Commercial Law, Employment and Labor Law

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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3 Factors to Consider Before Starting a New Business in Champaign

Rincker LawBusiness/Commercial Law

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?

Rincker LawBusiness/Commercial Law

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

Rincker LawBusiness/Commercial Law

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

Rincker LawBusiness/Commercial Law

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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Stay Bonus Agreements: What They Are and How to Use Them

Rincker LawBusiness/Commercial Law

A stay bonus agreement, also referred to as a retention bonus agreement, is a written agreement between a company and a key employee to induce the employee to stay with the company. Understanding the definition and purpose of this type of bonus agreement is critical for both business owners and employees. A stay bonus agreement is a contract between a …

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