by Brooks, Tarulis & Tibble | Jul 17, 2022 | Bankruptcy, Business Briefs, Business Law, Civil Litigation
Unfortunately, many businesses are confronted with extraordinary losses and may be forced to choose between a creditor workout or a reorganization bankruptcy in order to survive. Some of the differences between workouts and bankruptcies include. Timing. A creditor...
by Brooks, Tarulis & Tibble | Jun 28, 2022 | Business, Business Law, Employees, Litigation
Almost all employers in Illinois are subject to the Illinois Equal Pay Act, and any employers subject to the U.S. Minimum Wage Act are also subject to the Federal Pay Act, that ensure women are paid equal to men for the same job, and Title VII of the Civil Rights Act,...
by Brooks, Tarulis & Tibble | Jun 15, 2022 | Business Briefs, Business Law, Taxes
Operating your business as a limited liability entity generally protects your personal assets from claims of business creditors, but the informal operation of small to mid-sized and family-owned businesses can sometimes weaken that protection when things go bad,...
by Brooks, Tarulis & Tibble | Mar 14, 2022 | Business Briefs, Business Law, Contracts
Unexpected supply-chain tie-ups, price increases, delivery delays and product shortages recently plagued many businesses. If they are not bad enough, handling the situation poorly can also result in contract breaches, customer/supplier losses, damages and lawsuits. To...
by Brooks, Tarulis & Tibble | Jan 10, 2022 | Business, Business Law, Employees, Employment Issues, Insurance
Probably due to the pandemic, the Illinois Legislature passed few laws important to business in Illinois and effective January 1, 2022. They include: Increasing the minimum wage to $12.00 per hour; Making non-compete agreements generally not enforceable against...
by Brooks, Tarulis & Tibble | Jan 10, 2022 | Business Briefs, Business Law
When the owner or owners of a closely held small business decide its time to sell or are approached by a potential buyer, the first order of business should be determining the business’ value or the value of the selling owners’ interest. Innumerable factors are...
by Brooks, Tarulis & Tibble | Dec 27, 2021 | Business, Business Briefs, Business Law, Family Law, Taxes
The media’s focus on spending in the proposed Build Back Better and related bills pending before Congress overlooks many of the revenue aspects that could affect the estate plans of the wealthy and the tax strategies of business owners and the highest income earners....
by Brooks, Tarulis & Tibble | Dec 15, 2021 | Business, Business Law, Contracts
The recent troubles with acquiring inventory, unexpected price increases, delivery delays and product shortages caused problems for many businesses. It also highlights that it is a good time to review your agreements, purchase orders, invoices, and other contract...
by Brooks, Tarulis & Tibble | Dec 14, 2021 | Business, Business Briefs, Business Law, Contracts
Each business, or at least its ownership, has a life cycle and particularly with multiple owners it is important to consider at the business’ inception how the business may end or an owner leave. While the law provides a mechanism to end a business or one’s ownership,...
by Brooks, Tarulis & Tibble | Nov 24, 2021 | Business Briefs, Business Law, Employees, Employment Issues
Illinois law mandates all employers to annually provide sexual harassment training to each of its Illinois employees. While there are many consultants and programs an employer can hire or purchase to fulfil this legal requirement, the state also provides a free...
by Brooks, Tarulis & Tibble | Nov 18, 2021 | Business, Business Law, Contracts, Family Law
Your business supported you and your family, and when it’s time to retire, proper prior planning can enable it to also support your retirement. Successful business succession planning should begin well before you are ready to retire in order to maximize value for you...
by Brooks, Tarulis & Tibble | Oct 28, 2021 | Business, Business Briefs, Business Law, Contracts, Employees, Employment Issues
Any employer that uses or is considering using non-competition or non-solicitation agreements with its employers needs to review them prior to January 1, 2022, when a new law takes effect that can not only negate such agreements, but expose employers to damages,...
