business liability
Avoiding Personal Liability for your Partner’s Actions
Whenever you are in business with another person or you employ other persons in your business, you expose your personal assets to claims by parties that may be harmed by the actions or omissions of those other people. If not addressed before the liability occurs, the...
Employment Best Practice and Protection
A recent Federal Appellate Court affirmed the lower court’s dismissal of a demoted employee’s racial discrimination and retaliatory claims against her employer and provided guidance to employers on how to avoid or win such cases. Bragg v. Munster Medical...
Avoiding Workplace Harassment Suits
With the increased number of workplace harassment suits and administrative proceedings, as well as fines, penalties and verdicts, all employers need to be proactive to avoid, identify and minimize workplace harassment and avoid claims or suits being filed. Some steps...
Protecting Corporate Board Members
Generally, members of the board of directors of a corporation are protected from liability for the actions of the corporation and its employees, but that protection is not absolute and is being eroded by recent court rulings. In the corporation hierarchy, the...
Cyberattack Protection
As any business can be a cyberattack target, business owners should: Foster a culture of security awareness in their organization by clear and consistent messaging, policies, and procedures. Have clear written security policies and incident response plans that provide...
What is the Difference Between Creditor Workouts and Bankruptcy?
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...
Equal Pay Act
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,...
Avoiding Personal Risk From Your Business
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,...
New Business Laws for 2022
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...
Valuing a Small Business for Sale
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...
