WISCONSINILLINOISMINNESOTA

Business Law

Give Your Business a Legal Checkup

In the words of Benjamin Franklin, "an ounce of prevention is worth a pound of cure."  Few places is that more evident than in the field of law, where taking proper measures to protect one's interests preeminently can ward off potentially messy situations down the road. Specifically, businesses that spend the time and resources to properly protect their interests before problems arise can limit their exposure to liabilities and lawsuits in the future.

What to Know When Hiring an Employee in Illinois

Hiring your first employee is an exiting time for any growing small business. But, it's not as simple as just writing a paycheck to your new worker. Failure to comply with the law can have some serious consequences when it comes to labor and employment, so knowing what you're getting yourself into upfront is essential. Here are 8 standard steps that you’ll want to take before hiring your first employee in Illinois.

New Overtime Rules Set to Affect Many Small Businesses

Overtime protections were first put into place by the Fair Labor Standards Act of 1938, and established the general standard that workers be paid time-and-a-half for any hours worked over 40 hours in a week.  In general, all hourly employees are guaranteed overtime, and salaried employees are presumed to have the same guarantee unless they both: (1) make more than a salary threshold set by the Department of Labor, and (2) pass a test demonstrating that they primarily perform executive, administrative, or professional duties. 

Image: 

Unpaid Interns-- Ideal but Risky for Business Owners

An ever-popular method for small businesses to acquire some extra—albeit temporary—hands on deck is to hire interns. Typically college students with similar career aspirations are eager to gain some real life experience, or at minimum a few lines for the old resume. So, with motivated college students at the ready to perform some of the more mundane tasks that small businesses have to deal with, owners are understandably eager to jump at the chance to bring in some free—or at least low cost—young workers.

Image: 
unpaid internship

Employee or Independent Contractor? Misclassification Can Be Costly

The prospect of hiring workers, while exciting, can be intimidating to new business owners, Employment law can be a confusing and time-consuming minefield, and the consequences of making a mistake can range from costly to financially devastating. Generally, employers must consider a number of new responsibilities, including withholding income taxes, paying Social Security and Medicare taxes,unemployment tax and insurance not to mention the bevy of registration and compliance requirements at the local, state and federal level. 

Image: 
employee vs contractor

Piercing the LLC Veil in Illinois

I often receive questions from small business owners or folks thinking about starting a new business about how best to protect themselves from liability. Not surprisingly, from a legal standpoint, it’s usually the primary concern of new business owners. In the age of Google, it’s possible for curious entrepreneurs to look into that question on their own before coming to me for my opinion.

Image: 
risk for money

Brian Plain CFP | The Alternative Advisor Podcast

As an estate planning attorney, I find myself working with clients to protect certain aspects of their financial life at a very high level, meaning, that while we work together to establish the framework that ensures the client and his or her family will be taken care of should something happen, I don't specifically deal with the financial vehicles involved in helping folks grow their assets during life. That's where the financial advisor comes in and why guys like Brian Plain are great to have on your team.

Image: 
The Alternative Advisor

Pages

Subscribe to RSS - Business Law