Legal Insights

Tips for Collecting Business Debts

One of the worst things about being a business owner—if not the worst—is collecting money owed to you. Some customers will do anything they can to avoid paying you—it is in their DNA. Others are willing to pay, but cannot pay all at once and may need a payment plan or additional time. Still, others may have encountered sudden financial difficulties that make them temporarily—or permanently—unable to pay.  You should take immediate action against a customer who would do anythi...

Choosing the Right Business Partner in a Law Practice

Choosing the right business partner in a law practice can impact your life almost as much as choosing the right spouse. Like a good marriage, a good law partnership that works well values common goals while embracing differences. Choosing the right partner can mean prosperity and choosing the wrong partner can mean failure.  It is important to do your due diligence, and find out about their expertise as an attorney, work ethic, personality, how they handle their finances, and also, th...

Things to Consider When Planning for Retirement: Coordinating Retirement and Estate Planning

A key part of a successful retirement plan is estate planning. Contributing to an employer sponsored retirement plan, such as a 401(k), means that you’ve taken an important step in avoiding probate, since most employers will allow you to fill out a form naming the beneficiary of your plan, thus allowing the beneficiary to collect the money quickly and easily. With that said, your estate and retirement savings often ends up being more than just a 401(k), and often times, includes a pension...

Things to Consider When Planning for Retirement: Pension Benefit & Retirement Distribution Options

One of the hardest parts of retirement can be determining how to receive your pension benefits and selecting your retirement distribution options. Before starting your distributions, you’ll need to make decisions about how you’ll use the savings you’ve accumulated and when to start taking distributions, in conjunction with identifying how long your money will need to last. Without careful retirement planning, your retirement savings can dwindle at a rate that you are not prepared for....

Things to Consider When Planning for Retirement: Healthcare

Planning for and securing affordable healthcare is a crucial step in your retirement planning. Below is a brief discussion of certain issues that you need to be aware of when taking those steps. What is Medicare? Medicare is a federal health insurance program for certain individuals with disabilities, end-stage renal disease, and most importantly, people who are age 65 and older. Even if you have federal health insurance under Medicare, managing your benefits and securing full coverage of ...

Dog Bites: What Are Your Legal Rights?

According to the Centers for Disease Control and Prevention, about 4.5 million people are bitten by dogs every year and about 885,000 receive injuries that require medical attention. If someone is bit by a dog and injured as a result, he/she may have a legal claim against the dog’s owner for damages. Below is a discussion of the relevant laws and some of the related issues. Dog Bite Laws State laws vary on whether a dog owner should be liable for injuries caused by a dog bite. In some ...

Weighing the Pros & Cons of Long-Term Care Insurance

It’s never too early to plan and discuss your long-term care options. In 2010, the average cost for a semi-private room in a nursing home was $6,235 per month! With the costs of healthcare quickly rising, long-term care can quickly eat away or even wipe out retirement and savings. Undoubtedly, there’s reason for concern, but not fear. Long-term care insurance can be very beneficial, but it comes at a high cost and it may not be necessary for everyone. Ultimately, the decision you have to...

Assessment Appeals: Getting Your Property Taxes Lowered in Cook County

Whether a homeowner, multi-unit property owner, or business owner, property taxes in Chicago and Cook County are among the highest in the nation. What are your options as a home or business owner? We take a deeper look at appealing your property taxes in Cook County and provide useful resources for helping you succeed. Did you know that in 2013, 63.05% of appeals to the Cook County Board of Review were successful, and in that same year, of the 53,503 individual (non-parcel) cases filed, near...

Things to Consider When Planning for Retirement: Social Security

Social Security is a benefit provided by the federal government, paid to individuals who are elderly, disabled, or no longer able to work. If you have ever looked at your pay stub or a record of your earnings, you have seen part of your income go towards “OASDI” which stands for Old Age, Survivors and Disability Insurance program, which is the official name for Social Security. Social Security was never meant to be the only source of income for people when they retire; however, Social ...

Protecting Your Small Businesses Identity: Trademarks and Trade Names (Part 2)

In our first part in this series, we discussed choosing names and other identifiers, including product names, logos, symbols, and even colors that are used in conjunction with your business. In addition, searching state and federal registries for names or logos that might be similar to ensure that your business name is unique and does not infringe on others’ trademark rights. In this post, we’ll cover the basics of applying for trademark protection for your own marks. Applying for Trade...

Protecting Your Small Businesses Identity: Trademarks and Trade Names (Part 1)

As a small business owner, one of the first things you need to do is pick a name for your business. Beyond that, you may also select names for your products and services. These names are part of your business’s brand and identity, which may also include your logo, colors, and other symbols. Searching for Names, Symbols, Logos, and other Potential Trademarks Before making a final decision about your business name, logo, and other identifiers, you’ll want to do some research to ensure s...

Things to Consider When Planning for Retirement: Expenses & Savings

As you prepare to enter the final stages of your career, there are important matters that should be considered to make the transition into retirement a smooth one. You will have to consider how you will spend your time, how you will spend your money, and how you will be taken care of from a healthcare standpoint. While some people can expect to receive retirement income in the form of Social Security benefits or a pension, that income is often insufficient to cover all of your expenses and...

Email Marketing for Lawyers: Tips and Best Practices

You’ve built your social media profiles. You’ve started climbing up Google and enticing clients with your periodic blog posts. You’ve made infographics to turn complex legal issues into digestible and visually appealing information. You’ve even looked into podcasting in order to share your insights in a forum-style environment. But what else can you do to keep potential and current clients up to date with the latest legal news and information about your firm? The answer is one of...

Digital Inheritance: Decide What Happens to Your Digital Assets

Having a will is always a good idea, regardless of your assets. Most people identify who they want to leave their property and money to, guardians to care for minor children, and the executor of their estate. However, most people do not think about who will manage their online and social media accounts. What will happen to your digital legacy? Most websites have terms of service and privacy policies that do not allow your loved ones to access your digital assets once you die. Below are...

What Employers Need to Know About Employment Taxes

Business owners these days need to comply with a number of federal and state employment tax laws, which include not only paying some employment taxes directly, but also withholding taxes from employees’ paychecks and then paying those taxes to the appropriate government entity at the appropriate time. Along with those obligations come a number of forms that must also be obtained, maintained, and submitted by the employer. Employment taxes fall into several different categories—those pai...

Defamation on Social Media

Social media is more popular and accessible than it has ever been, giving users the freedom and the power to connect, network, and express themselves like never before. People are able to share their thoughts and opinions on any subject and about any person, usually without fear of repercussion. What most people don’t realize is that words can cause real harm, in the form of loss of good reputation, loss of business, loss of money, and even damage to their personal wellbeing. As a resul...

Legal Questions Answered For Home-Based Businesses

According to the most recent figures released by the U.S. Census bureau, home-based businesses--where business is conducted primarily from someone’s home rather than from a commercial office space—comprise more than 50% of all businesses in the U.S. Here are answers to frequently asked legal questions for home-based business owners. Is it legal for me to operate a business out of my home? Check your state and local zoning laws which govern what kinds of businesses you can legally oper...

Non-Compete Agreements: What is Enforceable? What is Reasonable?

Jimmy John’s recently agreed to stop including non-compete agreements in its hiring packet for its New York franchisees and to void current non-compete agreements following a settlement with New York Attorney General Eric Schneiderman, who deemed the practice “unlawful.”  The Jimmy John’s Conundrum From Crain’s Chicago Business: “The non-competes, thought to be some of the most stringent in the business world, prohibited sandwich makers for a period of two years after le...

Employment Law Series: Termination

Just like many other relationships, the employment relationship does not work out sometimes. Employee termination can be tricky, regardless of the circumstances. All policies and procedures for investigating, disciplining, and terminating employees should be clearly defined, written, and communicated to employees. Planning for the End—at the Beginning The company’s employee handbook, as well as any employment contracts, should establish your company’s termination protocol. If the co...

Transacting Business Online - Legal Considerations

Whether you are operating your business exclusively online or you have a brick-and-mortar business but are also taking orders, collecting customer information, and/or marketing your business online, you should be aware of the special rules and legal issues that apply.  Privacy and Security There are several categories of privacy and security issues facing those transacting business in today’s online environment. Customer Data and Credit Cards Business owners have a responsibility...