Resources
Stay in the know of company and industry updates, accomplishments and more!
Reevaluating Insured Buy Sell Agreements
Question: My company maintains a buy sell agreement funded by insurance. What must I do in light of the recent U.S. Supreme Court decision?
Action Required for Buy-Sell Agreements
Insured buy-sell agreements have long been a key component for succession planning for closely held businesses. A buy-sell agreement is a legal contract that sets forth the terms for the transfer of a deceased owner’s share of the company on death.
Texas Federal Judge Blocks FTC Non-Compete Ban
As we discussed in our July 16, 2024 bulletin update, a Texas judge issued an opinion blocking the Federal Trade Commission’s (“FTC”) Rule which had been set to take effect September 4, 2024 banning most employment non-compete agreements. That decision limited the injunction to the plaintiffs filing suit in Ryan, LLC v. FTC, No. 3:24-CV-00986 (N.D. Tex.).
SFBBG Attorneys Appear Before Yorkville City Council Over Property Concerns of Client
On July 23, SFBBG Attorneys Monica Shamass and Marc Pawlus appeared before the Yorkville City Council to voice concerns over the annexation and rezoning of farmland directly adjacent to our client’s property.
The Illinois Human Rights Act Puts Employers Utilizing AI on Notice
Last week, Governor J.B. Pritzker signed into law an amendment to the Illinois Human Rights Act that: 1) prohibits employers from utilizing artificial intelligence (“AI”) in a manner that discriminates against its employees or applicants, and 2) requires companies to disclose any use of AI for hiring purposes to its employees.
Corporate Transparency Act
Effective January 1, 2024, the Corporate Transparency Act (Act) became a federal law affecting all corporations, limited liability companies, limited partnerships and other entities registered with the Secretary of State of the state of formation. All reporting entities formed prior to January 1, 2024 must register their beneficial ownership with the Financial Crimes Enforcement Network (FinCEN) database by before January 1, 2025.
Assessor Misclassifies Over $444 Million Worth of Property in Cook County
The Chicago Tribune recently published an article chronicling widespread misclassification and undervaluation of properties by the Cook County Assessor.
Below are a few key updates to stay informed of the latest real estate tax developments in the Chicagoland area.
Avoiding Late Filing Penalties on Income Tax Returns
Question: My accountant failed to timely file my income tax return through the e-filing system and I was assessed late filing and late payment penalties by the IRS. Can I get these penalties abated?
Are Noncompete Clauses No Longer Enforceable?
Since April 23, when the Federal Trade Commission (FTC) announced its final rule regarding noncompete clauses, I have received numerous calls and emails asking if such clauses are no longer binding and effective.
Buy-sell agreements are a key component for succession planning
An insured buy-sell agreement is a solution that allows your business to continue operating by providing a source of funds to compensate the deceased owner’s family for his or her share of the company, without having to liquidate company assets. The surviving owners rarely wish to become partners with a deceased owner’s heirs and the heirs rarely wish to get involved with the day-to-day operations of their loved one’s business. So, what exactly is a buy-sell agreement?