Chicago's Legal Latte

Non-compete and non-solicitation agreements have been utilizied by business owners for decades. The  practice was recently challenged by the Federal Trade Commission in an action that generated several court cases. Lavelle Law Managing Partner Ted McGinn and Associate Joshua Brill discuss the purpose of the agreements, enforceability, the recent FTC action, and the outcome of several court challenges.

Owners of closely held businesses can learn about deferred compensation plans that provide opportunities to increase their tax deferred retirement contributions. Steven A. Schoenbrun of Midwest Benefit Consultants, Ltd. discusses different plans that are IRS approved and provide owners with the chance to increase their contributions. Attorney Kerry Lavelle adds insight on how these plans can be of benefit to owners and executives.

There are a number of unique legal characteristics to launching and operating a dealership for automobiles or construction, landscaping, and agricultural equipment. Attorney Sarah Reusché recently launched a new Dealership Law practice group at Lavelle Law. She discusses the legal complexities of securing and starting a dealership and takes a look at the unique operating requirements and compliance and reporting needs for dealers.

Any medical service provider in Illinois, including many spas, must be physician-owned under the corporate practice of medicine doctrine. In this discussion. Ted McGinn, Managing Partner at Lavelle Law, and Eso Akunne, Associate at Lavelle Law, discuss the law, fee splitting, management services organizations, and other aspects impacting the operation of any medical services facility in the state.  

Laws have been introduced in a number of states in response to various lawsuits regarding transparency in real estate broker commissions. Lavelle Law Shareholder Kelly Anderson and Realtor Cathy Betourne discuss the implications for buyers, sellers, realtors, and on the closing process.

Between the state of Illinois and federal courts, there are well over 200 statutes which deal with fee shifting provisions. They lay out ways in which legal fees may become the responsibility of one party in a lawsuit. Lavelle Law Associates Jodie Upchurch and MaryAllison Mahacek discuss ways that these provisions should be included in contracts and how they can be used advantageously.

Businesses classified as medical spas have a variety of special considerations that must be adhered to in the state of Illinois. In this discussion, Lavelle Law attorney Eso Akunne discusses critical issues that must be met to operate with state laws. If you are interested in getting involved in this rapidly growing industry be sure to listen to this conversation.

Beginning January 1, 2024 most businesses in the U.S. are required to comply with the Corporate Transparency Act. Lavelle Law attorney Frank Portera will share important details about the new Act and how it impacts businesses. He will cover the scope of the Act, deadlines, requirements, and penalties. If you own even a portion of a business, this is an important topic for you to learn about.

If a business is disputing an amount owed to them from a customer or vendor they need to be careful about accepting and depositing payments that are labeled Payment in Full. Lavelle Law Shareholder Jennifer Tee discusses the legal concept of Accord and Satisfaction and outlines steps businesses should take when processing payments to prevent accepting payments that are less than what is owed.

Lavelle Law Shareholder Lance Ziebell draws on his experience in representing businesses in legal matters as he discusses the importance of having an employee handbook. Lance not only explains why they are important, but what should be included and how to effectively use one to protect your business from legal claims from employees.

Lavelle Law Shareholder Matthew Sheahin, an experienced business litigator discusses the importance of establishing trademarks for a business and then details how to effectively use the legal process to defend those trademarks. Matt shares the steps business owners should take while he shares some examples of recent cases involving trademark infringement.

Employee Stock Ownership Plans are reviewed by Lavelle Law attorneys Steven Migala and David O'Leary, both of whom have extensive experience with this business succession option. ESOPs are a mechanism by which owners can sell their business to employees allowing their legacy to be protected. Learn about the advantages of the approach and some of the mechanisms involved in an ESOP transaction.

Once you pass away, your assets, including any businesses you own, can be passed on to your spouse, children, or anyone else you designate. However, they may be subject to taxes unless you prepare a sound estate plan that uses the right instruments. Lavelle Law Shareholder Brian Warens discusses how to minimize tax obligations for your heirs in this detailed estate planning discussion.

Mortgage interest rates have more than doubled in the last year causing some buyers to sit out for now while others look for the best way to finance their new home. Lavelle Law Shareholder Kelly Anderson and Sheila DuPaw of Guaranteed Rate discuss financing a home purchase in today's market including the seller buy-down option. Learn more about this financing tool and other approaches in this informative discussion.

In part 2 of this discussion, Elizabeth Maine Ellis, a Partner at Lavelle Law, drills down further on the topic of estate planning tools for independently-owned and family-owned businesses. She will look at the topic relative to the life-cycle of the business, retirement planning, and passing a business on to heirs.

When people start a business their focus is on the here and now. If a task is not critical, it often gets overlooked or deferred. Lavelle Law Managing Partner Ted McGinn and Associate Meghan Hartnett discuss the importance of creating a sound shareholder agreement right from the start. They'll discuss what should be included and how to make sure all parties are represented and protected.

Estate planning takes on extra importance when running a family-owned business. Lavelle Law Partner Elizabeth Maine Ellis discusses a series of critical elements that families with a business need to consider to protect the legacy they have built.

The Illinois Biometric Information Privacy Act was enacted several years ago but as often happens with new laws, it is being defined through a series of court cases. Lavelle Law attorney Thomas Fox talks about several of those cases and what the outcomes mean for employers and the future enactment of the law.

Until recently, it was very unlikely that student loan debt could be discharged in a bankruptcy proceeding. Lavelle Law attorney Timothy Hughes discusses a new change to laws that provide an opportunity for some filers to have a clearer path to dismissing that debt.

This series has focused on alternative approaches to divorce other than the traditional two-attorney courtroom process. Approaches include uncontested divorces, mediation, and collaborative divorce. Following those approaches, our participants discuss the division of property and assets in this final installment. Join Lavelle Law attorneys Patti Levinson and Annette Corrigan and licensed family and marriage therapist Amy Wilhelmi for this insightful discussion.