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.