Schaumburg business formation attorneyIt is always an exciting feeling to see your dream business come to life. After months or even years of planning and preparation, you may be ready to launch your new enterprise. But hold on! Your preparatory work is not yet finished. Many requirements must be met before your business can begin operating. Potential business owners must have an idea of how much cash flow they will receive, and they must provide insurance to employees who have been injured or terminated, among other requirements.

Creating a Business Plan

Before you can move forward with your potential business, you will need to create a business plan to outline your ideas on how you and your business will be successful. To write an effective business plan, you will need to outline the following:

  • A summary and description of what type of business you are planning to operate;
  • An idea of how many employees you can afford;
  • A solution to how you will market your business; and
  • A budget sheet of all cash flow and expenses.

Choosing an Ownership Structure

There are several different options on how to organize your new business structure in Illinois, including the following:

  • Sole Proprietorship – The Illinois Assumed Name Act requires a business owner to register with the local county clerk’s office if the name of the business is different from the owner’s full legal name.
  • Limited Partnership – In these cases, a general partner will oversee business operations, and limited partners will invest money with limited liability and no involvement in everyday management. These types of businesses often include real estate, family partnerships, and equipment leasing companies.
  • Limited Liability Company – This type of organization provides its owners with limited liability, flow-through tax treatment, and flexibility in operations through participating in business management. Banking and insurance businesses are prohibited from using a LLC ownership structure.
  • Limited Liability Partnership – In these cases, partners are not liable for debts or other liabilities of the partnership from negligence, abuse, or malpractice committed.
  • “C” Corporation – These companies may sell stock shares, easily transfer ownership, and offer limited liability of the shareholder.
  • “S” Corporation – These companies will pass through income and expenses to shareholders which must be reported on their individual tax returns. The number of shareholders in this type of company must be limited.

Other Responsibilities As an Employer

Along with registering your company, there are other responsibilities that must be met before your business can open its doors. These requirements include:

  • Unemployment insurance – A business must make insurance contributions to the Illinois Department of Employment Security if one or more workers has been employed for at least 20 calendar weeks or were paid at least $1,500 during a calendar quarter.
  • Workers’ Compensation – Employers must provide insurance for accidental deaths, illnesses, or injuries sustained by employees during employment.
  • Required notifications – Certain State and Federal posters must be displayed in the workplace.

Contact Your Illinois Employment Law Attorney

Creating a business of your own can be both exciting and daunting at the same time. You most likely have put in many years of hard work to make your business come to life. However, there are many legal requirements that must be met before your business can begin operating, and The Miller Law Firm, P.C. can assist you with any questions that you may have. If you are in the process of getting your new and potentially successful business up and running, please contact an experienced Schaumburg employment law attorney at 847-995-1205.

Sources:

https://www.illinois.gov/dceo/SmallBizAssistance/BeginHere/Documents/ILSBDC_NewGround_BusinessPlan_Sept2013.pdf

https://www.illinois.gov/dceo/SmallBizAssistance/BeginHere/Pages/StepByStepGuide.aspx

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Posted in Employment Lawyer, Illinois employment lawyer, Illinois Small Businesses | Tagged , , , , , , , , , , , , , , , , | Comments Off

Illinois business law attorneyEmployers are required to follow both local and federal employment laws, which means both should be considered when determining how to handle matters like employee benefits, pay, salary, or overtime. Specifically, there is a new federal law that employers should be aware of, particularly if they have lower salary employees. Learn more about this new law and how it could affect your business, and discover how an experienced employment law attorney can help get (or keep) your small business on track.

Low Salary Employees Now Paid Overtime

Known as the Fair Labor Standards Act, the new law is supposed to address the “eroding” 40-hour workweek and the millions of employees who are not compensated for their extra time. More specifically, the new law states that salaried employees who earn $47,500 or less are to be compensated for any overtime hours that they work. In addition, the threshold is expected to raise, yet again, by January 1, 2020 (to $51,000), and increase every three years thereafter.

Understanding the Potential Impact on Your Business

Prior to the new law, the threshold for overtime pay for salary workers was a mere $23,660. Clearly, the new threshold is a significant jump – one that small businesses may struggle to accommodate. Some businesses may also experience issues when trying to determine the best way to implement the new law without causing further harm to their company. There is also the risk of an overhead increase and profit decrease, which is likely to have the most significant effect on smaller, local businesses.

Thankfully, there are a few options for mitigating the potential issues that may arise out of the new law. For example, employers may raise an employee’s salary to avoid paying overtime. Alternatively, they can keep all salary employees who fall below the threshold at no more than a 40-hour workweek. Lastly, employers could transition the employee over to an hourly rate. All these solutions do have their potential advantages and disadvantages, so guidance from an experienced employment law attorney is highly encouraged when determining which one may be most appropriate for your small business.

Contact Our Schaumburg, IL Employment Law Attorney

If you have concerns over the new overtime law, or if you need assistance in determining how to make it work in your business, contact The Miller Law Firm, P.C. Dedicated and experienced, our Schaumburg, IL employment law attorney can examine your situation and advise you of your options. At every turn, we protect the financial future of your company. Schedule a personalized consultation to get started. Call 847-995-1205 today.

Source:

http://fox2now.com/2016/11/18/new-overtime-law-goes-into-effect-dec-1-affecting-millions-of-workers/

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Posted in Overtime | Tagged , , , , | Comments Off

Schaumburg employment law attorneyEvery state has their own laws regarding rest periods and meal breaks for its workers; Illinois is no exception. Unfortunately, small and new business owners may not be aware of these requirements. Learn more about mandatory rest breaks for employees, including what potential actions you could face for noncompliance, with help from the following information.

Rest Break Requirements

Many states have mandated rest breaks for their employees, but Illinois is not one of them. Keep in mind that rest breaks are different from meal periods; rest periods generally last only 10 to 15 minutes (depending on state law and employer preference). Meal periods are longer, and they are required under Illinois state law.

Meal Period Requirements

Under Illinois state law, employers must provide any employee that works at least 7.5 hours in a shift with a meal break. It must last at least 20 minutes, and it must be provided to the employee before their fifth hour of work. Failure to provide this meal break could result in numerous consequences, including fines and lawsuits.

(Please note that there are some limited exclusions to this law. For example, an employee that monitors individuals with a developmental disability does not have to receive an official meal break, but they must be permitted to eat a meal while monitoring their wards.)

One Day Rest in Seven Act

The One Day Rest in Seven Act requires that employers provide their workers with at least one day of rest per work week. State law defines the work week as starting at 12:01 a.m. Sunday morning and ending at midnight the following Saturday. The day of rest must be at least 24 consecutive hours. That means the employee cannot be scheduled for even a partial shift, nor can they be called into work. Employers may request a relaxation of this law, but they must be able to prove that employees are volunteers and not paid individuals.

Potential Consequences of Non-Compliance

Although the consequences of non-compliance will vary greatly, depending on the circumstances and number of previous infractions, those that fail to follow the law may face fines from the state. Employees may also have the right to pursue compensation against the employer for certain acts of non-compliance. If you are facing such a situation, ensure you seek experienced and qualified legal assistance.

At the Miller Law Firm, P.C., we strive to protect businesses from costly litigation. We do this, not just through representation during lawsuits, but also through preventative measures. Whatever your needs, our Schaumburg employment law attorney is here to help. Call 847-995-1205 and schedule a personalized consultation to learn more.

Sources:

http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=082001400K3

https://www.illinois.gov/idol/FAQs/Pages/odrisa-faq.aspx

https://www.illinois.gov/idol/FAQs/Pages/meals-breaks-faq.aspx

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Posted in Employee Rights | Tagged , , , , | Comments Off