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Schaumburg business lawyerStarting your own business and becoming your own boss can be a dream come true for many people. Bringing your talent and creativity to fruition may allow you flexibility and financial security at the same time. As an Illinois business owner, you have several options regarding what type of company you would like to form. Important considerations include ownership, taxation, and management. Although you may have a vision of how you want your business to run, you may not be sure which business entity is the best choice. Before making this crucial decision, consult an experienced business attorney for advice on the best path for your business.

Business Structures to Fit Your Goals

Running your own business offers many perks and can enhance your work-life balance. However, building a company from the ground up can be a daunting task, with many critical factors to consider before the doors can open for business. There are four main business entities that entrepreneurs may consider, as described below:

  • Sole Proprietorship: This type of entity has one owner who may choose to use his or her own name for the company. He or she is solely responsible for the management and daily operations of the business. One benefit of sole proprietorship is that any income generated is only taxed once.

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Cook County employment lawyerA typical workweek for employees in the United States consists of 40 hours. However, many workers actually spend more time performing their jobs. For jobs that are paid on an hourly basis, anything over 40 hours is usually considered overtime. Although many salaried (exempt) workers work 50-60 hours a week, they may not be eligible for overtime pay depending on their company or employment contract. The Illinois Overtime law (called the Illinois Minimum Wage Law) mirrors the Federal Fair Labor Standards Act (FLSA) in many ways. Similar to the FLSA, the Illinois overtime law requires that non-exempt employees receive overtime pay equal to 1.5 times their regular hourly pay for any hours worked over 40 in a week. With so many employees working remotely now in response to the COVID-19 health crisis, it may be difficult to track employees’ hours regarding overtime if they are working from home.

Keeping Track of Hours Online

Since remote employees are generally entitled to the same legal protections that on-site workers have, working remotely can present unique challenges that should be addressed to ensure a company is legally compliant. Employers have certain obligations regarding employees’ hours and wages for overtime pay. As a business owner, accurate record-keeping is imperative. Detailed reporting ensures that management and workers are following proper procedures and company policies.

Businesses throughout the country, including Illinois companies, have implemented remote-work arrangements for their employees due to the coronavirus outbreak. In many cases, this is the first time a company may have allowed its employees to work from home. Essential businesses have remained open during the pandemic, such as banks, grocery stores, and hospitals. Non-essential businesses were temporarily closed, including service industries like hair and nail salons, gyms, and fitness centers. These companies had to pause operations since those workers cannot do their jobs from home. On the other hand, office workers in the business field who do the majority of their work on a computer can perform their duties remotely as long as they have a computer and an Internet connection.

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Posted on in Contract Disputes

Schaumburg business contract dispute lawyerA contract is defined as a legally binding agreement that recognizes and governs the rights and duties of those involved, whether it be two or more parties. An agreement typically involves the exchange of goods, services, money, or the promise of doing so later on. In today’s business world, contract disputes are fairly common, regardless of the industry. When an agreement is drafted and signed, this binds the parties together for a period of time. However, when one party deviates from the terms of the agreement, this is known as a breach of contract. Employees usually have to sign a contract before starting work with a company. This can also apply to freelancers or independent contractors.

Breach of Contract

Contract disputes typically arise as a result of one party not abiding by the terms of the contract. This can occur when a person does not perform his or her obligations or fails to comply with the rules in the agreement. In some cases, the legal agreement may have left out important information that causes a dispute. In other situations, a person may falsely represent his or her qualifications for a job or project.

Another major reason for breach of contract stems from the interpretation of the terms between the parties. When two parties disagree about the meaning of their respective responsibilities, that can cause problems. If an individual does not uphold his or her obligations outlined in the contract, the other party can file a lawsuit under the claim of a breach of contract.

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Schaumburg business law attorney coronavirus reliefThe global pandemic of COVID-19 is on everyone’s minds these days. Millions of confirmed cases have been reported, and tens of thousands of people have died in the United States due to complications from the virus. Health and government officials continue to monitor the situation very closely. In countries throughout the world, non-essential businesses and schools have been temporarily closed in an effort to stop the spread of coronavirus. Illinois Governor J.B. Pritzker issued a “stay at home” order through April 30. For those small business owners and employers who are struggling to maintain their livelihoods, there is some relief in the form of financial assistance. The Illinois Department of Commerce & Economic Opportunity (DCEO) and the Illinois Department of Financial and Professional Regulation (IDFPR) established the Illinois Small Business Emergency Loan Fund to provide small businesses with the opportunity to apply for loans up to $50,000 at a low-interest rate.

Who Can Apply for the Bailout Loan?

The below eligibility requirements apply to small businesses that are in Illinois but are outside the city of Chicago. Small businesses within Chicago can apply to a similar loan program. Requirements are based on employment between October 2019 and December 2019. Seasonal businesses may use an employment average between January 2019 and December 2019.

In addition, the business must:

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Illinois-employment-lawyer-minCOVID-19, or coronavirus 2019, is a respiratory illness that can spread from animal to person or person to person. The virus was first identified during an outbreak in Wuhan, China. Currently, health officials are working on a vaccine for it, but that may take up to a year before it is approved. There is no doubt the virus has had a significant impact on people’s lives since it was declared a global pandemic by the World Health Organization (WHO). Here in Illinois, Governor Pritzker said he is filing emergency rules that will allow those who cannot work because they are sick with coronavirus to collect unemployment insurance benefits to the full extent permitted by federal law. This would mean employers are required to pay workers who go on sick leave due to coronavirus.

What Are the Symptoms of COVID-19?

It is imperative that a person who thinks they may have coronavirus seek medical attention to avoid life-threatening complications and reduce the spread of it. President Trump recently announced that he was halting air travel from Europe to the United States for 30 days. In addition, he advised citizens to stay away from large gatherings in an effort to contain the virus and avoid further cases of it.

The following upper respiratory symptoms may appear 2-14 days after exposure:

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1051 Perimeter Drive, Suite 400
Schaumburg, IL 60173
Phone: (847) 995-1205

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