Small Business

Serving Waukegan, Libertyville, Lake County, Gurnee & nearby areas of Illinois

New laws taking effect in Illinois in 2020 that may affect you

The most well-known new Illinois law is the one making recreational, non-medicinal use of marijuana legal.  There are still restrictions on where you can acquire marijuana and on where it can be smoked.  Also, it is still a violation of federal law to use marijuana despite Illinois laws.  On the plus side, many people with past misdemeanor marijuana related convictions are having their records expunged.

Minimum wage will jump from $8.25 to $9.25 statewide.

Experience Matters

Here at the Law Offices of Thaddeus M. Bond, Jr. & Associates, P.C., our two attorneys have nearly 60 years combined experience practicing in Lake County, IL.  Our title insurance officer and escrow closer has over 30 years experience as well.  How does this help our clients?

LLC fees in Illinois dramatically reduced

The State of Illinois passed legislation on December 20, 2017 which became effective immediately and significantly reduced the fees which must be paid to set up and maintain a limited liability company with the Secretary of State's office.  The fee to file articles of organization was reduced from $500 to only $150.  The fee to file an annual report was reduced from $250 to only $75.  These fees are more in line with those charged in other states as Illinois was charging some of the highest rates in the nation.

Personal Guarantees in Commercial Leases

Our firm represents many small businesses including start up enterprises. With our help, they typically establish a corporation or limited liability company both to protect the owner(s) from unforeseen business liabilities and for certain tax advantages. Despite setting up this shield, most small business owners expose themselves to personal liability for claims arising out of the lease for the space used for their business.

Subscribe to RSS - Small Business