Author: Linsi Tuttle
Resume Red Flags and Green Flags for Choosing the Right Employee
Posted on May 12, 2014
A well-crafted resume offers an employer a glimpse into the professional life of a potential new hire. A small business is only as good as the individuals it employs, and all small business owners must be careful to choose the right new employee. Our small business law attorneys at the the Gierach Law Firm have compiled this useful list of resume red flags and green flags in order to help you choose the perfect employee for the job. Resume Green Flags Resume green flags are those kernels of information contained […]
How to Proceed in Probate When the Life Status of the “Decedent” is Unknown
Posted on April 29, 2014
Nine years after Samuel Zagaria disappeared, his sister Joanne petitioned the Cook County probate court for a presumption of death. The court complied and appointed Joanne, Zagaria’s only heir, the administrator of her brother’s estate. But in the course of administering the estate and trying to collect insurance benefits, Samuel turned up alive. Unfortunately for Samuel, that was not the end of the story. The physical fact of his existence did not immediately invalidate the legal presumption of death. Samuel had to ask the court to revoke the presumption and […]
Understanding the Illinois Small Business Set Aside Program
Posted on April 21, 2014
Illinois’ Small Business Set-Aside Program (SBSP) exists to help small businesses in Illinois build their credibility and achieve higher revenues. Operated by the Chief Procurement Office, the program awards millions of dollars to small businesses in the supply and service industries each year. The state of Illinois has identified 120 procurement categories that have been set aside for small businesses registered with the SBSP. In addition to these, all awards by the state of less than $50,000 have been set aside for qualified small businesses. According to the State of […]
Convenience Account or Joint Account?
Posted on February 1, 2014
Many times our clients will add a name to their bank accounts, making the account a joint account. Sometimes that client wishes to have the person who was added to the account handle the account for the convenience of the client. It may be that the client is an elder person and wishes to have an adult child help to pay bills, reinvest the amounts in the account from time to time. This account would be considered a convenience account. It may also be that the client intended that the […]
What Happens to Your IRA or 401(k) When You Die?
Posted on February 1, 2014
Many people are not aware that your IRA and any other employee benefit plan that was tax deferred is taxable in a number of ways at your death. It may be taxed by the federal government as part of the federal estate tax. It may also be taxed by the State of Illinois for the Illinois estate tax. In addition, there are specific rules on when the money in these accounts needs to be pulled out by the recipients, which are complicated depending on the circumstances, the beneficiary and if […]
Transfer Restrictions for Closely Held Corporations
Posted on February 1, 2014
By Denice A. Gierach – May 13, 2010 Most people have investments that include stocks that are publically traded, with the New York Stock Exchange or the NASDAQ. It is expected that shareholders will from time to time trade their shares. There are such large numbers of stock issued by a particular corporation that usually no transfer even affects who controls the corporation. In a privately held company, usually the shareholders are the people who work the company and are corporate officers. Since the shares that can be issued are […]
How to Write a Last Will and Testament in Illinois
Posted on October 22, 2013
“When an older man or woman passes away, usually he or she has a last will and testament, usually or just a will. All people above the age of 18, though, should have a will that can be updated when necessary. It is important for everyone to know how to write a will and what to put write in it. Even if a person does not have many belongings or money, a will can state what is to be done with a persons property and how that person wishes to […]
Protecting Your Ownership of Employee-Created Intellectual Property
Posted on September 8, 2013
An employer might assume that any intellectual property created by an employee in connection with the employee’s job duties will automatically become the exclusive property of the employer. However, without taking the necessary measures to ensure this, that assumption could prove incorrect. Employee Inventions Where There Is NO Enforceable Assignment-of-Inventions Agreement. Often, in the absence of an assignment-of-inventions agreement, an employee presumptively owns any inventions that he or she creates that are entitled to protection under applicable trade-secret or patent law. This means that the employer may have no ownership […]
How Contract Law Affects Small Businesses
Posted on August 3, 2013
The last thing a small business owner wants to think about is what type of legal forms to use when entering in contractual agreements. Contracts take time to draft, they are complicated and very dry. Some business owners would like to have them drafted professionally, but they are worried about the price. A solid contract, however, is not only worth the cost of a qualified Illinois business attorney, but it will likely avoid any disputes down the road that can be very costly. Contracts that are drafted professionally are based […]
How the Law of Agency Affects Small Businesses
Posted on June 27, 2013
After setting up a business, a business owner must ensure that it operates efficiently and that it is protected from potential liability. Yes, every business, big and small, faces some level of potential liability. This is particularly tricky for small businesses that have limited resources. It is crucial for a small business owner to have adequate checks to minimize potential risks. “How these risks can come from a variety of sources. Take the conduct of an agent, for example. Under Illinois law, a business may be held liable for the […]
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