Tag: Naperville business lawyers

Illinois now requires employers with at least five employees to offer a retirement program of some kind. For businesses with 16 to 24 employees, the deadline for establishing a retirement plan is November 1, 2022. For businesses with 5 to 15 employees, the deadline is November 1, 2023. Regardless of your business’s size, retirement benefits are crucial. Individuals of all ages are increasingly concerned about retirement and many fear the end of social security. Workers want competitive retirement plans with a high match rate. If you want your company to […]

Would you like to get top dollar for your business when you eventually sell it? If so, you will need to start preparing now. It usually takes about five years to get a business ready for sale, so the sooner you start, the better. Many business owners fail to think about how to increase the business’s value before putting it on the market. This mistake can cost you dearly. Whether you plan to sell soon or you are simply readying your business for a possible sale in the future, it […]

The cost of a college education has skyrocketed in the last few decades. About half of all college students graduate with debt, and the average amount owed is just under $30,000. Many employers recognize the massive financial burden their employees with student loans are currently facing. Simultaneously, employers across the country are struggling to attract and keep high-quality workers. In response to these concerns, more and more employers are offering various types of student loan relief to employees. The CARES Act has paved the way for employers to offer student […]

The United States is often referred to as a “melting pot.” Few other countries are as diverse as the U.S., and many small and medium-sized businesses reflect this.  Companies with employees of varied backgrounds, cultures, genders, and ethnicities benefit from workers’ unique life experiences and perspectives. Originality, creativity, and outside-the-box thinking are just some of the advantages associated with a diverse workforce. Businesses staffed with employees of differing life experiences are also less likely to get caught up in groupthink which leads to suboptimal business practices and stagnation. Unfortunately, discrimination […]

The workplace dynamic has shifted dramatically in the last few years. More and more employees are leaving their jobs for positions they feel better fit their personal needs and professional goals. The so-called “Great Resignation” has left many employers short-staffed and unsure how to proceed. Simultaneously, many companies are developing long-term work-from-home and remote work policies. Workers and managers have been forced to reevaluate their methodologies and adapt to rapidly changing circumstances. As younger employees grow in their careers and become leaders, they are forced to contend with some of […]

An old saying claims that two heads are better than one. In the context of business partnerships, this is often true. Partnering with another individual can help you divide business responsibilities, increase capital, attract investors, and grow your company. Partners can bring fresh ideas and a wealth of knowledge and experience to the table. There are many advantages to going into business with other people. However, there are also challenges and risks associated with business partnerships. If you are interested in forming a general partnership, limited partnership (LP), or limited […]