Corporate

Advice for New Business Owners

The Wall Street Journal published an article titled 10 Mistakes That Start-Up Entrepreneurs Make. Rosalind Resnick made some good points. In my experience representing new businesses, the ones that failed made one and often several of the mistakes listed in the article. The successful businesses made few if any of these mistakes. The article also contained links to related articles…read more →

Employee Credit Checks Banned Effective January 1, 2011

Employers will be prohibited from doing credit checks on prospective employees under a new Illinois law. The new law that was just signed by Governor Quinn will be effective January 1, 2011. There are a few exceptions for employers in the banking and insurance industry and those dealing with trade secrets. Here is a link to a Chicago Tribune article…read more →

Secretary of State Warns of Scam on Corporations

The Illinois Secretary of State posted the following warning of a scam to charge a fee for filing corporate minutes. As the Secretary of State warns corporations are not required to file their corporate minutes. WARNING! A non-governmental firm called “Illinois Corporate Compliance” or “Annual Corporate Compliance” is contacting Illinois businesses in an attempt to collect a $150 fee to…read more →

US Targets Smaller Businesses for Hiring Illegal Aliens

The Department of Homeland Security announced last week that it is going to be targeting businesses that employee illegal aliens for prosecution.  In a fact sheet, the Deparment of Homeland Security indicated that it will target smaller businesses for prosecution.  Previously, the Homeland Security targeted business with at least 150 illegal employees.  Now Homeland Security is targeting business with at…read more →

Secretary of State Jesse White on Online Filing Fees

In a January 23rd post , I wrote about Illinois Secretary of State premium/penalty for filing annual reports online.  The premium that Secretary of State charges for filing online is 50% above the normal filing cost.  Since then I had the opportunity to speak with Illinois Secretary of State Jessie White personally. I gave Secretary White my reasons opposing his…read more →

Directors & Officers’ Duty to Creditors

In normal situations, a corporation’s directors and officers owe a fiduciary duty to the corporation and its shareholders.  But when a corporation becomes insolvent, that duty shifts to the corporation’s creditors.  In these challenging economic times, this duty by corporate directors and officers to the corporation’s creditors could lead to lawsuits from creditors against the directors and officers personally. If…read more →

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