Spagnolo & Hoeksema, LLC
Representing Businesses And Their Owners Since 2002

Hoffman Estates Business Law Blog

Business tax impact and implication

Regardless of the product or service a business provides, all companies share two common concerns: profits and losses. While people form businesses to meet a need, those companies revolve around making money. At a certain point, making money includes minimizing expenditures.

In any venture, you will pay taxes. According to Benjamin Franklin, they’re one of two things which can ever be certain in this world. And, though taxes serve the public good, they can take a toll. This is especially true for new, small or family-owned businesses.

Staggered distribution is important in high asset estate plans

If you have a large estate and minor children, it's important to consider how you might control your heirs' inheritance in case of a tragic event.

Staggered distribution trusts are common for young beneficiaries of high-asset estates, because they pay out over time -- keeping a young individual from becoming overwhelmed by a large sum coming all at once.

Should you write a business plan?

You may be an entrepreneur considering if you need to write a business plan. It sounds like a great idea. You would think any new business or idea may need a plan to be successful and you would be right. There are many reasons why you should make sure a proper business plan is on your to-do list.

A business plan is a list of goals for your business. It lists your plans for accomplishing the goals and says how they can be achieved. The business plan may also include information for possible investors, as well as, information on the organization’s background and the group trying to reach them.

Business owners should start planning for 2018 taxes now

Taxes can be a particularly frustrating part of running a business. Filing on behalf of a company is often much more complicated than the average personal tax return. Audits tend to be more of a hassle as well.

Because a higher value is likely at stake, many Illinois business owners spend ample resources making sure that taxes are under control. In light of the Republican-formed tax reform policy, you might have to direct your attention to the financial implications.

Three things to know about non-competition agreements

If you're a business owner, you have a vested interest in staying ahead of the competition. While you achieve this goal in many ways, having top-notch employees is paramount to your success. Talent pool retention is a focal point for any business operator, but what happens when a skilled employee moves on to a competitor?

A non-competition agreement can be a valuable tool for preserving your business's interests. This contract, entered by an employee and employer, may ensure that a worker does not join a competitor after termination.

5 Ways To Prevent Partnership Disputes

Partnerships are best cultivated with like-minded individuals. Finding someone with aligned growth strategies and management philosophies can equal an equation for success. Unfortunately, even successful business owners encounter disagreements. Disputes can not only be costly, but damage your hard-earned business. It is better to prevent them before they can ever erupt into costly litigation. Consider the following five ways to prevent partnership disputes.