Running a Business With Your Spouse? Here's 4 Tips to help you be Successful in work and love.

Have you ever said to your spouse or significant other: "Hey, we should definitely start a business together! We know each other, love each other and trust each other. We already know what the other brings to the table so this should be easy peasy." Well, whether you've made this statement one way or another, starting a business with your significant other can present many challenges that may not be prevalent on the surface. Think about it - just because you're compatible in your romantic relationship does not mean that you'll have a compatible working relationship. Yes, there are many rewards and advantages to working with your spouse, but there's also risk that can seep into your relations

BUSINESS FORMATION: How should I file my business entity? There are 3 Major Benefits of Structuring

Structuring your business as an limited liability company ("LLC") or S Corporation (S-Corp) is a very smart move as an entrepreneur. These entity structures can protect your personal assets from your business liabilities like debts and lawsuits. However, other key benefits are available that you may not be aware of. LLCs and S-Corps actually provide benefits and blended aspects of sole-proprietorship, partnerships and corporations without some of those entity drawbacks. LLCs and S-Corp: Law governing these entities vary state by state, but generally provide three (3) key benefits: 1. Enhanced credibility You've probably heard of brand reputation more often than you'd care when creating and r

Are Gig Workers Independent Contractors or Employees? DOL Says Contractors!

The Department of Labor (DOL) issued an opinion letter signaling that it’s siding with business owners when it comes to determining whether gig workers like Uber drivers should be classified as employees or independent contractors. The DOL letter concluded these particular workers are contractors, not employees, and not entitled to federal protections like minimum wage and overtime pay. This is a reversal of the DOL’s position under Obama, which held that many gig worker should be classified as employees. Although this letter was not issued to every business owner, the business community seek guidance from such opinions for insight into the department’s stance on hot-button issues. What does

Avoid the 3 Common Excuses for avoiding Estate and Succession Planning.

Most family businesses are extremely unprepared for the existing owner to depart, especially if it’s unexpected, as is the case with an unforeseen illness, injury, or death. We know this all too well when we turn on the news and another billionaire or musician has died leaving no will, no trust, no guidance on what they would like to happen with their estate. Unfortunately, the business that many have worked for and made a success may actually fail and cease to exist if you became ill or passed away simply for lack of planning. If you fail to put in place an effective estate plan, including a comprehensive business succession plan, to ensure your company will survive no matter what happens

Featured Posts
Recent Posts
Archive
Search By Tags
Follow Us
  • Instagram Social Icon
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

708.234.7298 T | 708.843.5846 F

ILLINOIS & WISCONSIN

©2020 by SL DeBarros Law Firm, LLC | Legal Innovation You Can Trust