December 28, 2016

New Illinois Laws for 2017

New Illinois Laws for 2017 The following are some of the new laws passed by the Illinois legislation and signed into law for 2017. HB 5913 – Requires licensed plumbers to complete 4 hours of continuing education each year HB 4562 – Amends the Illinois Human Rights Act to increase […]
May 20, 2014

L&W Attorneys to Discuss Hidden Tax Issues

L&W Attorneys to Discuss Hidden Tax Issues April is over, but taxes never go away. On Thursday, June 12, Rick and Charles will be speaking from 8:00 to 10:00 am at a presentation hosted by Precision Payroll of America LLC on various things you may not realize your business is doing (or […]
March 28, 2014

Legal Dictionary—Assumed Name

What is an “assumed name”? An “assumed name,” “dba,” or “doing business as” is a name that an individual or an entity uses to do business separate and apart from their official or legal name.   In Illinois, individuals must register an assumed name with the county in which they are […]
February 19, 2014

Legal Dictionary—Joint Venture

What is a “joint venture”? A joint venture is formed when two or more people or entities join forces to undertake a common and defined business opportunity.  Illinois courts consider the following things in determining if a joint venture exists:  (a) whether the business owners have a common purpose in […]
February 10, 2014

Legal Dictionary—Professional Corporation

What is a “professional corporation”? In our last post, we discussed the importance of the corporate shield or veil, and how it can limit the liability for shareholders, officers, and directors. There are some instances, however, where those individuals will have personal liability no matter whether they are incorporated or […]
February 10, 2014

Legal Dictionary—Corporate Shield

What is the “corporate shield” or “corporate veil”? The “corporate shield” or “corporate veil” is the idea that the shareholders, officers, and directors of a corporation will not be held personally liable for the actions of the corporation.  It is also available to some other types of entities, such as […]
November 25, 2013

Charles G. Wentworth in the News

Charles G. Wentworth in the News Charles Wentworth was recently quoted discussing start-ups, non-compete agreements, ERISA, and art law. Lofgren & Wentworth, P.C. attorney Charles Wentworth was interviewed by the Daily Herald’s business columnist and blogger, Jim Kendall.  The article dealt with entrepreneurship and the potential pitfalls of starting a new business, […]
November 4, 2013

Legal Dictionary—Corporation

What is a “corporation”? A corporation is a legal entity that can own property, enter into contracts, employ people, and otherwise transact business.  In Illinois, the rules that govern corporations are found in the Business Corporations Act.  The Secretary of State authorizes the corporation to exist by approving the articles […]
October 15, 2013

Protecting Your Illinois Business

Protecting Your Illinois Business Running a business as all about building and maintaining strong business relationships. But business owners sometimes fail to give the proper attention to the use of “standard business terms” in their contracts. In fact, often times, “standard business terms” are disparagingly referred to as merely “boiler plate” […]