by
non-compete-300x251

Non-Competes Now a Nonstarter

This is really big news!

Businesses that have entered into non-compete agreements with current or recently departed employees will need to come up with other ways of achieving the investment-protecting goals those non-competes were designed to accomplish. That’s because the Federal Trade Commission has issued a final rule, which will take after 120 days after publication in the Federal Register, that invalidates current non-competes for most workers and bans new ones for all employees.

Continue reading

by
AI-Washing-300x251

Is AI Washing Dirty?

Many people have become familiar with the term “greenwashing,” referring to attempts by a company to cast its products as more environmentally friendly than they are through public relations and marketing “spin” efforts.

Now comes the concept of “AI-washing,” in which companies exaggerate the degree to which or ways in which their products and services are powered by artificial intelligence, in order to gain a real or perceived competitive advantage. In addition to potentially misleading consumers and harming investors, this can break U.S. securities law, according to Gary Gensler, chair of the Securities and Exchange Commission.

Continue reading

by
AI-in-business-GEO-300x251

How Can Generative AI Assist Your Business?

What is generative artificial intelligence, embedded in applications such as ChatGPT?  How could it help your business?   What pitfalls should you avoid.  What policies should you craft around it?

This is no longer science fiction.  AI has become a reality and every business will be impacted by its use and application and your business must get on board with dealing with it and using it.

Continue reading

by
nar-suit-300x251

Antitrust Lawsuit
National Association of Realtors

Decades-old norms regarding Realtor commissions and other policies surrounding home buying and selling have been swept away by the March 15 court settlement between the National Association of Realtors and groups of homeowners who filed suit against the realtors’ group arguing that home buyers should pay their agents’ commissions directly and  – most significantly – be able to negotiate that fee.

As a result of the settlement – which is still subject to the approval of the judge overseeing the case – the standard 6% commission on a home sale, heretofore split between the buyers’ and sellers’ agent, will be replaced with a system whereby prospective buyers can shop around for a lower rate and brokers can advertise those rates, even charging flat fees if they wish.

Continue reading

by
corporate-300x251

Corporate Transparency Act

While Congress might have had worthwhile purposes in passing the Corporate Transparency Act, a section of the 2021 National Defense Authorization Act, it’s nonetheless unconstitutional, according to a federal judge’s summary judgment ruling in an Alabama case brought by the National Small Business Association (NSBA).

The Act requires most entities incorporated under state law to provide the U.S. Treasury Department’s criminal enforcement arm with significant personal information about their stakeholders, in an attempt to prevent money laundering, tax evasion and other financial crimes that often make use of shell corporations.

Continue reading

by
Freelancer-300x251

Employee or Freelancer?

Is a person who works for your business financially dependent on you, or can they potentially independently profit based on their skill set? Will they be part of your company indefinitely? Do they perform a central, daily, integral role? Do you dictate when, where and how they work? Do you limit their ability to work for others? Can the person apply what they do to other endeavors, widening their market reach and leading to other revenue streams?

Small businesses and other employers will need ask themselves this set of questions and consider the “totality of the circumstances” in determining whether to classify people who work for them as employees or independent contractors, in a rule change published by the U.S. Department of Labor’s Wage and Hour Division on January 10, set to take effect March 11.

Continue reading

by

Guest Blogger: Attorney Tracy Ries

For parents going through a divorce, the right-now priority is to retain matrimonial attorneys to negotiate or litigate a plan to divide up assets, determine alimony and child support payments, and haggle over children’s residency and visitation schedules.

And it’s understandable that’s the top focus from a legal standpoint. But assuming you and your soon-to-be former spouse have, at some point, put into place estate planning documents—wills, trusts, powers-of-attorney, life insurance policies or anything else—you will want to revisit those ASAP.

Continue reading

by
estate-planning-300x251
Did you know that according to recent statistics, a significant percentage of adults still don’t have a will in place?  Here’s a glimpse into the current state of estate planning:

1. Widespread Gap: Surprisingly, approximately 60% of adults worldwide do not have a valid will. This means the majority of individuals are yet to formalize their wishes regarding asset distribution, guardianship, and more.

2. Age and Preparedness: Studies indicate that the younger demographic tends to procrastinate on estate planning. About 78% of millennials and 64% of Generation X don’t have a will, assuming that this is a concern for later stages of life.

Continue reading

by

Starting on January 1, 2024, most employers in the 5-300x251will be required to provide five days of paid leave for any reason. Thanks to an City Council ordinance passed earlier this month by a 36-12 vote, Chicago employers will have to double that amount, including five sick days and five vacation days, under one of the most sweeping employee leave laws in the U.S.

The ordinance, which new Mayor Brandon Johnson described as “a step towards equity in the workplace,” also mandates that when workers depart their positions, companies with more than 100 employees will have to pay out as many as seven days of unused time, while firms with 51 to 100 employees will need to do so over a two-year phase-in period. Small businesses with less than 50 employees do not need to worry about this provision.

Johnson and progressive allied on the City Council wanted a 15-day allotment originally, but business, retail and trade groups, who are still vehemently against the ordinance, pushed back vociferously. And they’re worried that violations could lead to lawsuits, an issue that the council plans to address through a possible amendment—tabled for now—that would provide businesses with a 30-day time frame to address an alleged violation first.

Continue reading