Illinois business owners have been closely following developments under the Corporate Transparency Act (“CTA”), particularly given the uncertainty created by conflicting court decisions and shifting enforcement positions. A recent federal appellate ruling provides important legal clarity, although practical compliance obligations for Illinois entities remain limited for now. Federal Appellate Court…
Bellas and Wachowski attorneys chicago illinois suburbs to help you with your business compliance Illinois and the City of Chicago continue to take a firm stance on workplace harassment prevention. For business owners, this means that annual sexual-harassment training is mandatory, and Chicago employers face additional, more extensive requirements each…
Effective Date: January 1, 2026 The Illinois Receivership Act will take effect on January 1, 2026, transforming how courts, creditors, and distressed businesses handle asset protection and management across the state. This new legislation provides expanded legal tools for addressing financially distressed assets, ensuring greater consistency and transparency in receivership…
The Federal Trade Commission (FTC) tried to ban non-compete agreements across the country. That sweeping ban is now effectively dead. A federal judge struck it down, and the FTC recently gave up its appeals. But that doesn’t mean employers are free to use non-competes however they like. The FTC has…
Several new employment laws go into effect in September and will affect employers in every state. Independent Contractors rules: The US Department of Labor adopted a six-factor test in January for classifying independent contractors under the Fair Labor Standards Act. This replaces the previous two-factor approach. The result is more…
Transfer on Death Instruments, or TODIs, have become a popular estate planning tool in Illinois. They allow real estate to pass directly to named beneficiaries when the property owner dies, all without the need for probate. But what happens if the deceased owner had unpaid debts and the property transferred…
Illinois may soon see a major update to its Small Estate Affidavit process. On June 20, 2025, the Illinois General Assembly passed Senate Bill 83 and sent it to the Governor for consideration. The Governor has until August 19, 2025, to sign or veto the bill. Since the General Assembly…
A new bill, Senate Bill 1667, has been sent to the Governor’s desk and could soon bring meaningful updates to the Illinois Trust Code. If signed into law, this legislation would create additional obligations for trustees, especially regarding document retention and the recovery of unclaimed trust assets. These proposed changes…
A New Era of Tax Policy for Business Owners On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, ushering in sweeping changes to the federal tax code. While the law has drawn national attention for its b roader political implications, it contains several key…
Small business owners and startup founders now have a powerful reason to take another look at Qualified Small Business Stock (QSBS). A new federal law, the One Big Beautiful Bill Act, signed on July 4, 2025, makes QSBS more valuable than ever for growing companies and their stakeholders. These changes…