NFTs as a Business Asset
Simply put, NFT’s (or “tokens”) are digital assets. Various examples include movies, drawings, music, and digital artwork.
By their very definition, NFT’s are non-fungible, meaning that they cannot be traded for something else. For example, Da Vinci’s original Mona Lisa is non-fungible; only one original version exists, and there will only ever be one. Contrarily, U.S. dollars are fungible—trade one dollar for another dollar and you end up with the same thing.
Data Management Key to Business Success
Small businesses should have thorough, regular—and secure—processes for gathering, storing and interpreting data, which in the “Information Age” has become critical to staying a step ahead of competitors and the marketplace as a whole.
Without deliberately planning and engineering the most effective ways to integrate various types of data flows in every part of your business operations, you can’t fully understand how data can help you make key decisions and otherwise leverage its benefits for key purposes.
New CDC Guidelines
The CDC has released new mask guidelines easing former recommendations. The CDC is no longer using vaccination status as the benchmark for mask guidelines and are now using low, medium, and high levels for counties to measure COVID risk and mask recommendations.
For low level counties no masking is required. In medium level counties individuals can consult with their doctors about mask needs and recommends masks indoors for contact with high-risk individuals. Finally, in high level counties masking is recommended for all individuals indoors in public.
Independent Contractors
A recent Illinois Court of Appeals decision in an Illinois Wage Claim Act case puts a magnifying glass on the sticky wicket employers can find themselves when they are unable to pay an outside contractor, at least under certain circumstances.
The decision in O’Malley v. Udo, 2022 IL App (1st) 200007 (Jan. 14, 2022) revolved around an independent contractor who was paid $1,000 per work day plus expenses, was sent 1099 forms at the end of the tax year, was mostly free to work from his Evanston home, and otherwise clearly identified in the written agreement between the parties – and at his insistence – as a consultant.
New Laws for Small Businesses in 2022
From salary and benefits, to the hiring process, to non-compete agreements, an array of new state legislation that affects small businesses in one way or another has taken effect as of the first of the new year, 2022.
The legislation focused non-compete agreements (SB 6
George Bellas advises on E-Commerce
There is no doubt that e-commerce sales have grown tremendously over the last 20-plus years. That is in part because online purchases are taxed differently than in person sales, and small businesses have noticed the advantages of this system.
The setup is quite simple: a small business may house their servers or warehouse their goods in one state, all while shipping their products to the other 49 states. It is important to know that small businesses are not required to collect sales tax in a state in which they have no physical presence. Until recently, small business owners could expand their consumer base across the country largely without ever collecting a penny in sales tax. This approach yields more clients, more sales, and more revenue. However, as the old cliché goes: “More money, more problems.” In this case, it’s “more money, more tax problems.”
Illinois Cannabis Business Market
Licenses for a legal cannabis business have been a hot topic lately, and now the the Illinois Supreme Court has made its first ruling related to the byzantine process of obtaining a license for a legalized cannabis business in the state, and it seems likely to be the first of many.
The legislative effort to limit the number of licenses the state issues drives up the value of said licenses to the point where it almost seems to bait those who don’t win the competitions to get one, and who sometimes end up angry and confused as to why.
COVID Rules for Residential Evictions
Finally, some clarity to the situation by the source least expected – the U.S. Supreme Court (“SCOTUS”). It has been a tortured road for Landlords during the COVID-19 Pandemic as the story is told in this blog. Basically, SCOTUS ruled that the eviction moratorium mandated by the CDC exceeded it’s authority under the law. The justices divided along party lines, with the court’s three liberal justices dissenting from the unsigned eight-page decision. Landlords are now allowed to start evicting millions of Americans who are behind on rent because of the Pandemic.
Considerations for Starting a Small Business
Recently, we ran a post What to consider when Starting a Small Business, Part One about some of the early steps in starting a small business—deciding you’re ready, figuring out what type of business you want to start, surveying your competitors, and figuring out the optimal business model.
At that point, it’s time to get down to the proverbial brass tacks and put together a business plan, which really doesn’t need to be more than one page long unless you’re going to apply for a loan from a bank (in which case you should find out what the lending institution requires).
Are you thinking about starting a small business?
It can be an exciting and challenging endeavor, although it’s more likely to succeed if you plan ahead, take it step by step, and surround yourself with trusted, experienced advisers. Of course, such an important endeavor – not to mention a life alternating event – requires hard work, ingenuity and more than a little legal advice. You can start by going to our webpage on What to Ask When Staring a Business.
Keep in mind that there might never be an absolutely perfect time to start your own business – so for starters you need to take stock of your mental state and make sure you’re as ready as you will ever feel.
Chicago Business Attorney Blog