A tariff clause in a contract will help manage risks related to changes in import duties or trade tariffs. You should specify how tariff increases or decreases will be handled, ensuring price stability and clarity in obligations.
Some key points to consider when drafting a tariff clause:
Define Key Terms: Specify what constitutes a tariff change and how it impacts pricing.
Risk Allocation:...Read More
What is forgery
* Creating a false document: This includes creating a completely fake document, such as a driver’s license or a diploma.
* Altering a genuine document: This involves changing existing information on a real document, such as adding zeros to a check or changing the date on a contract.
* Signing another person’s name: Signing someone else’s signature on any...Read More
NEW REPORTING REQUIREMENT:Simply put, most small to medium sized companies are now required to identify all individuals who exercise substantial control over the company. An existing company must file its initial Beneficial Ownership Information Report by December 31, 2024. Supplemental Reports are required to be filed if there are any changes to the ownership or management of the...Read More
The EEO-1 Component 1 Report (also known as “Standard Form 100”) is a mandatory annual data collection that requires certain employers to submit information regarding their workforce.
All private-sector employers with 100 or more employees, and federal contractors with 50 or more employees meeting specific criteria, must complete an EEO-1 Report annually.
The EEO-1 Report relates to equal...Read More
Starting a new business can be overwhelming and having the assistance of a business lawyer is crucial to your success. As an entrepreneur, there are a lot of things to consider when starting a business. Your business lawyer can advise you on things like the type of business entity you form and keeping accurate tax records. They can guide you through the complicated employment process and...Read More
There is no better time for small business owners looking to sell their closely held business. However, business owners hoping to cash out can quickly discover that issues with their internal financials can become a roadblock to a sale. Disorganized or missing financial or corporate records when selling your business can turn off potential buyers, who demand complete transparency when buying a...Read More
Illinois Governor J.B. Pritzker has signed Senate Bill (SB) 672, which will be known as the Illinois Freedom To Work Act. The new law will significantly reform non-compete and non-solicitation law in Illinois. The Act imposes limitations on non-compete and non-solicitation agreements, and it provide employers with more clarity about enforceability. The new law has a January 1, 2022, effective...Read More
Embezzlement is a theft by a business partner, employee or other trusted individual in a business setting. It usually involves diverting company funds or resource, but it could also include the theft of merchandise, supplies, equipment,inventory, or even business data.
Tips for Protecting Your Small Business from Embezzlement
Embezzlement happens to small to medium size businesses when they...Read More
On August 9, 2019, Illinois enacted the Workplace Transparency Act, which amends the Illinois Human Rights Act. This new law requires that all Illinois employers provide annual sexual harassment training to its employees.
Effective January 1, 2020, all employers must train all employees in Illinois each year. The first deadline is January 1, 2021. The annual sexual harassment training program...Read More
The Illinois Sales Representative Act states that a principal who fails to pay a sales representative is liable for the commissions, plus attorney’s fees and potential punitive damages up to 3 times the amount of the commissions owed.
The Illinois Sales Representative Act is a little known law which states that a principal who fails to pay a commission to a sales representative is...Read More
