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The Counselor
The newsletter of the ISBA’s Section on Business Advice and Financial Planning

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Newsletter Articles From 2016

2016 legislation By David Krchak December 2016 There were two new statutes affecting Illinois employers and employees passed in the most recent session of the legislature and signed into law by Governor Rauner. There were also three acts which were amended during 2016.
Commercial tenancies: Clearly define every term in a lease agreement By Justin C. Strane June 2016 A recent appellate decision, Battaglia v. 736 N. Clark Corp., reminds us to clearly define all terms during commercial lease negotiations.
An in-house perspective By Christopher Stemler May 2016 Tips intended to help private attorneys understand what in-house counsel want or need from them.
An introduction to the Department of Labor’s new Conflict of Interest Rule on Investment Advice By Hilary E. Wild September 2016 This article provides a summary of the Department of Labor’s new Conflict of Interest Rule on Investment Advice, focusing on the Best Interest Contract Exemption and the streamlined Level Fee Fiduciary exception.
Lenders and contaminated property By Eugene P. Schmittgens, Jr. May 2016 Establishing proper safeguards and with a property with a viable end-use, contaminated properties can be profitable for all parties.
New overtime rule impacts exempt employees By Donald S. Rothschild and Brian M. Dougherty September 2016 On May 18, 2016, the U.S. Department of Labor issued its Final Rule which made significant changes to EAP and HC employees’ salary and compensation levels. The Final Rule did not make any changes to the salary basis test or duties test. The Final Rule becomes effective on December 1, 2016.
Proposed 2704 changes meet stiff resistance at IRS hearing By Bruce A. Johnson December 2016 Since the tax court decision of Kerr v. Commissioner, the IRS has been concerned that certain loopholes exist in IRC 2704 that allow taxpayers to gift interests to family members in entities that have no business purpose and allow the transfer of wealth without due consideration of the value to the transferor.
The regulation process from a business attorney’s perspective By James S. Peters June 2016 The Illinois General Assembly, through its Joint Committee on Administrative Rules , has made it very easy for attorneys representing business clients to monitor and participate in the rulemaking process that will directly impact all types of Illinois businesses.
Requirements contract or not? No courts agree By Stephen M. Proctor March 2016 Any buyer that expects to have an assured supply of products by purchasing its requirements from a specific seller should make clear in the agreement that the buyer is also committing to purchase its requirements from the seller exclusively, exposing the buyer to damages if the buyer goes elsewhere for it products.
Tax scams hit home By Kathryn Garlow March 2016 Tips and suggestions to help your client avoid scams.