BusinessLaw Flash Points℠By Donna J. CunninghamApril 2001Despite the controversy, and while we were looking the other way, President Clinton has adopted OSHA's Final Rule requiring businesses to deal with the repetitive stress and other ergonomic injuries of their workers.
BusinessLaw Flash Points℠By Donna J. CunninghamJanuary 2001In a case believed to be of first impression nationwide, a panel of the American Arbitration Association in New York has ruled in favor of franchisees who argued that the value of the exclusive territories granted by their franchise agreements was being diluted by Franchisor's competing online sales.
BusinessLaw Flash Points℠ — AprilBy Donna CunninghamMay 2001During their marriage, husband named his new spouse (now Petitioner) as beneficiary under his employer's life insurance policy and pension plan.
BusinessLaw Flashpoints℠ May, 2001By Donna J. CunninghamJune 2001Taxpayers' loan participation agreement with bank for a loan to their Sub-S Corporation was correctly treated as a guarantee, denying taxpayers the ability to write off losses of Sub-S corporation to the extent of the loan participation agreement.
Do charitable organizations have a safe haven from general real estate taxes?By Brent H. GwillimDecember 2001The Illinois statute 35 ILCS 200/15-65, entitled "Charitable Purposes" provides that facilities for the aged shall be exempt from real estate taxes when the premises are actually and exclusively used for charitable or beneficial purposes, and not leased or otherwise used with a view to profit.
Do charitable organizations have a safe haven from general real estate taxes?By Brent H. GwillimJune 2001The Illinois statute 35 ILCS 200/15-65, entitled "Charitable Purposes" provides that facilities for the aged shall be exempt from real estate taxes when the premises are actually and exclusively used for charitable or beneficial purposes, and not leased or otherwise used with a view to profit.
The formal board vs. the advisory boardBy Charles W. MurdockMay 2001Many family businesses in recent years have recognized the value of having some sort of deliberative peer body to provide advice and guidance to management. In some companies that body takes the form of a legal board of directors--with a majority of independent outsiders chosen for their business experience and expertise.
From the chair’s cornerDecember 2001I have been both honored and privileged to have been appointed as the current chair of the section council and to have served on the section council for a number of years.
From the editorJune 2001This is the last edition of the newsletter for the current year, and it has several articles that should be of interest to the readers.
From the editorMay 2001This edition of the newsletter has several interesting articles, including an article by Steven Kowal that outlines some of the issues to review with clients before they are surprised by an unannounced interview by a government official.
From the editorApril 2001This edition of the newsletter has several interesting articles, including an update on this year's changes to the Illinois Securities Law from David Finnigan and Cheryl Goss Weiss, both of whom are senior counsel with the Illinois Department of Securities.
From the editorBy David E. DoyleJanuary 2001This edition of the newsletter has several interesting articles, including an article from Ken Buzbee, the Director of the Illinois Secretary of State's Department of Business Services
Offshore trust upheld by Second CircuitBy Howard Z. GopmanApril 2001In Securities Exchange Commission v. Brennen, Docket No. 00-6128, decided on October 26, 2000, by the Second Circuit Court of Appeals, the court interpreted the automatic stay provisions of the bankruptcy code to protect an offshore asset protection trust.
Recent developments affecting subchapter S corporationsBy Gene A. PetersenApril 2001An S corporation may permissibly own any portion of the stock of another corporation (with few exceptions), and if such other corporation is wholly-owned by the S corporation the S corporation may elect to treat it as a division of the S corporation.
Structuring a businessorganization to reduce exposure to self-employment tax incidenceBy William AlexanderApril 2001So long as it is possible to structure payments as due to the organization in general, and not to the organization as fees for work that must be performed by an investor individually, use of a corporation with subchapter S election, rather than a limited liability company, would appear to minimize self-employment tax, while retaining pass-through tax treatment (no entity level tax would apply.)