Articles Tagged with Illinois

A well structured business will have a compliance program in place, complete with company policies, safeguards, and reporting avenues. However, eventually, most businesses will face some form of compliance issue regardless of their efforts to prevent them. In that situation, how do you respond?

Before Anything Else, Don’t Panic

In the event that someone reports a compliance problem in your business, whether it’s a simple violation of company policy or a serious legal breach, it’s important to realize that no compliance plan is foolproof. Unfortunately, these kinds of events are normal, but lawmakers do realize as much.

Rideshare companies such as Uber and Lyft have become vastly popular throughout the nation, including in the state of Illinois. Along with that increased popularity is an increased incidence of accidents involving rideshare company drivers.

Given the parties involved in these accidents, it may be difficult to collect damages. Doing so depends on who is at fault and the role you played at the time.

Lawsuits Depend on Your Role

Illinois tax code is complex, and a lot of it is fairly punishing to local residents and businesses. In fact, one study rated Illinois the “least friendly” state in terms of taxes.

Navigating the maze of tax laws and regulations often requires expert guidance, especially when it comes to more complex tax situations. Here, we’ll look at some of the nuances of Illinois’s tax code.

Illinois Tax Nuances

Personal injury cases have a time limit in which you can file a claim. Once that time limit expires, you’re no longer able to file a lawsuit. The reason for this is to make sure lawsuits are handled in a timely manner before supporting evidence deteriorates, but it can mean the difference between receiving adequate compensation and not.

Two-Year Statute of Limitations

Most personal injury cases in the state have a two-year statute of limitations. That means you must pursue a lawsuit within two years of the incident that caused your injury.

Often, injuries result from a faulty product. A case involving this type of injury falls under product liability, in which either the manufacturer, the party who designed the product, or those in charge of marketing and labeling are held responsible for any damages that may result.

These types of claims are further divided into different categories depending on which party is responsible.

Main Types of Product Liability

Regulations, business trends, and socioeconomic factors can all impact the way corporations are run. As those factors change, so too will corporate governance best practices. In 2020, some of the major trends that corporations will need to account for are:

  • Increased digitization
  • Shifts in workplace culture

Your business’s intellectual property is among its most valuable assets, and it’s important to protect it. However, there may be instances where it is advantageous to let other entities make use of your patents, trademarks, and other IP.

Licensing your intellectual property can yield various benefits to your business, but it does come with its risks as well.

Advantages of Licensing

A car accident case can be challenging enough when you have just one other driver involved. When there are two, three, four, or more drivers involved in a wreck, it can complicate things even further. In some cases, liability may not be completely clear, and there may be mitigating factors involved as well.

The end result is a much more challenging personal injury case. Following are some of the challenges of multi-car accidents when it comes to personal injury claims.

Multiple Possible Defendants

One way to raise capital for your business is to issue stock. There are many advantages to doing so, but also some drawbacks that are worth remembering. Because of those drawbacks, there are a few items to keep in mind when issuing stock.

Reasons to Issue Stock

Issuing stock can be beneficial for your business in the following ways:

A work injury may lead to a long-term disability, in some cases permanently limiting one’s ability to work. In Illinois, disability benefits are available under workers’ compensation, though there is one other option available as well—Social Security disability insurance (SSDI). These two types of benefits work in different ways, and it’s important to know which will benefit you most in the event of a job-related injury.

Workers’ Compensation

The ultimate purpose of workers’ compensation is to cover your expenses in the event of a work-related injury. In Illinois, that typically means medical expenses and related costs, though it can cover lost wages, job rehabilitation, and long-term disability, especially if an injury leaves you permanently crippled.

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