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    Friday, June 4, 2010

    Top 5 Business Tips - Building Your Referral Business

    With the economy still sputtering, your business needs to take advantage of the resources available to them. SCORE (http://www.score.org) offers useful, free resources, business counseling and business tools to small businesses.

    One of SCORE’s great resources is its lists of “Top 5 Business Tips.” My pick for this week is SCORE’s 5 Tips on building your referral business - check it out at: http://www.score.org/5_tips_referral_business.html

    SCORE is a partner with the Small Business Administration (SBA) and is a national association dedicated to helping small business owners form and grow their businesses. SCORE offers terrific free resources, business counseling and business tools for small businesses.


    For information on how the business lawyers at Griffith & Jacobson, LLC can help your business grow, contact Arieh M. Flemenbaum at 312-236-8110 or by email at Contact Us (http://www.gjlaw.com/CM/Custom/Contact.asp).

    Griffith & Jacobson, LLC - We know business - Chicago's Business Lawyers.

    Wednesday, June 2, 2010

    Illinois passes Tax Credits to Boost Tech Investment

    The Illinois General Assembly has passed a bill that should increase investment in emerging technologies and bring jobs to  Illinois. The bill sets aside $10 million in tax credits to assist Illinois-based investors in startup companies that commercialize new technologies. A tax credit against state taxes can be provided to investors funding Illinois-based technology firms. The tax credit is capped at 25 percent.

    In our post on 5/11/10 we supported the revival of Senate Bill 1522 (go to: Bring Jobs to Illinois – Revive the Emerging Technology Bill). A pared-down version of  SB1522  was resurrected and incorporated into the bill that was approved last week. The angel tax credit now awaits Governor Quinn's signature. The Governor is expected to sign the bill into law, which should occur by this November. Assuming the bill becomes law, the credits could be effective starting next year.

    Small, innovative tech-related companies are central to global competitiveness and job creation.  Illinois has been a major hub for tech-related companies, as evidenced last month by the tremendous turnout at the 2010 BIO International Convention (considered the global event for biotechnology) hosted in Chicago. The event closed with a record number of attendees (15,322 industry leaders from 49 states and 65 countries) - to read more on the 2010 BIO International Convention go to: http://convention.bio.org/content.aspx?id=3012.

    The bill's passage will enhance Illinois' ability to attract more companies by positioning Illinois as "friendly" to tech-related companies. However, to remain competitive and attract more tech-related companies to Illinois, more has to be done.  Illinois has lagged behind several other Midwestern states in providing tax incentives and grant programs for technology startups. Several neighboring states already offer similar tax credits to investors in tech-related startups, and two such states (Wisconsin and Minnesota) are poised to enhance their tax credit programs.  So, we must continue to pressure the legislature to enhance the tax credit program and add additional incentives and supportive programs.


    For information on how the business lawyers at Griffith & Jacobson, LLC can help your business grow, contact Arieh M. Flemenbaum at 312-236-8110 or by email at Contact Us (http://www.gjlaw.com/CM/Custom/Contact.asp).
    Griffith & Jacobson, LLC –  Chicago’s Business Lawyers.

    Participate in Crain's survey of Illinois technology businesses

    If your business is an Illinois based technology or  internet related business, you should participate in Crain's Chicago Business survey: http://www.surveymonkey.com/s/K5NRPDT

    The brief, 10 question survey is being used by Crain's to "identify and quantify the Illinois technology business community, get a sense of its impact on the state's economy and understand the mechanisms in place to support this important sector."

    Responses are requested by June 4th, and responses will be kept confidential. The survey's (aggregate) results will be published in Crain's July 5th issue.

    The survey can be found at: http://www.surveymonkey.com/s/K5NRPDT