New Resource for Businesses - Inc. Well

Attention all entrepreneurs and business owners!

You may be interested in the new NBC Chicago’s blog – Inc. Well – a how-to blog for Chicago’s entrepreneurs and small business owners.

Aside from having great articles, resources and information for the small business owner, our very own business attorney, Arieh M. Flemenbaum,  was interviewed (again) and quoted in the blog - “Why Biz Owners Should Rethink that IPO” (click the link or go to: http://www.nbcchicago.com/blogs/inc-well/Why-Biz-Owners-Should-Rethink-that-IPO-121521309.html.

Arieh was also quoted in the first edition of Inc. Well for a discussion about why entrepreneurs should consider incorporating their business (to obtain  liability protections and separate their business assets from their personal ones).  See the Inc. Well blog entitled, "Why You Might Want to Incorporate Your Small Biz" (click the link or go to: http://www.nbcchicago.com/blogs/inc-well/Should-You-Incorporate-Your-Small-Biz-119838059.html)

For more information about incorporating and protecting your business, please visit the website of Griffith & Jacobson, LLC (click the link or go to: http://www.gjlaw.com)- Chicago's Business Lawyers.

Top 5 Business Tips on Developing a Marketing Plan

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 Developing a Marketing Plan at: http://www.score.org/5_tips_m_pr_4.htmll.

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.

We also recommend you perform a year-end strategic business review (and update your personal estate planning).  For our strategic business planning checklist part 1 & part 2:

http://www.jdsupra.com/post/documentViewer.aspx?fid=55397007-ca6e-4941-a509-88db4be93030

http://www.jdsupra.com/post/documentViewer.aspx?fid=d6ecf8e0-b07c-4a66-9e2a-3db1f2236c55

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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/contact). Or visit us at our website: http://www.gjlaw.com

Griffith & Jacobson, LLC – We know business – Chicago’s Business Lawyers.

Chicagoland Economic Development Programs

For a thorough and well-organized directory of resources for businesses seeking information on grants and economic development loans, grants and programs run by Illinois and local government entities, go to: http://www.ecodevdirectory.com/illinois.htm

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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/contact).

Griffith & Jacobson, LLC – We know business – Chicago’s Business Lawyers.

Legal Guides & Answers to Business Issues

Chicago Business bLAWg contributor and attorney with the law firm of Griffith & Jacobson, LLC, Arieh M. Flemenbaum, has several legal guides and has answered several questions from business owners on http://www.avvo.com/attorneys/60603-il-arieh-flemenbaum-1102412.html:

Arieh's legal Guides on Avvo.com:
Read my legal guides at Avvo.com/

Arieh M. Flemenbaum has also answered many questions and issues posed by business owners.  Below is a link to the questions and Arieh's answers:

Get my answers to legal questions at Avvo.com

Arieh Mordechai Flemenbaum

View lawyer's profile

Top 5 Business Tips - Approaching Your Bank

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 Finance & Capital: Approaching your Bank - check it out at: http://www.score.org/5_tips_fc_2.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.

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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/contact).

Griffith & Jacobson, LLC – We know business – Chicago’s Business Lawyers.

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.

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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

SCORE's Top 5 Business Tips- Finding Angel Investors & Venture Capitalists

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 Finding Angel Investors & Venture Capitalists- check it out at: http://www.score.org/5_tips_fc_7.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.
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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.

Free Seminar on Small Business Tax Issues

The City of Chicago's Department of Business Affairs & Consumer Protection sponsors free business education workshops every Wednesday & Friday. One of April's workshops is a free seminar on small business tax matters, presented by H&R Block Tax Services.

Topics to be covered include, depreciation, deductions and current stimulus incentives for capital equipment purchase. This free seminar will give small business owners an opportunity to interact with a small business tax specialist. So, you can ask questions about the different ways S-Corps, C-Corps, LLCs and Sole Proprietorships are taxed.

The seminar will be held at Chicago City Hall on April 14th at 3:00pm and again at 4:30pm. For details go to: http://bit.ly/amdcBo

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

Free Webinar on how to really start a small business

SCORE Business Mentors and The Corporation Company are hosting a FREE Webinar on How to REALLY Start a Small business on 4/13 at noon EDT.  

Registration and information at http://bit.ly/bsBAEK

For more information contact SCORE at http://www.score.org,  call 1-800/634-0245 or contact your local, Chicago SCORE office (http://www.score.org/findscore/index.html).

Why your company needs a registered agent?

Too often when a person or their accountant forms a new corporate entity, some of the legal issues are ignored - particularly the need for a independent, unaffiliated registered agent.

We recommend you engage a law firm as your registered agent.

With a law firm serving as the registered agent for your corporate entity, you will have the peace of mind that you will receive timely and prompt notice if your corporate entity is served with a summon and an attorney will be able to immediately to review and assess the lawsuit and provide you with legal advice on how to answer the summons.

In contrast, if you serve as your own registered agent, you may save some money, but you put your company at risk. You risk having a summons being served without your knowledge and a critical deadline may pass before the summons reaches the appropriate party. Without an independent, affiliated registered agent, a summons is generally permitted to be served on any (adult) person at your principle place of business - and you have no assurance that the summons may wind up sitting in some one's inbox for days. Worse yet, you may suffer the embarrassment of having a summons served at your home, since some jurisdictions permit a summons to be served on any adult at the home of any officer of a corporate entity.

Having a law firm serve as your independent, unaffiliated registered agent is also beneficial because a law firm should help your corporate entity maintain its the corporate shield and its separate legal identity for tax purposes. A corporate entity must comply with the statutory requirements regulating the corporate entity, including, but not limited to filing an annual report and/or corporate franchise tax return. However, you should also address any recommended corporate formalities (which are certain legal principles generally recognized in your jurisdiction) that may help a corporate entity maintain its separate legal identity for liability and tax purposes. One such important - but often overlooked - corporate formality is the creation and maintenance of corporate minutes for the annual (and special) meetings of a company's governing board and stakeholders (i.e. shareholders or members). So, your registered agent should not only make sure that all required reports are filed, but they must be familiar with and understand how to comply with the recommended corporate formalities that may apply in your jurisdiction to your corporate entity.

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At Griffith & Jacobson, LLC, we charge a flat fee to service as corporate entity's registered agent in Illinois. For the 2008, our fee for this service is $325 per year. With Griffith & Jacobson, LLC, you should be secure in the knowledge that any court actions which may be taken against your company and served on us as your registered agent, will be addressed promptly - you will be notified and we will advise you on how to take care of the matter quickly. As part of our service, we will also prepare your corporate entity's annual report with the Illinois Secretary of State and ensure the recommended annual corporate minutes (resolutions) are completed and maintained in your corporate minute book.

If you would like to engage Griffith & Jacobson, LLC to act as your company’s registered agent in Illinois, please contact:

Arieh M. Flemenbaum

Griffith & Jacobson, LLC - We know your business!

312-236-8110 or at amf@gjlaw.com

Check us out at www.GJlaw.com

E-Commerce Startup Checklist

There are many business issues and considerations unique to an online business when considering starting an e-commerce business. Below is a E-Commerce Start-up Checklist from the law firm of Griffith & Jacobson, LLC. This checklist contains many of the key issues a new e-commerce business should address before launching an online business.

For a more thorough review of the issues and considerations that you may need to address in launching your e-commerce business, please contact Arieh M. Flemenbaum at Griffith & Jacobson, LLC - 312-236-8110 or at amf@gjlaw.com

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1. Have a Business Plan:

• Define niche market
• Write brief mission statement
• Develop a business identity
• Have a reliable source for your product- manufacturers/suppliers
• Have a reliable source to deliver your product- direct delivery or drop-shippers

2. Form a business/corporate entity:

• Choice of Entity/ State Selection
• Obtain a federal tax employer identification number (EIN)
• Obtain state tax identification number
• Obtain a state/local sales tax license, as necessary
• Open a business checking account
  

3. Business Logistics:

• Establish business address
• Set up phone & fax service
• Establish PayPal/Google checkout accounts or a merchant account (direct credit card processing)?
• - review procedures, fees and dispute mechanisms
• - Information Security - determine what services are offered/needed to establish
• security for payments
• Contract with a preferred shipper - set up shipping provider accounts:
• - Establish fixed & discount shipping rates
• - Purchase shipping supplies
• Contract with suppliers/vendors

4. Web logistics:

• Choose a web hosting provider - address costs, liability for service interruptions
• & denial of service, services offered/security
• Designing your e-commerce site - Contracting a web designer and/or graphic designer
• Address web-marketing & Search Engine Optimization for your website and products - Ensuring that your clients find you on the web

5. Legal Issues:

• Terms & Conditions of Use for your website
• - Disclaimers
• - Limitation of Liability
• Warranties/liability for products:
• - charge backs, consumer disputes, procedures for returns
• - responsibility for shipping and handling costs
• Liability for 3rd party content (product descriptions, endorsements, comments)
• Safeguarding Privacy:
• - establish procedures for safeguarding certain non-personal information
• - determine marketing practices: Will you sell website user information?
• - certain industries and certain information require privacy notices
• Use of copyrighted materials/trademarks
  
  

For further information, please contact Arieh M. Flemenbaum at Griffith & Jacobson, LLC via email - amf@gjlaw.com or by phone at 312-236-8110.

For additional resources for entrepenuers and business start-ups at: http://www.gjlaw.com/CM/FSDP/PracticeCenter/Business/Starting-a-Business.asp