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.
Chicago Business bLAWg Headline Animator
Tuesday, May 10, 2011
New Resource for Businesses - Inc. Well
Friday, December 31, 2010
Year-End Business Check-up No. 18:
To help you complete a check-up and strategic year-end planning for your business, we will publish helpful tips and ideas through the end of the year. This tip is part of our ongoing series.
Business Check-up No. 18:
It is almost always less expensive & more effective to involve your business lawyer earlier than later!
Check for updates every week day through December 31st.
Happy New Year from Griffith & Jacobson, LLC!
Tuesday, December 14, 2010
Year-End Business Check-Up No. 6:
To help you complete a check-up and strategic year-end planning for your business, we will publish helpful tips and ideas through the end of the year. This tip is part of our ongoing series.
Business Check-up No. 6:
Review your independent contractor relationships. The Internal Revenue Service and many States (i.e., their Department of Revenue and/or Department of Labor) are auditing business/corporate tax filings and reports concerning their use of independent contractors. In cases where the IRS and/or the State tax agents reclassify "independent contractors" as employees, the business is not only required to withhold/pay the required tax payments (i.e., FICA, FUTA, etc.), they are usually also assessed significant penalties for failing to file and pay the required employment taxes. So review your situation with a business lawyer and avoid a potentially costly reclassification of your independent contractors!
Check for updates every week day through December 31st.
Happy Holidays from Griffith & Jacobson, LLC!
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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.
Monday, December 13, 2010
Year-End Business Check-Up Tip No. 5
To help you complete a check-up and strategic year-end planning for your business, we will publish helpful tips and ideas through the end of the year. This tip is part of our ongoing series.
Business Check-up No. 5:
Review employee duties & lines of authority. Train employees on marketing & cross-selling your products and services.
Check for updates every week day through December 31st.
Happy Holidays from Griffith & Jacobson, LLC!
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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.
Friday, December 10, 2010
Year-End Business Check-Up Tip No. 4
To help you complete a check-up and strategic year-end planning for your business, we will publish helpful tips and ideas through the end of the year. This tip is part of our ongoing series.
Business Check-up No. 4:
Be sure your employee files are in compliance with state laws. Ensure your employee posters/notices are up to date.
Check for updates every week day through December 31st.
Happy Holidays from Griffith & Jacobson, LLC!
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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.
Thursday, December 9, 2010
Year-End Business Check-Up Tip No. 3
To help you complete a check-up and strategic year-end planning for your business, we will publish helpful tips and ideas through the end of the year. This tip is part of our ongoing series.
Business Check-up No. 3:
Review employment policies & procedures. Update them to cover mobile and social media usage & data protection.
Check for updates every week day through December 31st.
Happy Holidays from Griffith & Jacobson, LLC!
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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.
Wednesday, December 8, 2010
Year-end Business Check-up Tip No. 2
To help you complete a check-up and strategic year-end planning for your business, we will publish helpful tips and ideas through the end of the year. This tip is part of our ongoing series.
Business Check-up No. 2:
Review contracts & forms. Address key provisions (i.e., dispute resolution, venue, warranties, liability limits).
Check for updates every week day through December 31st.
Happy Holidays from Griffith & Jacobson, LLC!
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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.
Tuesday, December 7, 2010
Year-End Business Check-Up Tip No.1
To help you complete a check-up and strategic year-end planning for your business, we will publish helpful tips and ideas through the end of the year. This tip is part of our ongoing series.
Business checkup no.1:
Assess corporate governance & comply w/ statutory & formality requirements or lose protection of limited liability.
Check for updates every week day through December 31st.
Happy Holidays from Griffith & Jacobson, LLC!
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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.
Friday, September 24, 2010
Top 5 Business Tips – How to Protect Yourself from Employee Lawsuits
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 How to Protect Yourself from Employee Lawsuits - check it out at: http://www.score.org/5_tips_leg_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/contact).
Griffith & Jacobson, LLC – We know business – Chicago’s Business Lawyers.
Friday, September 17, 2010
Top 5 Business Tips – Developing an Employee Handbook
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 an Employee Handbook - check it out at: http://www.score.org/5_tips_leg_6.html.
I stress the second step - after you have outlined your employee handbook and/or policies, consult your business lawyer and have them review it to ensure that you do not modify the "at-will" nature of your employment (in Illinois).
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.
Thursday, September 2, 2010
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
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.
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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.
Tuesday, May 11, 2010
Bring Jobs to Illinois - Revive the Emerging Technology Bill
Spur your congressman to take action on legislation that will help bring jobs to and keep technology investments in Illinois.
Your Illinois congressmen have let Senate bill (SB1522) wither. The bill, if passed will pump up to $15,000,000 (per year) into emerging technology companies in Illinois and provide up to a 25% tax credit for Illinois tech company investors under the Illinois "Emerging Technology Industries Act".
The grant program will be run by the Department of Commerce and Economic Opportunity (the DCEO). The DCEO will award grants to emerging-technology enterprises in Illinois based on certain requirements set by the Act and its regulations.
Provisions of the bill also amend the Illinois Income Tax Act to create an income tax credit for qualified investors who make an investment in an emerging technology enterprise in Illinois. The DCEO will certify the amount of the credit and enforce the provisions for the revocation and recapture of the tax credit if the credit's requirements are not met.
The Act will bring quality, tech-related jobs to and spur investment in the emerging tech businesses in Chicago and throughout Illinois. Various groups and organizations involved in the tech industry such as the Illinois Technology Association support the bill- see http://www.illinoistech.org/associationnews.aspx/497.
Crain's Chicago Business recently ran an article (Bill would boost Illinois' biotech startups) discussing the competitive disadvantage hampering efforts to attracting biotech (and other emerging tech) companies to Illinois:
“Illinois’ programs and support of entrepreneurs don’t even approach what other states are doing from a competitive point of view,” said David Miller, executive director of the Illinois Biotechnology Industry Organization, or iBio."
For the full article go to: http://www.chicagobusiness.com/cgi-bin/news.pl?id=38095
Show your support for the bill and demand that your Congressman revive the bill and bring quality jobs to Illinois. To find out who is your Congressman go to: http://www.govtrack.us/congress/findyourreps.xpd?state=IL
Support the Illinois Emerging Technology Legislation!
Friday, April 16, 2010
SCORE's Top 5 Business Tips - How to Avoid Legal Problems
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 for Avoiding Legal Problems- check it out at: http://www.score.org/5_tips_leg_1.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.
Monday, April 12, 2010
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.
Friday, May 1, 2009
EEOC Issues New Employer Best Practices for Dealing with Caregivers
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EEOC issued new best practices for employers of workers with care giving responsibilities (and help businesses reduce the possibility of being found to discriminate against workers with care giving responsibilities).
With a dramatic increase in the number of workers who have the additional responsibility of being the primary caregiver for their children, aging parents and/or relatives with a disability, the EEOC felt it was necessary to provide some guidance to employers to encourage the adoption of more flexible workplace policies that help employees achieve a satisfactory work-life balance.
The EEOC's best practices supplement the guidance issued by the EEOC in 2007 and provides specific suggestions for best practices that employers may adopt to reduce the chance of a violation of the various federal Equal Employment Opportunity laws and regulations. You may read the best practice at the EEOC website at http://www.eeoc.gov/policy/docs/caregiver-best-practices.html.
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Contact your business attorney and accountant or contact Arieh M. Flemenbaum at Griffith & Jacobson, LLC (amf@gjlaw.com or 312-236-8110) for more information.
Tuesday, April 28, 2009
Time for a Spring Cleaning 2
It's Time to Complete a Business Check-up!
It's time to do so some spring cleaning. Business owners should perform a regular check-up and financial review of their business (and their personal situation too). Please note that this is an ongoing series- so the list below only addresses some of the key issues that should be part a of any business check-up.
For a thorough checkup and financial review, contact your business attorney and
accountant or contact Arieh M. Flemenbaum at Griffith & Jacobson, LLC (amf@gjlaw.com or 312-236-8110) for more information.
Protect your Intellectual Property: Are you maximizing your intellectual property rights, including your trade secrets and confidential/proprietary information? Put essential protective measures into place, such as confidentiality, nondisclosure or non-competition agreements with your employees, vendors, customers and prospective business partners. Monitor and enforce your rights in your intellectual property. Address any infringements or risk diluting or even losing your rights. Also, address any infringement of other's rights and obtain the appropriate licensing (e.g., software licensing, ASCAP license for music played in your store or on your phone system).
Inventory & assess all your liabilities: Do not stop at listing your loans, debts and open payables with vendors. Address known and potential problems and/or issues with customers, competitors and vendors that may Be proactive. Mitigate and head off potential liabilities as much as possible. Perform a thorough review of your business insurance and ensure you have the right coverage(s) & amounts for your risk. If you are experiencing cash flow problems, be proactive! Prioritize your liabilities and have a plan and communicate with your lender, landlord & vendors.
Business Continuation Planning: Update your business continuation plan - or create one if you do not have one! Who will manage the business if you or other key people die, become disabled or leave? Consider purchasing life insurance and/or key man insurance for the (active) business owners & key employees - at least to cover the "replacement" costs (i.e., a recruiter's fees and/or the fees charged by a management consultant, who may temporarily fill-in until the business is stabilized or sold). Develop and implement a business disaster plan: are you prepared to handle a natural disaster or a casualty (such as a fire or flood) that may prevent you, your employees or customers from accessing your store, factory, data, records or inventory. What would you do if your business lost a key supplier, customer or piece of equipment?
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At Griffith & Jacobson, LLC, we can help you complete a thorough business check-up and maximize your business' profitability. For more information please contact Arieh M. Flemenbaum (312-236-8110 or at amf@gjlaw.com ) at Griffith & Jacobson, LLC.
Friday, April 17, 2009
Time for a Spring Cleaning
For a thorough checkup and financial review, contact your business
attorney and accountant or contact Arieh M. Flemenbaum at Griffith &
Jacobson, LLC (amf@gjlaw.com or 312-236-8110)
for more information.
- Corporate governance: Assess corporate governance & comply with any statutory requirements (and formalities recommended by the local corporate legal bar). Otherwise you may lose the protections of limited liability offered by your corporation or limited liability company. So, make sure your licenses are up to date, your annual report is filed and corporate taxes paid. Also, be sure you have corporate resolutions evidencing at least one annual meeting of your shareholders/members and board of directors/managers.
- Do not rely on oral agreements! Get them reduced to a written contract. Oral agreements can be difficult to prove if a dispute ever arises.
- Review your (written) contracts & forms: Address key provisions of your contracts (i.e., dispute resolution, venue, warranties, liability limits, etc.). Make sure they are up-to-date, your financial terms meet or beat your competition's, and your warranties reflect industry standards. Be sure you understand and your forms deal with the "Battle of the Forms".
- Review your employment policies & procedures: Ensure the required posters & notices are up to date and posted appropriately. For new hires after April 3, 2009, make sure you are using the new I-9 form (for employment verification). Also, make sure you (or your payroll company) has adjusted your employees' payroll deductions to reflect the recent tax regulations. Determine each employee's duties and responsibilities, the lines of authority and look for ways to improve your bottom line (or cut costs). Engage your employees in an honest and open discussion on the "State of your Company". Ask them for their suggestions and how to improve their efficiency, job satisfaction marketing to your customers. Train your employees (especially under-utilized or underemployed employees) on marketing & cross-selling your products and services.
Griffith & Jacobson, LLC - We know your business!
Wednesday, April 15, 2009
Last minute tax filing tips
With the income tax filing deadline looming, here are 10last minute filing tips from the IRS: http://tinyurl.com/dk6ygd
Or if you need an extension, read these tips from the IRS: http://tinyurl.com/9g55.
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For more information please contact Arieh M. Flemenbaum (312-236-8110 or at amf@gjlaw.com) at Griffith & Jacobson, LLC.
Griffith & Jacobson, LLC - We know your business!
Check us out at www.GJlaw.com
Wednesday, December 31, 2008
How to Terminate an Employee
In these tough economic times, you may be forced to lay off some of your employees. While never a pleasant experience, if you are prepared, you can handle the task professionally and make the process easier for both you and the employee. Here are some suggestions to help you prepare for the task.
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Be Prepared Before Terminating an Employee
● Determine is any contractual obligations are owed to or owed from the employee. Examine any applicable employment contract, collective bargaining, non-disclosure or non-competition agreement.
● Review the employee's compensation and benefit issues. Calculate what may be owed and identify which benefits may be continued. If possible, have the necessary notices and/or forms ready.
● Plan ahead for what steps you must take in the termination process:
○ identify the customers, files, projects and other responsibilities handled by the employee and determine an orderly transition for each;
○ investigate how will you secure the return of any company property - including laptops, files (physical & electronic and ask if any copies were made), credit cards, company cars, etc.;
○ make arrangements for the collection of the employee’s personal belongings at the office, if any; and
○ assess how the employee may react to the termination and take appropriate measures.
Delivering the Bad News
● When conducting the exit interview, have another person in the room to serve as a witness to the discussion.
● Quickly tell the employee the purpose of the meeting. Although the reason for termination should be stated, there is no need to go through a step-by-step analysis of the rationale supporting the decision. You may need to stress that the decision is final, emphasize that all relevant factors have already been reviewed, and if applicable, stress that those involved in management decisions agreed to the decision.
● Summarize what can be expected as final compensation and any benefits they have. If possible have all notices and forms ready (e.g., COBRA notices, IRA rollover forms). Discuss any severance and/or any agreement required, if applicable.
● Discuss customers, files, and projects that the employee is working on & ask if there are any issues that need attention.
● Verify their contact information
● End by wishing them good luck in their future endeavors.
Follow-up on the Post-Termination Actions
● Notify all departments (HR, Payroll, IT, etc.) and all necessary staff, subordinates and/or co-workers of the termination. Be cautious as to what you say. You do not need to provide a reason for the termination. Assume that the former employee will contact your employees and will ask them about what they have been told.
● Inventory all of the customers, documents, files and property assigned to the employee and any other company property to which they had access.
● Immediately delegate any customers, files, or projects to the appropriate parties and assign new reporting lines (if applicable).
● Disable the employee's passwords/access to your networks and voicemail systems. However, you may want to keep email and voicemail accounts active (or forwarded) for awhile to field customer contacts.
● Notify your vendors of the employee’s termination and remove them as an authorized user.
● Consider changing the locks.
Handling Customer Relationships
● Assign the former employee's files and customer accounts to a new account representative.
● Have the new account representative call the customers to introduce themselves. If you fear the former employee may contact them, deal with it directly by advising the customer that the former employee may contact them and ask them to notify you if he/she contacts them.
● For those customers who inquire, only tell them the former employee is no longer with the company. Do not discuss the reasons for the separation, and do not state anything that may be considered derogatory or negative - e.g., that their performance was inadequate.
● Assign someone to monitor the former employee’s email, voicemail (office & cell phone) accounts and notify the new account representative of the customers who leave messages.
Finalizing the Compensation Owed & Benefits Due
● Assign someone to ensure all required notices are sent and to coordinate with the former employee on the completion of any election forms (e.g., COBRA election forms for the employee & any applicable dependents, and any profit-sharing/401K election forms, if any).
● Have a paycheck ready by the next regular payday. This check must include the final salary and any earned commissions up through the final day of work and payment for accrued benefits and vacation (if any). Any unearned but pending commissions can be paid on the next regularly scheduled pay date after they are earned (e.g., when the customer pays for the sale).
● Remember to ask the employee turn in any required final time sheets and/or expense reports.
● If the employee is older than 40, then there are certain laws that may impact your actions. If possible, address this issue before conducting the exit interview. Otherwise, be sure to address this issue before finalizing any compensation/ severance.
Be Cautious When Communicating with Former Employee
● All communications should be brief and to the point. You do not need to review the reasons for the termination.
● Use special caution when communicating by phone. Assume all phone calls with the former employee are being illegally recorded - so be cautious in what you say. You should take calls on a speaker phone with an additional person in the room as a witness, and close your door before taking the call to ensure privacy. Make a written summary of the conversation and identify the date and name of the person who served as a witness.
● When contacted for a reference, be brief and never say anything negative. If you are uncomfortable providing a reference (or have nothing positive to say about the person), you should only verify the employment dates and indicate that the decision was made to go in a different direction. If pressed further, you may state what duties/responsibilities were assigned to the position held by the former employee.