Category: Corporate and Business

The Bottom Line on the Impact of Minimum Wage Hikes on the Restaurant Industry

Minimum wages are rising across the country, with well over a dozen states, plus many cities increasing minimum wages over the past few years.  As those changes are implemented, restaurant owners are finding that they must make significant adjustments to how they run their businesses in order to stay in business.

 The Bay Area of California was one of the first regions to begin increasing minimum wages, and as of January 1, 2018, the minimum wage increased by 37 cents to $13.23 in Oakland, and in San Francisco it rose from $13.00 to $15.00 effective July 1, 2018.

One impact on the restaurant industry is the change from full service restaurants – with hosts and full waiter service – to counter service.  Some restaurants have actually seen such changes result in significant sales increases – by as much as 20% – after the change from full service to counter service.  And at the same time, being able to reduce menu prices due to the ability to cut staff due to the change to a counter service format.  The downside here is that there are fewer jobs available to restaurant workers with owners focused on a lean labor paradigm.  At some restaurants, cooks serve dual roles – both preparing food and delivering it to customers.  Customers are also finding themselves taking on new ‘responsibilities’ such as being able to text additional orders rather than going back in line it they want more food than they originally ordered at the counter.

Thus, the increase in minimum wage has resulted in more satisfied employees (albeit fewer) earning a better living, increased restaurant industry innovation, and restaurants becoming more accessible to the population as whole as a result of lower menu prices.

Seattle became the first major city in the country to pass a $15.00 minimum wage law in 2014.  Large restaurant groups and franchises were particularly concerned about the increase because employers with more than 501 workers were required to increase wages on a set schedule reaching $15.00 per hour this year.  As a result, large Seattle restaurant groups and chains were forced to look for ways to adjust and innovate.  Many felt that increasing menu prices was not an option because of concerns that such increases would result in lower revenue.  So these restaurants did away with discretionary tipping and, instead, implemented set service charges of fifteen or twenty percent.

To offset rising labor costs, some restaurants add a surcharge of three to five percent to customers’ checks.  In March of last year, the Wall Street Journal even ran an article entitled “New on Your Dinner Tab: A Labor Surcharge.”  Restaurant owners found that raising menu prices lead customers to choose less expensive items than they normally would, and that the surcharge helped mitigate the increased costs of doing business.

In addition to raising prices, in order to deal with increased wages in the restaurant industry, some businesses often cope with minimum wage increases by firing staff.  Earlier this year, Red Robin Gourmet Burgers announced it would eliminate busboy positions at 570 restaurant locations. Many single location restaurants have also had to eliminate busboys and other staff positions.  Others have not been able to adapt and have had to close their doors. Some have turned to technology to compensate for the loss of labor and to reduce expenses. Large chains such as Chili’s, Applebee’s, and Olive Garden have replaced some servers with table-side tablets for placing orders and paying bills. 

Technology has also helped other businesses expand.  For example, popular online service, GrubHub, has reduced the number of customers dining out, as consumers can enjoy a restaurant style meal without getting up off their couch.  

The takeaway for restaurants facing increasing minimum wages and labor costs?  Scrutinize your budget and personnel and determine how to satisfy ever-changing employee and customer demands, and be willing to change.

For further information regarding this topic, please contact:

Jonathan M. Weis at jweis@lgattorneys.com or 312-368-0100.

 

 

 

Predictive Scheduling Legislation: What You Need to Know to Avoid Costly Surprises

In approximately a dozen states and a number of smaller municipalities across the U.S., initiatives have been introduced that would allow state and local governments to dictate how restaurants (and retailers) schedule their employees. Some view this approach as interfering with employers’ rights to control the workplace, while others view it as a necessary tool to protect the rights of food industry and other retail workers.  The impetus for the new rules – often referred to as predictive scheduling laws – emanates from the fact that workers often have very little ability to make adjustments to their work schedules in order to meet their responsibilities outside of work.  Unpredictable and unstable work schedules have been fairly well documented in the food service and preparation industries, as well as in retail and custodial occupations.

Predictive scheduling laws and proposals generally include certain common provisions: (i) advance posting of schedules, (ii) employer penalties for unexpected schedule changes, (iii) record-keeping requirements, and (iv) prohibitions on requiring employees to find replacements for scheduled shifts if they are unable to work. In Congress, the pending Schedules That Work Act would require that schedules be provided in writing two weeks in advance with penalties for changes made with less than 24 hours’ notice.  As those changes are implemented, restaurant owners are finding that they must make significant adjustments to how they run their businesses in order to stay in business.

“On-call” or “predictive scheduling” activists argue that retail employers too often use scheduling practices that directly interfere with employees’ personal lives and ability to plan around their work hours, while others believe government intervention in the scheduling of employees through a one-size-fits-all approach intrudes on the employer-employee relationship and creates unnecessary mandates on how a business should operate.  Many in the food service industry are concerned that predictive scheduling legislation will impede employers’ need to adapt to changing conditions in a store, particularly small, independently owned businesses that have limited staff and resources and may not be able to afford the penalties related to violations.  Some employees have also voiced concern that they could lose some of the flexibility that attracted them to the food service industry in the first place.

There are a variety of common components of predictive scheduling legislation.

  • Employee Scheduling Requests.  Giving employees the right to make scheduling requests without employer retaliation.  Employers would be required to consider scheduling requests from all employees and provide a response. In some instances (for healthcare issues for example), the employer would be required to grant the request unless there is a bona fide business reason not to do so—e.g., an inability to reorganize work among existing staff or the insufficiency of work during the periods the employee proposes to work. The right to request provision can be found in laws recently enacted in Vermont, New Hampshire, Seattle, Washington, and San Francisco and Emeryville, California.  (Similar laws have been in place for more than a decade in the United Kingdom.)
  • Shift Scheduling Changes.  Requiring employers to be pay employees for a minimum of four hours of work or the minimum number of hours in the scheduled shifts, whichever is fewer, when an employee is sent home from work early without being permitted to work his or her scheduled shift.  In addition, if an employee is required to call in less than 24 hours before the start of a potential shift to learn whether he or she is scheduled to work, an employer could be required to pay the employee a premium, equivalent to one hour of pay. This provision is found in eight states and the District of Columbia.
  • Split shift pay. If an employee is required to work a shift with nonconsecutive hours with a break of more than one hour between work periods, an employer could be required to pay the employee a premium for that shift, equivalent to one hour of pay. Provisions like this exist in District of Columbia and California.
  • Advance notice of schedules. When an employee is hired, an employer could be required to disclose the minimum number of hours an employee will be scheduled to work. If that minimum number changes, the employer could be required to give the employee two weeks’ notice of the new minimum hours before the change goes into effect. In addition, employers can be required to give employees their work schedules two weeks in advance and, if an employer makes changes to this work schedule with notice of only 24 hours or less, the employer could be required to pay the employee a premium, equivalent to one hour of pay. San Francisco, Seattle, New York City, and Emeryville, California have enacted laws to require employers to provide two weeks’ advance notice of schedules to employees in certain large retail and/or food service establishments.

In order to handle predictive scheduling mandates, business owners should explore software options and even retaining outside vendors that provide scheduling and labor management solutions.  A lack of training or understanding of predictive scheduling can be detrimental to a business’ bottom line, and scheduling practices can have a dramatic impact on labor costs.  As with most new legal developments in the food service industry (or any industry for that matter), training and education is key.

 For more information on this and other issues, contact our office at 312-368-0100 or Jon Weis at jweis@lgattorneys.com

 

Recent Changes in Illinois Law Will Place Additional Burdens on Employers

In 2018, Governor Bruce Rauner signed into law a number of changes that are already in effect or will go into effect starting January 1, 2019. As with each New Year, it is important to reflect on those changes and how they impact your business.

Amendments to the Illinois Wage Payment and Collection Act

As of January 1, 2019, all employers will be required to reimburse its employees “for all necessary expenditures or losses incurred by the employee within the employee’s scope of employment and directly related to services performed for the employer.” 820 ILCS 115/9.5. The act defines “necessary expenditures” as “all reasonable expenditures or losses required of the employee in the discharge of employment duties and that inure to the primary benefit of the employer.”

To be reimbursed the employee shall submit a request for reimbursement, along with all appropriate supporting documentation within 30 days. This deadline can be extended pursuant to a written expense reimbursement policy. If the employee does not have supporting documentation, a signed statement regarding the expense will be sufficient.

Employees, however, will not be entitled to such reimbursements if: (1) the employer has an established written expense reimbursement policy and (2) the employee failed to comply. In addition, an expense need not be reimbursed unless it was authorized by the employer or was authorized pursuant to a written expense reimbursement policy. The employer may also put limits or caps on its reimbursement policy provided it is not de minimis or eliminates any reimbursements.

What Should Employers Be Doing? Work with your Illinois Employment Labor attorneys to do an annual review and check of your policies regarding expense reimbursements. It will be critical for all employers to have a policy so that there is adequate cost containment. Many employers will need to evaluate reimbursing its employees for cell phones, gas, and other expenditures they are required to incur for purposes of performing their job.

Nursing Mothers Must be Paid

As of August 21, 2018, nursing mothers in Illinois within one year after the child’s birth must be given “reasonable break time” to express milk and an employer “may not reduce an employee’s compensation for time used for the purpose of expressing milk or nursing a baby.” 820 ILCS 260/10.

What Should Employers Be Doing? Review your handbooks and policies to ensure new mothers understand that they are entitled to express milk as needed and that they are not being docked any pay for doing so.

Amendments to the Illinois Human Rights Act

On August 24, 2018, the Illinois Human Rights Act (“IHRA”) was amended in three meaningful ways. Some of the changes went into effective immediately, while others go into effect on January 1, 2019.

1. The amendments extended the deadline to file a charge of civil rights violations from 180 days to 300 days from the date of the alleged violation of the IHRA. The EEOC and IHRA deadline requirements are now the same in Illinois.

2. As of January 1, 2019, the Illinois Human Rights Commission composition will change from 13 part-time members to 7 full time members. This is expected to expedite matters before the Commission and reduce the number of cases pending before the Commission.

3. The Illinois Department of Human Rights (“IDHR”) is required within 10 days of a new charge, to notify the complainant that they have the right to opt-out of the investigation process and immediately receive the right to file a suit in circuit court. Once granted by the IDHR, the complaint must file suit within 90 days in circuit court.

What Should Employers Be Doing? Employers should expect a steady increase in claims filed before the IDHR. Previously, if an employee filed at the EEOC after 180 days it was not concurrently filed at the IDHR. So long as it is timely filed before the EEOC it will also be timely filed before the IDHR. Additionally, charges that are dismissed quickly at the EEOC may still be pursued at the IDHR that would have otherwise never been refiled.

The opt-out procedures will lead to aggressive plaintiff attorneys avoiding the investigation process entirely and filing suit as quickly as possible, increasing costs and the burden to defend these claims. Employers should continue to work closely with counsel to evaluate all terminations and be prepared to defend any claims that may get filed quickly in state court.

Levin Ginsburg has been working with employers for approximately 40 years to help them protect their businesses. If you have any employment or other business related issues, please contact us at 312-368-0100 or email Walker Lawrence at wlawrence@lgattorneys.com

Have You Looked At Your Buy-Sell Agreement Lately? Business Succession Planning

John, Alexandria, Mary, Martin, and Yvette, formed the Jammy Sleepwear Company over thirty-five (35) years ago.  They were equal partners and formed a corporation.  On the advice of their attorneys, the entered into a shareholders’ agreement that contained buy-sell provisions.  This type of agreement is sometimes referred to as a “buy-sell agreement”.

Their buy-sell agreement contained various provisions, including under what circumstances a departing shareholder’s shares would be purchased, what the purchase price of those shares would be, and the terms of payment.  Since the business was in its infancy, they agreed it would be valued at its “book value”, meaning that the value of the assets on its financial statements, less all obligations, would be the business’s value.  There was no adjustment for good will or other intangible assets.  Also, the increase in value of any assets would not be taken into consideration.  The purchase price to a departing shareholder was to be paid in twelve (12) months, in equal monthly payments.  The business was required to purchase a departing shareholders shares.

Since they formed the business in 1980, they acquired other businesses and purchased real estate through a separate LLC.  They did not think to have a buy-sell for the LLC.

John has announced he would like to retire, but he has objected to the purchase price as being “unfairly” low.  He has advised the other owners that he will keep his interest in the real estate, since it will provide him with a “good stipend” during his retirement.  Shortly thereafter, Mary announced her retirement.

The remaining owners are concerned that the business will not be able to support payments to John and to Mary.  Also, the remaining owners would prefer that John and Mary also sell their interests in the LLC.

Unfortunately, the shareholders (and LLC members) did not regularly review their buy-sell agreement.  As the value of the business grew, the amount of the payments increased and would put a strain on the cash flow of the business.  If more than one owner were to retire, it would cause a bigger strain.  Either the business would have to borrow money, the owners would have to make capital infusions, new investors would be needed, or the business would need to be sold.

Some buy-sell agreements address these types of situations, by limiting the amounts that must be paid out to departing owners on an annual basis.  For example, the payments cannot exceed a specific dollar amount or a percentage of gross profits.  Also, when the owners buy real estate to be used by the business, they might consider including the real estate as a part of the buy-sell process.

Buy-sell agreements should be reviewed periodically to ensure they continue to meet the needs of the business and its owners.  Levin Ginsburg has been advising business owners regarding legal aspects of their businesses, including buy-sell agreements for almost forty  years.

Please contact us with any questions you have regarding your business (including any buy-sell issues) at 312-368-0100 or Morris Saunders at msaunders@lgattorneys.com.

A Guide to Proper Trademark Use

A GUIDE TO PROPER TRADEMARK USE

The proper use of trademarks is vital in order to establish and maintain your invaluable trademark rights. Proper use preserves a mark’s ability to identify the origin of products or services, and minimizes the likelihood that the mark will become generic or be abandoned.

The following guidelines for proper trademark use apply equally to advertisements, promotional material, displays, packaging, product labels, signs, web sites and other media containing, discussing, or describing, marks.

 GIVE NOTICE OF YOUR TRADEMARK RIGHTS

Providing public notice of trademark rights is important for registered and unregistered marks alike.

The appropriate symbol should be used in connection with all uses of the mark. Typically, proper notice should be adjacent to the mark, usually appearing above or below, and to the right of, the mark. When a mark is used throughout a document, the appropriate trademark symbol should be used at least in connection with the first use of a mark.

Trademark Notices in Registered Marks:

The appropriate form of notice to employ when the mark is registered with the United States Patent & Trademark Office (“PTO”) is as follows:

•           Use the symbol, “®”;

•           Use the legend, “Registered, U.S. Patent and Trademark Office”; or

•           Use the abbreviation, “Reg. U.S. Pat. & Tm. Off.”

Failure to use proper trademark notices each time a federally registered mark is used may hinder the prosecution of a trademark infringement action by allowing the wrongdoer to claim “innocent infringement” as a defense. If proper notice is not used and displayed prominently the infringer may claim ignorance of trademark rights, and damages available to the trademark owner may be reduced.

Trademark Notices in Unregistered Marks:

Providing notice of unregistered marks is highly recommended, but not required by law. Such notice enhances a mark’s source-identifying function and puts third parties on notice of your trademark rights. Again, placement of the notice should be adjacent the mark, usually appearing above or below, and to the right of, the mark in which rights are asserted. Notice of rights in an unregistered mark, consist of the following notations:

•           TM for an unregistered trademark; and

•           SM for an unregistered service mark.

TRADEMARKS ARE ADJECTIVES – NOT NOUNS OR VERBS

Trademarks and service marks are adjectives, and should be used only as such. Marks should never be used as nouns or verbs. Additionally, marks should not be pluralized, nor used in the possessive form, unless of course, it is part of the mark (e.g. McDonald’s). Use of a mark as a noun or verb, over time, can result in genericness, or a finding of unintentional abandonment – even when such improper use emanates from the public, rather than a trademark owner.

One way to ensure that a mark is used in proper form is to follow each use with the generic noun for the product identified. Using the word “brand” after a mark, and before the generic product name, further guards against improper use.

TRADEMARKS SHOULD BE USED CONSISTENTLY AND DISTINCTIVELY

In order to preserve invaluable trademark rights it is important to use the mark consistently in the same way.  Further, the mark should be set apart from surrounding text. The following are helpful tips to insure your marks are used properly:

•           Do not modify your mark.

•           Do not abbreviate the mark.

•           Consistently use the mark in the same font and style.

•           If color is a feature of the mark, use colors consistently.

•           Do not combine the mark with names or marks of others.

•           Do not use mark in combination with other words, symbols or logos.

•           When possible, set your mark apart from text.

•           When a mark is used in text, the marks should be used in ways that distinguish them from surrounding text.

The use of trademark notices, generic terms, and “brand” in connection with marks, helps differentiate marks from generic terms. However, marks also should be CAPITALIZED, underlined, italicized, placed in “quotation marks,” or depicted in boldface type, whenever they appear in printed or electronic media.

AFFIX YOUR MARK TO GOODS AND SERVICES

Not all product names, business slogans, and advertising phrases are trademarks and service marks. In order for trademark rights to be created and maintained, a mark must be affixed to a specific product, or used in connection with the provision of a particular service.

Trademarks are “affixed” by applying them directly to a product, to packaging for the product, or to tags or labels attached to the product or point of purchase displays. Use of a mark on a website or catalog adjacent to a picture of the goods along with a means to order the goods constitutes proper trademark use. Service marks are “affixed” by using them in signs, promotional materials, websites and/or other advertisements offering the services. As a general rule, a mark is not a mark until it has been affixed!

To learn more about trademark use or discuss any issues relating to the protection of your intellectual property, please contact:

Cynthia B. Stevens at:

(312) 368-0100 / cstevens@lgattorneys.com

The Importance of Website “Terms and Conditions”

You may have noticed that many of the websites you visit have what are often called “Terms and Conditions” or “Terms of Use Agreements” (“Agreement”).  Links to such Agreements are often found at the bottom of the home page and/or the website, and the user must accept the terms and conditions in the Agreement in order to use the website. Prudent business owners include such Agreements on their business’s websites to make it clear on what basis information, products or services are being provided through the website and, to the extent possible, limit any liability that may arise out of use of the website.  If your business operates a website it is to your advantage to include an Agreement.  Such Agreements are especially important to companies that sell products, distribute content, and permit users to post messages or other content that raises the potential for third-party liability on their websites. The specific terms contained in the Agreement will vary depending on the nature of the website and the underlying commercial relationship between the user and the website owner.

Most Agreements should address some or all of the following: (1) a clear statement that use of the website constitutes acceptance of the terms set forth in the Agreement; (2) a detailed description of the services, products and/or  information provided through the website; (3) any payment terms and return policies for e-commerce websites; (4) the method for creating and canceling accounts, if applicable; (5) general disclaimers and website-specific disclaimers depending on the nature of the website; (6) ownership of the intellectual property rights in and to the website  content; (7) intellectual property rights in and to any submissions by the user;  (8) limitations of liability; (9) any age restrictions; (10) Digital Millennium Copyright Act safe harbor language; (11) restrictions on the user conduct; and (12) a dispute resolution section, including choice of law and arbitration provisions.

To discuss your website’s “Terms and Conditions” or “Terms of Use Agreements”, or other important disclaimers which may be appropriate for your business, please contact:

Cynthia B. Stevens at:

(312) 368-0100 / cstevens@lgattorneys.com

New Business Ventures: Register as a “New Business Venture” and Attract Investors Seeking to Take Advantage of the Illinois Tax Credit for Angel Investments

New business ventures can register with the Illinois Department of Commerce and Economic Opportunity (the “DCEO”) to qualify as “eligible” to participate in the Illinois Angel Investment Credit Program (the “Program”). If a new business venture is qualified by the DCEO to participate in the Program, then an angel investor who invests in the new business venture may claim an “Angel Investment Credit” against its Illinois income taxes in an amount equal to 25% of an “angel investment” made by the individual angel investor, as reflected on the Tax Credit Certificate issued by the Department of Commerce and Economic Opportunity (86 Ill. Adm. Code 100, eff. July 9, 2014), and subject to certain rules and restrictions. Therefore, the Angel Investment Credit is an incentive for investors to invest in your business.

Any business desiring to qualify as a new business venture must meet certain requirements, including but not limited to, being headquartered in Illinois, having at least 51% of the employees employed by the business employed in Illinois, having fewer than 100 employees at the initial time of registration, and the business has received not more than $10,000,000 in aggregate private equity investment in cash or $4,000,000 in investments that qualified for tax credits.

The Illinois Angel Investment Credit Program has allocated $10 million in tax credits annually, from 2011-2016, and the Angel Investment Credit is awarded on a first-come, first-serve basis. New business ventures and “angel investors” should act fast to either submit a registration application (for new business ventures) or claimant application (for investors). An investment is considered to be an “angel investment” if the investor invests in a “qualified new business venture” in exchange for an ownership interest, with such investment being at a risk of loss.

To discuss the “Angel Investment Program” generally, the benefits and procedures of registering your business as a new business venture, or how it can help reduce an investor’s Illinois income tax liability, please contact:

Morris R. Saunders at:

(312) 368-0100 / msaunders@lgattorneys.com

Attention Employers and Employment Agencies: Criminal Records and Criminal Histories of Prospective Employees Off-Limits at Application Stage!

The Job Opportunities for Qualified Applicants Act (the “Act”), a new Illinois statute, will become effective January 1, 2015. The Act restricts employers and employment agencies from inquiring about or requiring the disclosure of an employment applicant’s criminal record or criminal history at the application stage, i.e., until the employer or employment agency has determined the applicant is qualified for the position and notified the applicant that he or she has been selected for an interview or, if there is not an interview, until after a conditional offer of employment is made to the applicant.

The Act defines an employer as any person or private entity that has 15 or more employees in the current or preceding year and employment agencies as any person or entity regularly undertaking, with or without compensation, to procure employees for an employer or to procure for employees opportunities to work for an employer.

The prohibition on inquiring into an applicant’s criminal record or criminal history at the application stage does not apply for positions where: (i) employers are required to exclude applicants with certain criminal convictions from employment due to federal or state law; (ii) a standard fidelity bond or an equivalent bond is required and an applicant’s conviction of one or more specified criminal offenses would disqualify the applicant from obtaining a bond; or (iii) employers employ individuals licensed under the Emergency Medical Services Systems Act.

Employers and employment agencies are allowed to notify applicants in writing of the specific offenses that will disqualify an applicant from employment in a particular position due to federal or state law, or the employer’s policy. Therefore, if an employer has a company policy which would disqualify an applicant from being hired based on specific offenses, the employer may notify applicants in writing of that fact.

Civil penalties that apply to employers or employment agencies that violate the Act range from a warning for the first violation to a civil penalty of up to $1,500 for every 30 days that passes without the employer’s or employment agency’s compliance with the Act.

In addition to the new rules under the Act, the ban against employers and employment agencies inquiring into or using an arrest record or expunged criminal history as a basis to refuse to hire remains in effect.

To review your business’ employment application and procedures or to review your business’ policies regarding specific offenses which may disqualify an applicant, or develop a notice letter to potential employees, please contact:

Morris R. Saunders at:

(312) 368-0100 / msaunders@lgattorneys.com

or

Mitchell S. Chaban at:

(312) 368-0100 / mchaban@lgattorneys.com

Alert to Property Owners: What the Firearm Concealed Carry Act Means to You.

The Firearm Concealed Carry Act became effective on July 9, 2013, and applications for concealed carry licenses became available to Illinois residents in early 2014.

What does this mean for property owners? Generally, an owner of private property may prohibit the carrying of concealed firearms on the property under his or her control, but must do so in compliance with the Firearm Concealed Carry Act.

However, the Firearm Concealed Carry Act allows holders of concealed carry licenses to keep a firearm, subject to certain requirements, in their vehicle, even if their vehicle is located in a parking area of a prohibited location.

To determine whether you are in compliance with the Firearm Concealed Carry Act’s procedures and requirements, or to review your employee handbooks and policies generally, please contact:

Mitchell S. Chaban at:

(312) 368-0100 / mchaban@lgattorneys.com

Important Notice to Privately Held Corporations: Compliance with Corporate Formalities Helps Stave Off Personal Liability

Many believe that by incorporating their business, they are shielding themselves from personal liability.

However, to avoid personal liability for the business’s actions, the business must have a separate identity apart from its shareholders, officers, directors, and employees. Strictly following corporate formalities, such as maintaining annual consents, maintaining corporate records, and meeting additional requirements can help maintain protection from liability.

The Illinois Appellate Court, in Buckley v. Abuzir, 2014 IL App (1st) 130469 (2014), recently held that while traditionally shareholders, officers, directors, employees, may be held liable if the business’s corporate formalities and additional procedures are not followed, now, even certain third parties, may face liability if such third parties exercise certain amounts of control over the business.

At a minimum, a corporation must have adequate capitalization, issue stock, observe corporate formalities, maintain corporate records, not commingle funds, not divert corporate funds from the business, and maintain arm’s-length relationships among related entities.

To protect shareholders, officers, directors, employees and now certain third parties from personal liability, business owners should review their books and records. If you have any questions regarding corporate law or business law matters, please contact:

Morris R. Saunders at:

(312) 368-0100 / msaunders@lgattorneys.com

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