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Illinois Business Law Questions & Answers
1 Answer | Asked in Business Formation and Business Law for Illinois on
Q: Can I change the name of my current LLC and later reopen a new LLC with my current name?

Can I change the name of my current LLC and later reopen a new LLC with my current name? Or would the name be unavailable? Example: changing my current LLC named "Blue" (that sells clothes) into a new name "red" (and be a completely different business model). In a couple years... Read more »

Joseph B. LaRocco
Joseph B. LaRocco answered on Nov 2, 2021

The simple answer is "Yes", as long as that name is still available and no one else has taken it. Once you change the name from Red to Blue, the name Red will be available and someone else might take it. Some states allow you to reserve a company name for a fee. For instance, Delaware... Read more »

1 Answer | Asked in Business Law, Contracts, Employment Law and Workers' Compensation for Illinois on
Q: Can you negotiate a new union contract before the old one has expired if it is in the best interest of the workers ?

I am part of a labor union in Illinois. Since COVID, we have lost many co-workers and applicants to higher-paying non-union jobs in our field. Our contract is not up until January, but if it keeps going this way, we will have no labor force left by then because we cannot stay competitive pay-wise.... Read more »

Charles Candiano
Charles Candiano answered on Oct 12, 2021

This is a contract law question. Workers' Compensation is an area of law that deals with work-related injuries. Whenever BOTH parties to a contract WANT to make a changes (irrespective of reason), they certainly may.

The Union's response should be "Your hands are NOT tied...
Read more »

1 Answer | Asked in Banking, Business Law, Consumer Law and Contracts for Illinois on
Q: What does the law 15 usc 1662 b translate to? does it mean that I am not required to put a down payment?
T. J. Jesky
T. J. Jesky answered on Oct 11, 2021

Short answer: No. The reg states that no advertisement to aid, promote, or assist directly or indirectly any extension of consumer credit may state that a specified down payment, by the creditor who advertises his services.

1 Answer | Asked in Business Formation, Business Law and Cannabis & Marijuana Law for Illinois on
Q: I want to start a cannabis business but licensing is too expensive in Illinois, how legal is it to sell cannabis clones

What is a Cannabis clone? A cannabis plant that is a genetic copy of the mother plant. When obtained from a reputable breeder, a clone is a young female cannabis plant with stable genetics. Growers typically select to raise clones instead of seeds when they would rather not risk getting a plant... Read more »

Alexander Ivakhnenko
Alexander Ivakhnenko answered on Sep 16, 2021

No, it would not be legal as the State of Illinois requires a very strict licensing, regulation, and eligibility for any cannabis and its derivatives operation in the state.

Besides, such operation does not qualify as a Sec. 503 non-for profit entity as it would be geared towards profit...
Read more »

2 Answers | Asked in Employment Law, Estate Planning and Business Law for Illinois on
Q: Can I list a specific chapter of a fraternity as a beneficiary on a 401K?

I'm opening a 401k with my new employer and want to know if I can list my former fraternity's chapter specifically as my beneficiary or not. Assume that there will be no spouse in the picture and that the beneficiary will be updated if there is.

Charles E. Hutchinson
Charles E. Hutchinson answered on Sep 13, 2021

I would NOT list your fraternity as a beneficiary to your 401K, but rather make other arrangements in your estate plan. As to if you can name a specific chapter in your fraternity - that could depend on the fraternity, so I cannot give you a good answer on that, you would need to speak to them.... Read more »

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2 Answers | Asked in Copyright, Business Law, Patents (Intellectual Property) and Trademark for Illinois on
Q: How am I supposed to handle a trademark infringement lawsuit if I think it's a mistake? pls read the "More Information"

Dear lawyer.

Unfortunately, I involuntarily found myself in an unpleasant situation and I would be happy for your help. I have an account at Marketplace site, where I sell products from a variety of different suppliers. A few days ago, an e-mail was sent to me from a lawyer (on behalf of... Read more »

Marcos Garciaacosta
Marcos Garciaacosta answered on Aug 3, 2021

You can be dragged to an American court by virtue of you selling here.

There are different tools to deal with the lawsuit if you think it is an error.

You need to consult with an attorney review all the documentation you have.

Best luck!

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1 Answer | Asked in Business Law and Contracts for Illinois on
Q: I am investing in two cannabis farms, one in New Jersey and one in Pennsylvania. We need a lawyer to look over contracts

And make sure we are asking the right questions

Steve McCann
Steve McCann answered on Jul 29, 2021

Certainly. Many of us have experience in reviewing such contracts, and would be happy to assist in ensuring your interests are protected moving forward.

That being the case, I recommend organizing everything in your possession that is relevant to this matter, including the contracts and all...
Read more »

1 Answer | Asked in Contracts, Copyright, Business Formation and Business Law for Illinois on
Q: US company refuses to Pay or give ownership. They are blackmailing me now.

In 2018, I went into an oral agreement with a person in the United States to build an online platform. I was responsible for all the tech from designs to coding etc. I live in Pakistan, we had this agreement orally over zoom.

He promised equity and delayed payment for my work. We agreed... Read more »

Marcos Garciaacosta
Marcos Garciaacosta answered on May 23, 2021

You can sue him but it will be complicated and expensive

You may be able to sue in your country or in the USA

You should consult with an attorney to determine your options

1 Answer | Asked in Business Law, Contracts and Real Estate Law for Illinois on
Q: How much would it cost for someone to review a lease agreement for me and help me understand my rights and conditions?

This is a lease agreement with a Landlord for a Small Business. It would be great if someone can do this for free. I am having a hard time understanding a few items in the contract.

T. J. Jesky
T. J. Jesky answered on Nov 20, 2020

This is a good question, but the answer depends on a number of factors. For example, is this a residential or commercial lease? What is the length of the lease? How long is the lease period and what is the rent? A commercial lease is much more complex than a residential lease.

I...
Read more »

2 Answers | Asked in Business Formation, Business Law and Contracts for Illinois on
Q: I am starting a in home music lesson business and I wonder if I can hire all the teachers as independent contractors

It will be teachers from major cities in different state. I wonder if they can be independent contractors instead of employees

I set up a website with paid ads that matches teachers who are looking for students with families looking for teachers to teach their kids at home. The teachers are... Read more »

T. J. Jesky
T. J. Jesky answered on Nov 16, 2020

The question of whether someone is an employee or independent contractor comes down to "control."

Additionally, the Internal Revenue Service uses a right-to-control test to assess a business' tax liability.

For example, if these musicians had specific hours of work,...
Read more »

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1 Answer | Asked in Business Formation and Business Law for Illinois on
Q: If I want to start an arcade rental business. Will it be considered illegal in any way. I would be purchasing the arcade

Technically i would own the arcade and would just be providing a rental service for those who are interested

T. J. Jesky
T. J. Jesky answered on Oct 30, 2020

Arcade means an establishment that has five or more coin/token or other modes of activation operated amusement devices in an area dedicated to the housing of coin-operated amusement devices. Keep in mind, no alcoholic beverages may be sold or consumed in the area separate and designated as arcade.... Read more »

1 Answer | Asked in Business Law for Illinois on
Q: Who am I to this company?

If I own a Holding Company (a single member llc), and this holding company owns a subsidiary (a single member llc). Who am I to the subsidiary? (in terms of opening accounts for the subsidiary and doing things on behalf of the subsidiary).

T. J. Jesky
T. J. Jesky answered on Oct 30, 2020

To open a bank account for just the subsidiary, you are:

The Managing Member of the Subsidiary.

Most likely, the Bank will ask you for a copy of the LLC Articles, the Operating Agreement and its EIN number.

The Subsidiary [Name] is a wholly owned subsidiary of the parent...
Read more »

2 Answers | Asked in Bankruptcy and Business Law for Illinois on
Q: If I file Chapter 7 due to small business loss, could I lose my home?

I am a sole proprietary business owner and married. I started my home business in August of 2019 and I work another job. The business has taken a hit due to COVID because most of the income is generated in-person sales. I was thinking of filing a chapter 7 but I was unsure how that could impact... Read more »

Bryan R. Bagdady
Bryan R. Bagdady answered on Aug 3, 2020

In Illinois a homeowner is entitled to an exemption for their home. The exemption amount is $15,000 per person - so $30,000 if a married couple (assuming both spouses file). Since you are married, if you have more than $30,000 in equity, then you may have issues. If you have less than $30,000 in... Read more »

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1 Answer | Asked in Divorce and Business Law for Illinois on
Q: Can my husband change business name in the middle of divorce so I won’t receive any money or profits.

I had owned 49% of the company and he owned 51%. Originally it was believed that you had a better chance of getting contracts with the government if it was native owned or woman owned. I’m part native. So during COVID lockdown he forced me sign the loan telling me it was the law in order to... Read more »

James G. Ahlberg
James G. Ahlberg answered on Jul 31, 2020

Changing the business name has nothing to do with your rights in a divorce. You need to bring everything to the attention of the lawyer handling your divorce though.

1 Answer | Asked in Real Estate Law and Business Law for Illinois on
Q: Can a mortgage lender reject Power of Attorney?

If you are applying for a refinance mortgage on a Tenant In Common title where the other party won't be a co-borrower, can a lender reject your Power of Attorney for signing the title?

Anthony M. Avery
Anthony M. Avery answered on Jun 15, 2020

Yes because they do not have refinance you in the first place. The mortgagee probably does not want to lose the other mortgagor as a notemaker.

1 Answer | Asked in Business Law for Illinois on
Q: At what point does a service to difficult to pay like a storage unit
Tim Akpinar
Tim Akpinar answered on May 27, 2020

It looks like part of your question may have inadvertently gotten left off. You could try reposting. Good luck

Tim Akpinar

2 Answers | Asked in Banking, Bankruptcy, Business Formation and Business Law for Illinois on
Q: Hello, I am a business owner. I want to know if bankruptcy is an option for me.

I am a banquet hall business owner. My bank has refused to give me relief on mortgage payments because I was already behind 2 payments due to the increase in property taxes in the county. The bank has filed for foreclosure during covid and intends to appoint a receiver in June 2020. At this point,... Read more »

Bryan R. Bagdady
Bryan R. Bagdady answered on May 18, 2020

I can't tell from your facts if you are facing a business bankruptcy, a personal bankruptcy or both. However, it sounds like you need a mechanism to stop the litigation and to liquidate debts in an orderly fashion. That is one of the functions of a bankruptcy case. I need to know more about... Read more »

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1 Answer | Asked in Business Law for Illinois on
Q: My company is located in Illinois. We are hiring someone located out of Guam. Is there any issue doing so?

I'm wondering the steps we need to take for this. How would we complete an I-9? Do they have different tax forms such as W-4s?

The employee will be working out of Guam.

Robert Shipley
Robert Shipley answered on Apr 16, 2020

It is not entirely clear whether the worker is going to be located in Guam or will be coming to the United States from Guam. The below link should be helpful in providing information regarding your questions:... Read more »

1 Answer | Asked in Business Law for Illinois on
Q: I am starting an internet-based credit repair company, can I service clients in any state?

My business is strictly internet. I skype or video chat with my customers or chat on the website. I am registered in Wyoming but I am now in Illinois with my fiance. He is referring his friends but I make them go through the website to get information or to request information and sign up.

Robert Shipley
Robert Shipley answered on Apr 7, 2020

Your description describes that you will be actively operating your company in Illinois and will be generating income as well as presumably conducting activities related to your business. You should register your business with the Illinois Secretary of State. Below is a link to the Illinois... Read more »

1 Answer | Asked in Banking, Business Law and Employment Law for Illinois on
Q: The company pay date Is today for my time owed me. They say there will be a “delay”. What can I do to get my money?

This company has been using payroll checks that can’t be cashed because of insufficient funds for over 3 months now

Robert Shipley
Robert Shipley answered on Mar 27, 2020

Based upon your description I would recommend that you contact the Illinois Department of Labor and make a claim for the salary/wages you are apparently owed which have not been paid for three months. Here is a link to the website: https://www2.illinois.gov/idol/Pages/Complaints.aspx... Read more »

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