What “Accredited Investor” Or Other Investor Type Definitions Apply In Exempt Offerings Rules?
Growth Law
by William A. Price
7M ago
What “Accredited Investor” Or Other Investor Type Definitions Apply In Exempt Offerings Rules?   By: William A. Price, Esq., Growthlaw.com, Warrenville, IL     What is an accredited investor and why should a small business owner care?   SEC rules and most state securities laws have much less stringent requirements for preregistration of offerings and types of disclosures required to sell to “accredited” investors than they do for members of the general investing public. The “accredited” status rules provide such exemptions only for people and institutions with enough resour ..read more
Visit website
New Illinois Supreme Court Decisions Clarify Biometric Information Privacy Act
Growth Law
by William A. Price
1y ago
Introduction: Two new BIPA Cases Two Illinois Supreme Court decisions recently released,  Tims v. Black Horse Carriers, Inc., 2023 IL 127801 and Cothron v. White Castle Sys., Inc., 2023 IL 128004, have clarified the statute of limitations and the actionable number of violations for suits under the Illinois Biometric Information Privacy Act, 740 ILCS 14/1 ff. (BIPA) This article describes the holdings and suggests ways to limit liability exposure which may result from the BIPA.   In Tims v. Black Horse Carriers, Inc., 2023 IL 127801, the Court held that the five year statute of limita ..read more
Visit website
New Federal Corporate Transparency Act Will Add Owner Disclosure Requirements For All Business Entities
Growth Law
by William A. Price
3y ago
Congress included the Corporate Transparency Act (CTA) in the National Defense Authorization Act for FY 2021. The legislation requires filing of information on beneficial owners of new (and eventually, of existing) US entities and foreign entities which apply for permission to do business in the US.  These requirements will be effective on promulgation of regulations by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). This agency is required to promulgate the regulations within one year from the 1/1/2021 date the legislation (P.L. 116-283) became law.   Due Dates Fo ..read more
Visit website
Jim Henson’s Take On Coffee Commercials
Growth Law
by William A. Price
3y ago
If you think your customers will enjoy humor, offer them extreme termination of friendly puppets, like “Mr. Bill”, or Jim Henson’s take on coffee commercials, for Wilkins Coffee: https://www.youtube.com/watch?v=HVewx3-9×24 The post Jim Henson’s Take On Coffee Commercials appeared first on GrowthLaw ..read more
Visit website
Filing For Unemployment Insurance In Illinois As A Business Owner Or Self-Employed Individual
Growth Law
by William A. Price
4y ago
(Image by Gerd Altmann from Pixabay ) The CARES Act, Public Law 116-46, signed into law 03/27/2020, see https://www.congress.gov/bill/116th-congress/house-bill/748, expanded unemployment benefits to include business owners and self-employed individuals. This means that you, as an owner or self employed individual with lost income as a result of Coronavirus shutdowns, can apply for Illinois unemployment insurance, in the same way as employees of firms covered by the Illinois Unemployment Insurance Act can. This article explains how: a. You can immediately file with the ..read more
Visit website
CARES Act Bailout: Your Nonprofit Is Eligible
Growth Law
by William A. Price
4y ago
You are eligible to receive a government bailout! Under “INCREASED ELIGIBILITY FOR CERTAIN SMALL BUSINESSES AND ORGANIZATIONS,” the Paycheck Protection Program (PPP) explicitly notes that nonprofit organizations meeting the size limitation of “less than 500 employees.” Despite being called loans, the PPP actually provides free money, 100% backed by the federal government: as long as you prove you used it for eligible purposes, the lender must forgive the entire amount you can provide such proofs for. You can get up to 2.5x your monthly average payroll obligations covered, and use it for coveri ..read more
Visit website
CARES Act Paycheck Protection Loans For Indies
Growth Law
by William A. Price
4y ago
You are eligible to receive a government bailout! Fellow indies, whether you are self-employed, independent contractors, or sole proprietors: this could be your salvation. The CARES act, passed into law as H.R.748, specifically makes the new paycheck protection loans available for “eligible self-employed individuals,” meaning anyone who works in a trade or business and who is not the employee of another employer, as defined in the IRS code section 1402. These loans are available for up to 2.5 times your average monthly net income as an independent contractor, and any amount used to pay yoursel ..read more
Visit website
Summary of Families First Coronavirus Response Act (H.R. 6201)
Growth Law
by William A. Price
4y ago
This is a summary of what the President signed on Wednesday, March 18, 2020, after it passed both houses. Employers of employees with 50-500 employees are affected. Department of Labor emergency regulations have not clarified what the “50 employee” amount means, but we do not appear to come within that category. Both for profit and nonprofit/religious employers appear to be covered, since DoL wage laws, not just unemployment insurance laws, are amended. The bill is supposed to come into effect within 15 days of Wednesday, March 18th. Some parts of the bill expanded unpaid family and medical l ..read more
Visit website
Organizing an Illinois Not For Profit Entity
Growth Law
by William A. Price
4y ago
By: William A. Price, Attorney at Law, wprice@growthlaw.com, Member, Business and Securities Law Section Council Michael R. Karnuth, Attorney at Law, karnuthlaw@gmail.com, Member, Business and Securities Law Section Council I. Introduction As of 2016, there were 22,743 nonprofit organizations in Illinois. These entities range from hospital systems with over 1,000 employees to high school robotics teams with volunteer staff and limited budgets. The common characteristic of all is that none of these entities have owners. Rather, they are run by boards, trustees, or members for one or more of the ..read more
Visit website
Nonprofit Killers No. 1: Loss of Federal Tax Exemption
Growth Law
by William A. Price
4y ago
You Could Lose Your Federal Income Tax Exemption: Corporate or trust income tax at the highest rate (21% for corporations, 35% for trusts, in 2019)[i] applies if a nonprofit entity fails to qualify, engages in prohibited transactions, or stops operations that are exempt from taxation.[ii] 378 entity 501(c)(3) exemptions are listed by the IRS as having been revoked through formal hearings since 2005, and many more of these and other types of exempt entities have had their exemptions automatically revoked for failure to file required tax forms.[iii] If your organization wants to become and remai ..read more
Visit website

Follow Growth Law on FeedSpot

Continue with Google
Continue with Apple
OR