Chicago's Legal Latte

Before entering detailed negotiations to buy, sell, or merge businesses, it is advisable to have a clear letter of intent drafted. Ted McGinn, Managing Partner of Lavelle Law, Bill Germanetti, Principal at Impact Business Coaching, and David Gronski, President, North Coast Capital Advisors discuss the important elements of a LOI.

State and federal courts continue to render important decisions regarding the scope and reach of Illinois' Biometric Information Privacy Act or BIPA for short. BIPA is intended to protect the biometric identifiers, including fingerprint and facial identification, of Illinoisans. In this podcast, attorney Brian Massimino digs into the important takeaway lessons from these cases, including the statute of limitations, the risks of mere possession of protected information, and business insurance coverage. If you have any questions about BIPA or other business risk management issues, reach out to Brian at 312-332-7555.

An M&A intermediary or broker provides valuable advice to companies who are seeking a sale or acquisition. In this podcast, Steven Migala, Lavelle Law Attorney and Shareholder, is joined by Paul Heinze, President of the Paul M. Heinze Company and an alliance partner in Goldberg Heinze Business Advisors. Steve and Paul discuss the value of working with an M&A Intermediary or Broker when selling your business or growing by strategic acquisition.

Bankruptcy laws have been changed whereby it is much easier for a business to reorganize and restructure its debt. But when a business does file for a bankruptcy reorganization, it needs to secure a lending relationship whereby cash flow needs can be financed through the bankruptcy. In this podcast, Lavelle Law attorney Ted McGinn and his guest, Tom Stamborski, president of Liquid Capital of Illinois, discuss debtor in possession financing, what financing options are available, and what steps a business can take in order to establish such a relationship in anticipation of a bankruptcy.

This podcast explores alternative cash flow solutions for companies not involving traditional bank financing. The impact of COVID-19 on cash flow will be discussed, as well as how alternative financing products can address the different cash flow needs that a business may experience. Join Lavelle Law attorney Steve Migala and his guest, Tom Stamborski, president of Liquid Capital of Illinois, as they discuss cash flow solutions in the current business environment.

When individuals and businesses fall behind on tax filings and payments, they often underestimate how costly the problem can be to fix, in large part due to the significant penalties the IRS assesses in non-compliance. In this podcast, attorney Joshua Nesser discusses the most common penalties taxpayers face and what can be done to resolve them.

Are you thinking of selling your business? An owner’s decision to roll over its equity in a transaction can be a very good one with many advantages. However, selling owners should be cautious before they agree to rollover equity, and they should conduct significant due diligence and negotiations to ensure they are not agreeing to unfavorable terms in the future. In this podcast, attorney Steve Migala discusses the pros and cons to consider before making a decision to rollover equity in the sale of a business.

In this podcast, Attorney Frank J. Portera discusses Lavelle Law’s process in forming new companies by explaining exactly what filings are required in order to get your new start-up operating properly. Frank also explains the continuing annual reporting and corporate compliance requirements that are needed for all Illinois companies.

SEC-registered investment advisers must navigate several annual and ongoing regulatory and compliance requirements. Two of the most important investment adviser annual requirements are submitting an annual updating amendment to the Form ADV and conducting an annual review. Failing to comply with these annual requirements can subject an investment adviser to regulatory examinations, enforcements, fines, censures, reputational harm, and other penalties. In this podcast, attorney Samantha Bonamassa discusses the compliance requirements and answers FAQs.

Cybersecurity is constantly evolving and requires small business owners to implement strategies to protect and secure the data that they store as part of the operation of the business. The majority of businesses were not prepared for the shift in business practices that we’ve seen since the start of COVID-19, including remote working and new technology to accommodate social distancing. Cybercriminals have exploited these new advancements in technology as a means of gaining access to the personal data that businesses store. Attorney Taylor Lemick walks businesses through what makes small businesses vulnerable, the implications of COVID-19 on small businesses’ cybersecurity practices, and how to secure your business’ data with low-cost, effective practices, and how the attorneys at Lavelle Law can help your business secure its data today.