What are the benefits to organizing my entity in Delaware?
Authors: John Monical and Theodore Harman Lawrence Kamin successfully defended an individual employee (“Employee”) against a $1 million arbitration by a Futures commissions merchant (“FCM”). The FCM claimed that the Employee, an employee of an introducing broker (“IB”), should be personally liable for placing losing trades in the account of the IB’s owner. Read […]
Author: Mary Miles A 529 plan is a tax advantage savings plan designed to help pay for education as governed by Section 529 of the Internal Revenue Code. Typical investors are parents who designate their children as beneficiaries of the 529 accounts. The 529 plans grow tax-deferred, and withdrawals are tax-free and penalty-free if used to […]
Author: Mary Miles Are you planning to make a financial gift to your loved ones but worried about the gift tax? Here are some tips to eliminate the gift tax. In 2023, a single individual can gift up to $17,000, while a married couple can gift up to $34,000 without incurring gift tax. And the […]
Starting a new business can be an exciting and overwhelming process. With so much to consider, it’s essential to ensure you adhere to all the legalities in starting a new business. In this article, we’ll provide six tips to help you navigate the legal requirements when starting a business. 1. Research State Requirements The first […]
CHICAGO, Illinois – Lawrence Kamin, a business law firm based in the Chicago and Indiana areas, is pleased to announce that Joelle M. Shabat has joined the firm as a Partner in its Litigation & Risk Management practice group. “Lawrence Kamin’s attorneys have known Joelle for a long time. Her skill and client-oriented focus will […]
Here’s a story from Joseph A. Zarlengo, Partner at Lawrence Kamin, about a savvy scammer who tried to trick him. “I was just involved in a potential scam. I received a telephone call from somebody saying they were with Comcast and they had a promotional offer for me. Essentially the offer was they would reduce […]
The Chicago Estate Planning Council (CEPC) chose Jessica Heller, Tax and Estate Paralegal at Lawrence Kamin, for the Emerging Leaders Program of 2022 – 2024. This is a prestigious program. Only those with a strong commitment to estate planning, service, discipline, and high-quality work product are considered for this program. Ted A. Koester, Partner at […]
We were recently approached by a client with the following scenario: “We have an adult family member with autism who is high functioning, but has special needs. Should we create and rely on powers of attorney or seek a limited guardianship to help protect and support this family member?” The answer to this question is […]
CHICAGO, Illinois – Lawrence Kamin, a business law firm based in the Chicago and Indiana areas, is proud to announce the promotion of Clifford (“Cliff”) Holm to the position of Partner with the firm. Lawrence Kamin’s 90-year history provides dedication to local, regional and national businesses, financial institutions, manufacturers and distributors, insurance companies, and wealthy […]
Lawrence Kamin’s Kent Lawrence has been recognized in “Super Lawyers 2022” in the area of alternative dispute resolution. This recognition is reserved for those considered the best in their field, and Kent joins a distinguished group of less than 5 percent of lawyers licensed to practice in Illinois. Congratulations to Kent for this recognition!
Prominent Lawrence Kamin partner and litigation attorney, Mitchell B. Goldberg, has been appointed as an Associate Judge in the Cook County Circuit Court in Chicago. Mitch was one of 44 candidates selected from 225 applicants by a nominating committee led by Chief Judge Timothy C. Evans. Each applicant was evaluated by the Chicago Bar Association […]
In its July 22, 2021 2Civility “Lawyer Spotlight,” the Illinois Supreme Court Commission on Professionalism salutes Lawrence Kamin partner Mitchell B. Goldberg for modeling the ideals of professionalism in his daily life and for his ongoing efforts to encourage a culture of civility and inclusion in the legal field.
The Lawrence Kamin family mourns the loss of our respected colleague and friend, Désirée L. Grode, who passed away on February 12, 2021. Désirée recently joined our Estate Planning practice in 2020 as an “Of Counsel” attorney assisting clients with their estate planning and probate administration matters. She exhibited great passion for her work and […]
In Memoriam: Paul B. Uhlenhop 1936-2021 Beloved Partner, Colleague, and Friend Paul Buscher Uhlenhop, 84, a Senior Partner of Lawrence Kamin, LLC and prominent legal expert in financial services compliance and regulation law, passed away on January 30, 2021, surrounded by his devoted family. In so many ways, Paul was the very soul of our […]
Firm Extends Decade-Long “Best Law Firm” Ranking Lawrence Kamin is pleased to be ranked in the 2021 edition of “Best Law Firms” by U.S. News and Best Lawyers®. This marks the 11th consecutive year the firm has received recognition for professional excellence and consistently impressive ratings from clients and peers. In the 2021 edition, the firm achieved National Tier 1 ranking for […]
As the Coronavirus pandemic continues to sweep through the United States, schools are shuttering for the Fall session, employers are extending remote work plans, and the nation’s healthcare system is preparing for an upward trend in positive COVID-19 cases, hospitalizations and, sadly, deaths. With the rates at which people have suddenly fallen ill and become incapacitated from…
On August 8, 2020, President Trump took the unusual—and highly controversial—unilateral executive action route to provide limited economic relief to U.S. citizens without the approval of Congress. His actions were in the form of three executive memoranda and one executive order, which are summarized herein.
Lawrence Kamin, LLC is pleased to announce that our decorated colleague, Barry B. Nekritz, has joined a distinguished national group as an appointed Founding Fellow of the American College of LLC and Partnership Attorneys. The College honors members of the Bar who have substantial experience and have distinguished themselves by devoting their time to advancing […]
In early June 2020, Congress adopted and the President signed the Payroll Protection Program (“PPP”) Flexibility Act of 2020 (“Flexibility Act”), which was designed to ease some of the strictures and address some of the confusion arising from the PPP. In particular, the Flexibility Act expanded the Covered Period for loan forgiveness from eight…
Congress Adopts PPP Flexibility Act of 2020, Easing Loan Terms Since the passage of the CARES Act on March 27, 2020, and the introduction of the Payroll Protection Program (“PPP”) on April 3, 2020, almost four and a half million businesses, non-profit organizations, and self-employed individuals have received PPP loans totaling some $510 billion. The Department of Treasury and the Small Business…
SBA Issues Interim Final Rule on PPP Loan Forgiveness On Friday, May 15, 2020, the Small Business Administration began outlining the process for obtaining forgiveness of loans issued pursuant to the Payroll Protection Program, when it issued SBA Form 3508, entitled “Paycheck Protection Program Loan Forgiveness Application” (“Forgiveness Application”). The 11-page document sets forth write papers information and documentation required to obtain loan…
After Congress’s adoption of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, including the Payroll Protection Program (“PPP”) on March 27, 2020, the Department of the Treasury and the Small Business Administration (“SBA”) issued an Interim Final Rule (“Final Rule”) that governed the implementation of the CARES Act. Since then, the SBA has…
Congress created the Paycheck Protection Program (PPP) as a key avenue for economic relief under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Small businesses quickly drew down the $350 billion free grammar checker that Congress set aside for the program, and Congress is in the process of authorizing an additional $310 billion…
In the recently-adopted Coronavirus Aid, Relief and Economic Security (CARES) Act, Congress and the President put in place a program designed to introduce cash into the economy and provided greater liquidity for businesses. For many small and mid-sized businesses, the CARES Act provides a direct infusion of capital through the Paycheck Protection Program (PPP)….
The linchpin of the recently-adopted Coronavirus Aid, Relief and Economic Security (CARES) Act is the Paycheck Protection Program (PPP)—a program designed to rapidly infuse cash into the U.S. economy through forgivable Small Business Administration (SBA) loans targeted to paying employee expenses. The CARES Act was only adopted on March 27, 2020, and the Department of the Treasury…
On Wednesday, April 1, 2020, the U.S. Department of Labor posted a Temporary Rule issuing regulations pursuant to the Emergency Paid Sick Leave Act (“EPSLA”) and Emergency Family and Medical Leave Expansion Act (“EFMLEA”), both part of the Families First Coronavirus Response Act (“FFCRA”). Both the new law and rules are effective as of…
Under the recently-passed CARES Act, the Federal government created several new programs to protect and bolster the United States economy from the fallout resulting from the COVID-19 pandemic. Perhaps the most important of those programs to businesses is the Paycheck Protection Program (“PPP”), because it provides loans, which can be completely forgiven, to eligible…
In addition to the expansion of SBA Section 7(a) loans available to subsidize payroll expenses, as provided in Section 1102, the CARES Act contains provisions (a) that allow eligible employers carrying on a trade or business to receive a refundable tax credit against Social Security taxes imposed under section 3111(a) of the Internal Revenue…
The CARES Act contains provisions that temporarily broaden unemployment assistance and tax rebates to cover more types of individual employees impacted by the Coronavirus pandemic who otherwise may not have been eligible for financial aid prior.
In addition to stimulus payments to taxpayers, expanded unemployment benefits for workers, and tax relief and loans for businesses, the CARES Act provides tax relief for individual taxpayers, including expansion of tax benefits for charitable giving.
While most of the CARES Act focuses on providing economic relief for businesses, certain provisions temporarily impact the rules for retirement plans and required minimum distributions.
COVID-19: Emergency Financial Assistance for Illinois Small Businesses In the wake of the coronavirus pandemic, the Illinois Department of Commerce and Economic Opportunity (IDCEO) has created three programs offering emergency financial assistance to small businesses. Under these programs, Illinois businesses with fewer than 50 employees can apply for low- interest loans and grants. The first program has an April 1st deadline, so…
Illinois Governor J.B. Pritzker has entered Executive Order 2020-10, which becomes effective March 21, 2020. With some exceptions, the Executive Order directs Illinois residents to remain at home and temporarily shutters many Illinois businesses. This Executive Order follows federal action that also affects Illinoisans and employers alike.
On March 14, 2020, the House of Representatives passed H.R. 6201, the Families First Coronavirus Response Act (“FFCRA”), after negotiation with the U.S. Secretary of Treasury. The Senate adopted the bill on March 18, 2020, which the President signed the same day. Under the terms of the legislation, the Act becomes effective no later…