Many business owners assume that acquiring a business through an asset purchase - as opposed to a stock purchase - automatically protects them from the pre-sale liabilities of the seller.  In reality, most states have measures in place that allow transfer of outstanding tax liability to the new owner;  regardless of whether the business was acquired through an asset or stock purchase.

In order to try to avoid inheriting the tax liability of the predecessor, business purchasers may wish to provide notice to the state department of revenue to obtain a tax clearance certification.  This is In addition to any bulk-sales notification usually required by the states to notify creditors of the sale.  

The Roth Law Group can help you navigate your business sale or acquisition.  Call us today for a free consultation.   

According to a story in the December 15, 2008 Chicago Law Bulletin, the Adminsitrative Office of the U.S. Courts reported that 38,651 businesses filed bankruptcy petitions in the year ending Sept. 30 compared to 25,925 petitions brought in fiscal year 2007.  There were 2,722 business bankruptcies filed in the 7th Circuit (which covers Illinois, Indiana, and Wisconsin).  

Now more than ever small business owners need to control costs and keep a close watch on collections of accounts receivable.  In this economy it doesn't take long for a minor cashflow issue to turn into a serious crisis when your customers are not paying you.  

At The Roth Law Group, we understand the challenges faced by small businesses.  Let us help you with your collection issues.  Contact us at 877-419-9599 for a free consultation.     

With the arrest of Governor Blogojevich this morning, it now appears as though Illinois may claim the distinction of "State with most governors presently in federal custody."

"Illinois Gov. Rod R. Blagojevich and his Chief of Staff, John Harris, were arrested today by FBI agents on federal corruption charges alleging that they and others are engaging in ongoing criminal activity: conspiring to obtain personal financial benefits for Blagojevich by leveraging his sole authority to appoint a United States Senator; threatening to withhold substantial state assistance to the Tribune Company in connection with the sale of Wrigley Field to induce the firing of Chicago Tribune editorial board members sharply critical of Blagojevich; and to obtain campaign contributions in exchange for official actions – both historically and now in a push before a new state ethics law takes effect January 1, 2009.

Blagojevich, 51, and Harris, 46, both of Chicago, were each charged with conspiracy to commit mail and wire fraud and solicitation of bribery. They were charged in a two-count criminal complaint that was sworn out on Sunday and unsealed today following their arrests, which occurred without incident, announced Patrick J. Fitzgerald, United States Attorney for the Northern District of Illinois, and Robert D. Grant, Special Agent-in-Charge of the Chicago Office of the Federal Bureau of Investigation. Both men were expected to appear later today before U.S. Magistrate Judge Nan Nolan in U.S. District Court in Chicago."

Courtesy U.S. Attorney's Office
 

Chicago, IL 05 Dec 08 - The Roth Law Group is pleased to announce the launch of its new website. 

At The Roth Law Group, located in Chicago, we understand how small businesses are affected by litigation.

We know that most small business owners have a limited budget to allocate toward legal fees. That is why we work efficiently and economically to resolve your legal issues with minimal impact on your business.

Our goal is to protect you, both legally and economically. With this in mind, we maintain a high level of professionalism. We work to settle matters when that settlement would save you time and money. We can also take aggressive action in court on your behalf. We have the experience to protect you and we never hesitate to enforce your rights in court.

We offer skilled legal representation in many areas of the law. Our law firm knows small business and will work with you to accommodate your needs.

General business litigation

Breach of contract

Officer and director breach of fiduciary duty

Breach of employee non-disclosure

Breach of non-competition and non-solicitation agreements

Disparagement and defamation

False advertising

Unfair business practices and competition

Fraud

Out-of-state local legal representation

We offer skilled and efficient legal representation for family businesses and other small businesses. At The Roth Law Group, we place great importance on taking action to help your business prosper. Contact The Roth Law Group at 312.419.9599 to talk with our knowledgeable lawyers about your business litigation needs.