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Key Provisions in an LLC's Operating Agreement

Key provisions in LLC's operating agreement

 "Key provisions in an LLC's operating agreement" by Kelli Madigan

A limited liability company (LLC) should have an operating agreement to govern its internal management and the relationship among the members. Since an LLC’s operating agreement is a contract among the owners, it can be tailored to suit the owners’ needs.

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Illinois Tax Updates 2017

IL tax updates

The new Illinois Income Tax Act and revisions to the Retailers' Occupation Tax means more money out of your pocket.

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Unpaid Internships: Are They Subject to Minimum Wage Requirements?

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With summer approaching, companies will be looking to hire students to work as interns during summer break. While some students are lucky enough to find paid internships, many will find unpaid positions or positions with stipends that pay less than minimum wage. From the employer’s perspective, they get a worker willing to learn on the job for little or no pay because they don’t have the same skill or expertise that regular employees would provide. From the student’s perspective, the practical experience, networking and resume building may be worth more than any paid position. With summer approaching, companies will be looking to hire students to work as interns during summer break. While some students are lucky enough to find paid internships, many will find unpaid positions or positions with stipends that pay less than minimum wage. From the employer’s perspective, they get a worker willing to learn on the job for little or no pay because they don’t have the same skill or expertise that regular employees would provide. From the student’s perspective, the practical experience, networking and resume building may be worth more than any paid position.

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Healthcare Provider Liens in Illinois – Who Gets Paid when a Patient is Injured in an Accident?

by Natalie T. Lorenz, Attorney at Law

When an individual is injured in an accident, the Illinois Health Care Services Lien Act (the “Act”) may limit the lien that the healthcare professionals and providers who treated that individual for his injury can have on the patient’s recovery against the at-fault party. When the injured individual obtains a settlement from, or judgment against, the at-fault party, the Act limits the total amount of medical liens to 40% of the settlement or judgment, as applicable. All medical lienholders are to share proportionate amounts, subject to the 40% limit.

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