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Visit us online!
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Our website provides comprehensive information about our firm, attorneys and practice areas.Visit our website at www.sivialaw.com
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UPCOMING SEMINARS:
May 12, 2009
"Protecting Your Assets as a Landlord"
6:00 P.M. at Granite City Township Hall
May 20, 2009
"Business Succession Planning"
7:30 a.m. at Sivia Business & Legal Services, P.C.
Call (618) 659-4499 or e-mail jmh@sivialaw.com
to reserve your seat.
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Founder Todd W. Sivia
Todd Sivia established Sivia Business and Legal Services, P.C. to assist individuals in protecting their assets through estate planning and business formation. Even outside of work, Todd works in the community with SCORE to help small businesses succeed. More
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The Illinois Secretary of State is responsible for registering businesses and has its services on the internet. Visit them online at cyberdriveillinois
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Greetings!
 New Alton Location!
Sivia Business & Legal Services, P.C. proudly opened a second location, located in Alton, Illinois. The new location will help our firm better serve everyone in the Alton Community. The new office is located at 603 Henry Street, Alton, IL 62002, and the new phone number for that location is (618) 466-4490. |
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Hire Great Employees, Legally
Hiring good employees takes thoroughness, skill and luck. Applications and interview questions only give a small glimpse into that person's life, work habits and experience. However, employers should know that there are limits to their inquiries.
According to Illinois law, you cannot ask a potential employee questions about their race, religion, national origin, sex, age, sexual orientation or disability. Additionally, employers should avoid asking about marital status, child care responsibilities, intentions as to pregnancy or birth control, heights, weights, political or religious views, or personal matters such as sexual habits or preferences. However, an employer may inquire as to whether the employee is able to meet all the job requirements, including ability to work in the United States, travel extensively, and physical ability to carry a certain amount of weight.
Making employment decisions based on these prohibited factors is not allowed. Employers should also be careful not to discriminate based on military status, even if there is a possibility the employee may be deployed.
Overall, employers should be through, but careful when hiring.
If you have any questions or problems with employment practices, contact the attorneys at Sivia Business and Legal Services, P.C. We can assist our clients in preparing employee handbooks, employee applications, and employment contracts. |
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Which Business Retirement Plan is Right for You?
By: Mike Seefeldt, Edward Jones Represenative  If you run a small business, you've got no shortage of concerns: cash flow, marketing, the ebb and flow of the economy - you name it. In fact, you have so many issues to ponder, you might find it hard to take the time to choose a retirement plan for your business. And yet, it's worth the effort - because the right plan can offer the opportunity to make your life a lot easier in the days when you don't have so much to think about.
Fortunately, there's never been a better time for small-business owners to choose a good, cost-efficient retirement plan. In recent years, new tax laws have made it easier for you to pick a plan that can help you save for retirement and, if necessary, attract and retain quality employees.
The most common types of retirement plans offer tax-deferred growth of earnings, the ability to make tax-deductible contributions and a variety of investment options. Beyond sharing these traits, though, small-business retirement accounts differ in contribution limits and other factors. Let's look at a few of these plans:
Plans for self-employed (no employees)
Owner-only 401(k) - When you establilsh an "owner-only 401 (k)," you can contribute more than 25 percent of your income up to a maximum of $49,000 in 2009. If you're 50 or older, you can even put in an extra $5,500 to you 401(k). Plus, you can transfer most retirement plan assets - such as profit sharing and money-purchase plans - into your owner-only 401(k).
SEP-IRA - For 2009, you can put in the lesser of $49,000 or 25 percent of your compensation to your SEP-IRA. Eligible compensation is capped at $245,000 for 2009. You can set up a SEP IRA for your business with a minimum of paperwork. And you won't have to file any annual reports on the plan, such as the Form 5500, either.
Plans for business owners with employees
SIMPLE IRA - As you can deduce from its name, a SIMPLE IRA is easy to set up and inexpensive to administer. In 2009, employees can contribute up to $11,500 (or $14,000 for those 50 and older) to their SIMPLE IRA. Your business is generally required to match your employees' contributions up to three percent of their salary, unless you decide to put in two percent of each eligible employees' compensation. If you choose the matching option, you can reduce the match to between one and three percent in two of every five years.
Safe Harbor 401(k) - By following some specific guidelines, you can set up a Safe Harbor 401(k) - a plan that offers the same features of a traditional 401(k), but without the burdensome non-discrimination testing required to identify excessive contributions by highly compensated employees. (Employees' contribution limits are the same as those described in the "owner-only" 401(k).) The key benefit of the Safe Harbor 401(k) is that you, the business owner, can contribute up to the annual dollar amount (in 2009 that $16,500, or $22,000 if 50 or older) regardless of how much your employees contribute.
Any of these plans can help you meet your long-term goals of saving for your retirement outside the value of your business. But to fully diversify your holdings and build even more resources, you will also need to save and invest outside your retirement plan. So, meet with your financial advisor and tax advisor to choose a plan that's right for you - but don't stop there. When it comes to funding your retirement, it's hard to save "too much."
To find out more information about these plans contact:
Mike Seefelt
Edward Jones
9 GINGER CREEK VILLAGE
GLEN CARBON, IL 62034
(618) 692-8052
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Services We Offer for New Businesses
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Buy-and-Sell Agreements for Businesses, Factories, and Land
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Business Formation: Incorporation, Partnerships, Limited Liability Companies (LLC's)
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Services We Offer for Existing Businesses
- Commerical and Residential Real Estate Closings
- Employment Contracts
- Employee Handbooks
- Employee Applications
- Termination Agreements
- Franchise Agreements
- Contract and Business Litigation
- Contract Review
- Collections
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Featured Article Submissions!
If you or someone you know would like to submit an article to us, please email me by clicking the following link E-mail Address. | |
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Thanks for your support and loyalty. For information about legal services, do not hesitate to ask!
Sincerely,
Todd Sivia
Sivia Business & Legal Services, P.C. |
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