201506.03
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Creating Private Investments Using Qualified/IRA Funds

On Thursday, May 28, 2015, David J. Lynam of Lynam & Associates presented a breakfast program for the Union League Club of Chicago Entrepreneur and Real Estate Groups. The program featured a presentation on Creating Private Investments Using Qualified/IRA Funds. For more information on how to unlock the power of self directed investments in real estate,…

201504.23
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Review of Sick Leave Laws

Our firm has recently updated our national survey of paid sick leave laws, and it is clear that these laws have both advanced and retreated nationwide. From 2006 to 2014, eighteen localities have passed mandatory paid sick leave laws, including San Francisco, Oakland, Seattle, Portland, Washington D.C., Philadelphia, and New York City. The three states…

201503.02
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New Firm Website/Save the Date for May 28th Presentation

Lynam & Associates, the Chicago and Barrington, Illinois-based law firm and publisher of the Illinois Business and Tax Lawblog, is pleased to announce the relaunch of our website, www.lynamlaw.com. Our site is designed to provide our clients and visitors with timely information about our ongoing events, published articles, reported case decisions, and social media. We…

201412.29
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FOR IMMEDIATE RELEASE – New Illinois Laws Requiring Action

With New Years Day quickly approaching, it is important to keep in mind several laws that are changing or taking effect as of January 1, 2015. Charitable IRA Transfers: Affects: Individual Retirement Account owners Action Required: If desirable, make non-taxable transfers to eligible charities before January 1. The Tax Increase Prevention Act of 2014 extends…

201410.09
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Planning for Asset Protection of Inherited IRAs after the U.S. Supreme Court’s Decision in Clark v Rameker

By: David J. Lynam, Principal, Lynam and Associates Published by the Illinois CPA Society’s Practice Advantage September 26, 2014 The United States Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“the Act”), signed into law by President G.W. Bush, drastically altered the debtor/creditor landscape. It also explicitly extended the bankruptcy protection afforded to qualified retirement…

201401.24
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FOR IMMEDIATE RELEASE: Act Now To Prohibit Weapons In Your Workplace

Illinois property owners and businesses need to take action to prevent the threat of concealed guns and weapons into their buildings and workplaces. Pursuant to the Illinois Firearm Concealed Carry Act, Illinois residents are now applying and receiving concealed carry licenses, which allows them the right to bring loaded handguns into your place of business. …

201312.13
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Personal Guarantees: Instruments of Personal Financial Destruction

Lending institutions often ask or require owners of privately held businesses to personally guarantee their businesses’ loans. When a business has multiple owners, the bank may obtain personal guarantees from all the owners, and occasionally, even their spouses.  While these arrangements may seem reasonable or even necessary when obtaining financing, personal guarantees can be ruinous…

201311.20
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The investment opportunity of a lifetime – but no cash on hand?

What can you do when a brilliant investment opportunity presents itself, but neither cash nor financing are available?  Our firm recently helped a client find a creative solution to this dilemma. Our clients, successful businessmen from Kankakee County, learned that a unique and highly sought after family farm was coming onto the market. Bank financing…

201311.01
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For Immediate Release – Leveraging “Your Personal Brand” through Twitter at the Union League Club of Chicago

Chair David Lynam, of the Union League Club of Chicago Entrepreneur Group, welcomed renowned interior decorator and entrepreneur Barbara Segal to the group’s monthly meeting on October 28, 2013.  Ms. Segal presented “Your Personal Brand,” which highlighted her success using Twitter to leverage her business. Ms. Segal warned against the temptation of businesses and entrepreneurs…