Corporate Focus: Fall 2016
Chuhak & Tecson Corporate Focus

Medical cannabis and the workplace

To date, 24 states, including Illinois in 2013, have enacted legislation legalizing medical marijuana for the treatment of designated medical conditions as part of a pilot program. An additional five states are currently considering similar legislation. Four states and the District of Columbia have legalized cannabis for recreational use. While recreation use is not yet legal in Illinois, the number of registered medical marijuana users continues to increase and the passage of even more receptive legislation broadening the potential patient base is predicted in the near future.
Legalized use of medical marijuana puts many Illinois employers in an unfamiliar and, sometimes, uncomfortable position. To read more on how this may affect you, click here.
Commercial leasesenhancing your "options"

The success of most retail/service businesses often depends upon their location. Given the cost and inconvenience of relocating an existing business, negotiating an option to extend and/or renew the lease upon the expiration of the lease term is a key component of any commercial lease.

There is a distinction between an option to extend and an option to renew a lease. With an option to renew, the original lease comes to an end at the expiration of the original term, prior to the renewal term beginning. The option to renew essentially creates a new lease, typically identical to the original lease with certain exceptions. 

To read more about option clauses in a commercial lease, click here.

Using deferred compensation plans to reward key employees

- Are you looking for ways to reward key employees to encourage retention and induce loyalty?

- Would you like certain employees to feel they have a stake in your company without giving up any ownership?

- Would you like to provide larger bonuses to high performing employees but do not have the current cash flow?

If you answered yes to any of the above questions, your business may want to consider adopting a nonqualified deferred compensation (NQDC) plan. Such a plan is simply an agreement between an employer and an employee to pay the employee compensation in the future.

To read more about NQDC plans, click here.

Featured Attorneys
Francisco Connell
Francisco E. Connell,
Phyllis Franklin
Phyllis K. Franklin,
Patricia O'Brien
Patricia Cadagin O'Brien,
Meet the rest of our Corporate team
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