Business Law
Does My Business Need an Outsourced General Counsel?
Posted on February 13, 2025
The business and legal worlds are intertwined. A large part of doing business involves looking out for legal risks, setting up processes to minimize those risks, and handling legal disputes. Put another way, handling legal issues comes with the territory of doing business, whether it is reviewing a vendor agreement, ensuring compliance with relevant rules and regulations, or facing the threat of litigation from a disgruntled client or employee. At the same time, business owners and managers wear many hats and, as the business grows, tend to take on additional […]
Mergers & Acquisitions: How Can A Business Support Employees?
Posted on January 30, 2025
Mergers & Acquisitions: How Can A Business Support Employees? During a merger, two companies legally, financially, and practically merge into one. Likewise, during an acquisition, two companies become one when one company acquires or takes over another. Although the legal process differs, the ramifications for employees are the same. A merger or acquisition can mean big changes in an organization, from restructuring to changes in the company culture and leadership. Employees understandably might find this a stressful time full of uncertainty about their role in the company. At the same […]
Do You Pay Taxes When You Buy or Sell a Business?
Posted on January 13, 2025
Selling a business can be exciting and financially rewarding. It is often the culmination of decades of hard work and dedication. Business owners are und focused on maximizing the financial gains from the sale. Yet the end game should be not so much the price of the sale as the final take home, and one factor that can put a big dent in proceeds from the sale of a business is taxes. Because the sale of a business can generate significant income, taxes will be assessed. How the deal is […]
What Are the Risks and Benefits of Boilerplate Contract Clauses?
Posted on December 31, 2024
Boilerplate contracts are contracts featuring standard pre-drafted clauses. The term “boilerplate” comes from a long-ago time when manufacturing used steel plates for its boilers, and later the printing industry took on the word when it stamped text onto metal plates. Today, boilerplate contracts and boilerplate clauses are available online as free or low-cost templates, and they offer quite a few benefits such as efficiency and savings. Yet there are many situations in which a boilerplate contract may not be the best fit to protect a business legally. An experienced Naperville, […]
Worker Misclassification: How a Seemingly Simple Mistake Can Cost Your Business Dearly
Posted on December 9, 2024
One of the critical tasks you will face as a business owner is ensuring that you properly classify your workers as either employees or independent contractors. There is a significant legal difference between your responsibilities if you employ an independent contractor versus an employee. Additionally, misclassifying a worker can result in legal issues. Even a seemingly minor mistake can result in massive fines and penalties for worker misclassification. If you own or manage a small or medium-sized business, an experienced attorney can ensure that you understand and comply with essential […]
Contract Term Glossary for Business Owners
Posted on November 25, 2024
As a business owner, you have to wear many hats: entrepreneur, manager, employer, and more. One thing you will do repeatedly as a business owner is read and review contracts. Whether it is a commercial lease, a vendor agreement, a purchase or sale agreement, an employment agreement, a partnership agreement, or another type of contract, to do business is to enter into business agreements. Although you may find that business contracts contain a bunch of “legalese,” the name for legal words that are not familiar to non-lawyers, many of these […]
What Should You Know About Illinois Eminent Domain?
Posted on November 10, 2024
There are certain circumstances in which the government can take private land for public use. Although the government is legally and constitutionally required to compensate you if they take your land, the prospect of having to leave your land – whether it is your home or other property you own – may be upsetting and daunting. You will want to ensure that you fully understand both the condemnation process, as the process of taking eminent domain of private land is called, as well as your rights and the compensation to […]
What Are Recent Developments In Illinois Non-Compete Law?
Posted on October 29, 2024
In recent years, the law on noncompete agreements has shifted considerably nationwide, and Illinois is no exception. This is primarily the effect of a recent rule issued by the Federal Trade Commission (FTC), the federal agency that enforces antitrust law and promotes consumer protection. This rule was struck down by a federal court before it took effect. However, Illinois legislation enacted in the last few years already limits the ability of employers to put in place and enforce non-compete clauses in their employment agreements. An experienced Illinois employment law attorney […]
What Are Key Issues To Watch During M&A Due Diligence?
Posted on October 21, 2024
During mergers and acquisitions, one of the key processes that can determine the success of the transaction is the due diligence process. During due diligence, the acquiring company will review the ins and outs of the company they hope to acquire. That is why consulting with an attorney experienced in the ins and outs of due diligence can be crucial to the success of mergers and acquisitions transactions. Importance of Getting Due Diligence Right Due diligence involves a full review and investigation of a target company. This is done to […]
What are the Benefits of Structuring Your Business As An LLC?
Posted on October 11, 2024
One of the most important early decisions an entrepreneur will make is to decide on the corporate structure of his or her business. The choice of corporate structure will influence many factors tied to a company’s success, operation, and growth. An Illinois business law attorney can advise you on the popular Limited Liability Company (LLC) corporate structure. Here are some of the basics about LLCs and why so many people choose them. Liability Protection As the name suggests, limited liability companies offer owners protection from personal liability if the company […]
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Please note: These blogs have been created over a period of time and laws and information can change. For the most current information on a topic you are interested in please seek proper legal counsel.
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