Business Law
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 […]
What Should Business Owners Know About Partnership Disputes?
Posted on October 4, 2024
Business partnerships are some of the oldest and most popular legal structures for Illinois businesses. Partnership disputes may inevitably come up in the course of doing business as partners disagree on goals or financial obligations, for instance, or when one partner breaches a fiduciary duty to the partnership. Unless business partners have entered into a partnership agreement, the Illinois Revised Uniform Partnership Act (RUPA) provides default rules governing the creation and running of a partnership and comes into play when partnership disputes occur. An experienced business attorney can advise business […]
What Makes a Good Business Location? | IL
Posted on September 30, 2024
Starting a new business can be incredibly exciting and downright scary at the same time. In 2021, the state of Illinois had a 78.1 percent “survival rate” for new businesses. As of 2023, Illinois had the eighth-highest five-year business survival rate when compared to other states. While Illinois may have better overall survival rates for new businesses than many other states, it remains true that across the United States, almost 90 percent of startup businesses will fail, with 3,200 startups going under in 2023. Businesses fail for many reasons, but […]
Are You Prepared for the Coming Changes in IL Employment Law?
Posted on September 20, 2024
Business law is a complex area of the law and successful business owners must have a good grasp of these laws. As a business owner in Illinois, you should be aware that there have been some notable changes in employment law, which will require a review of employee handbooks and business policies. Many of the new laws will take effect on January 1, 2025, although some will have different effective dates. Business laws change fairly frequently, and business owners can benefit from having an experienced Naperville, IL business law attorney […]
Do I Need a Trademark for My New Illinois Business?
Posted on September 13, 2024
Trademarks fall under intellectual property, along with patents and copyrights. Intellectual property is a vague, often complex legal area for business owners. Do you need a trademark? What do you have to do to get a trademark? Is it expensive? Do you need a business law attorney? These business owner questions – along with others – may be swirling around in your head. A trademark generally applies to branding, symbols, business names, sounds, colors, and logos. Copyrights apply to creative works, and patents to innovations and inventions. While they are […]
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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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