Business Law

When starting up a company in Illinois, you will research various formation options available under state law and do your research to find the right fit for your business. Many in your position lean towards a corporation because of the benefits it offers, both for owners and the entity. However, you may not realize that there are distinct types of corporations that can provide additional advantages from a federal income tax standpoint. One is the S Corporation, often referred to as a “flow-through” entity for how profits and losses are […]

Because every business is unique, every deal involving a purchase or sale will bear numerous, distinct details that need to be addressed from a structuring point of view. Still, there are just three basic options for buying or selling a business: Stock purchase, asset acquisition, or a merger of the companies. The Illinois Business Corporation Act contains many provisions regarding the requirements, but there is little information on why you would choose one alternative over another. You can trust an Illinois business law attorney to handle the details since negotiations […]

Illinois business owners know the importance of retaining a lawyer for formation and start-up, as well as drafting and reviewing contracts. Not as many realize how critical it is to have access to general counsel on a regular basis. Some stakeholders may only reach out to an attorney after an issue has emerged, at which point they need to develop a relationship very quickly and get that person up to speed regarding the organization. While it is not practical for all companies to have an in-house legal department, there are […]

If you own a business that relies on customers coming into your building—such as a bar, restaurant, retail establishment, or even professional practice with a waiting area—you probably have music playing at least sometimes. Maybe you have a radio that plays a particular local station for background music, or perhaps you use a streaming service like Spotify or Pandora to match the preferences of your customers more directly. If your business is a bar or a nightclub, your entertainment lineup might include live cover bands and karaoke. Copyright laws in […]

If you are like most employers, firing an employee is an experience you would like to avoid at all costs. Termination can be challenging not only on a personal level but on a professional level as well. If the proper steps are not taken to justify an employee’s termination, he or she could potentially bring a successful wrongful termination lawsuit against you. As a result of the claim, you may suffer irreparable harm to your business’s reputation and be required to pay expensive damages. The best way to ensure that […]

If you are a business owner, employee concerns may take up a great deal of your time. One employee issue that has made many headlines in the past several years is sexual harassment. Sexual harassment is a type of employment discrimination protected by Title VII of the Civil Rights Act of 1964. If an employee reports sexual harassment and an employer does not properly address the problem, the employer can be liable for damages to the employee and may subject to other negative consequences. Now that more and more people […]

Some people knew that they wanted to one day own a business when they were in elementary school. For others, the dream of business ownership came later in life. Buying a franchise is a great way to become a business owner while still benefiting from the guidance and leadership of a franchisor. Franchise owners have the huge advantage of buying into an existing business model and receiving ongoing assistance from the parent company. However, success is not guaranteed. It is essential that anyone thinking about purchasing a franchise do their […]

If you are an entrepreneur interested in starting a business, your mind is probably racing with ideas and possibilities. One of the most important things you can do to start your business off on the right foot is to create a detailed business plan. As the old saying goes, “Failing to plan is planning to fail.” This statement is especially true in the business world. Approximately 80 percent of new businesses fail within their first year and a half. In order to give yourself the best chances possible of success, […]

Running a small business is no easy task. Not only do you need to offer a unique product or service, abide by all tax laws, and cover the cost of your overhead, but you must also ensure your employees are happy. To accomplish this, you need to know how to pay them properly. For most employees, this means offering them competitive hourly wages. Regarding sales staff, however, there are generally two types of compensation: salary and incentive, and determining which one is right for your business can be a tough […]

Well-written business contracts are the backbone of a successful business. If you own a business, you may deal with sales-related contracts such as purchase orders, bills of sale, and warranties. You probably manage employment contracts such as employee agreements, independent contractor agreements, confidentiality agreements, and non-compete agreements, as well. Whatever types of contracts your business uses, it is essential that these contracts be written accurately and in a way that makes them legally enforceable. It is easy to make a mistake in a contract that changes the nature of the […]