Business Law
Evaluating the Advantages and Disadvantages of Purchasing a Franchise
Posted on June 2, 2023
When we think about business owners, we often imagine an individual establishing a startup or building a business from the ground up. However, for many entrepreneurs and prospective business owners, buying a franchise offers an alternative option with many advantages. In this blog, we will evaluate some of the advantages associated with franchise ownership as well as the potential downsides of buying a franchise. Benefits of Owning a Franchise in Illinois A franchise business is one in which the company owner grants licenses allowing other parties to sell its products, […]
Opening a Retail Store? Watch for These Important Legal Concerns
Posted on May 25, 2023
Consignment stores, clothing boutiques, health food stores and other small, locally-owned retail stores seem to be popping up everywhere recently – and for good reason. Now that COVID-19 restrictions have lifted, many customers are eager to explore brick-and-mortar stores in their neighborhoods. Tired of the generic items they find at big box stores and ready for a more personal touch, customers are increasingly interested in shopping locally. If you plan to open a retail store, there are plenty of opportunities. However, starting or purchasing a retail business can also be […]
Social Media Use, TikTok, and Your Small Business
Posted on May 18, 2023
For several months now, lawmakers have expressed security concerns regarding the wildly popular video app TikTok. Several countries have already forbidden government employees from using the application, citing worries over user data being shared with the Chinese government or fears that the application will be used to spread misinformation. The future of TikTok in the United States is uncertain, and some lawmakers have pushed for the app to be banned entirely. In fact, the governor of Montana signed a bill this week to ban TikTok in the state. However, banning […]
Patent Trolls: What Are They and How Can They Harm Your Business?
Posted on May 8, 2023
Patents allow inventors and entrepreneurs to prevent other companies from manufacturing, selling, or using their patented inventions for a set period of time. Governments grant these rights in exchange for detailed public disclosure of the innovation. A patent is essentially a temporary monopoly granted to a business or individual that allows them to profit from their unique innovations. When used correctly, patents encourage innovation by rewarding creativity and novelty while simultaneously fending off intellectual theft. However, the U.S. patent system is not infallible, and it can be abused. Businesses have […]
Should I Use a Non-Disclosure Agreement When Selling My Business?
Posted on April 28, 2023
If you are planning to sell your business, you will need to discuss detailed information about your business operations, financials, and other sensitive information with prospective buyers. Understandably, this can make some business owners a little nervous. After all, confidential information that gets into the wrong hands can be used against you and your business, essentially undoing your years of hard work. A non-disclosure agreement or confidentiality agreement is a legal contract used to prohibit parties from sharing certain information. An NDA can be a very useful tool during the […]
Burnout is a Serious Problem for Business Owners: Here is How to Combat it
Posted on April 20, 2023
To say that the last few years have been difficult for business owners is to put it very lightly. Business owners have had to contest with record inflation, supply chain issues, worker shortages, and ever-changing customer needs. It comes as no surprise then that a significant number of small business owners are suffering from burnout. One national survey found that just under half of business owners have experienced burnout in the last month. Burnout refers to a general feeling of exhaustion caused by chronic work-related stress. It often leads to […]
What Illinois Business Owners Need to Know About Personal Injury Liability
Posted on April 13, 2023
For business owners, the responsibilities are never-ending. There are so many things to think about that some tasks get put on the back burner. You may currently be focusing on sales, customer satisfaction, marketing, or streamlining your business practices. However, you may not give much thought to the possibility of somebody being injured on your property. Although it is often seen as a lesser priority, it is crucial for business owners to reduce personal injury liability as much as possible. The best way to do this is to take proactive […]
How to Use Artificial Intelligence to Benefit Your Small or Medium-Sized Business
Posted on April 4, 2023
Artificial intelligence has been around – at least in some capacity – for quite some time. However, it is only recently that AI services such as ChatGPT have gone viral. Opinions about artificial intelligence and what the technology means for society vary significantly. Some people think that the rapidly growing capabilities of AI technology are something to fear. Others see AI as an opportunity for innovation, advancement, and creativity. One thing is certain: AI is here, and it is likely here to stay. As a business owner, it is imperative […]
Why You Need a Business Attorney for Your Small or Medium Business
Posted on March 28, 2023
Being a small or medium-sized business owner can sometimes feel like a David and Goliath situation. Inflation, supply chain interruptions, staffing problems, cyberattacks… the list goes on and on. The challenges, difficulties, and frustrations faced by business owners on a daily basis are too great to count. With so many concerns to juggle at once, many business owners neglect legal concerns such as compliance with regulations and laws, protecting intellectual property rights, licensing issues, and employment law concerns. This is where a business attorney can be invaluable. A business attorney […]
Common Reasons that Businesses Fail
Posted on March 23, 2023
Most entrepreneurs and small business owners are well aware of the grim statistics surrounding business failure. A fifth of new businesses close their doors within a year and only half of small businesses survive past their fifth year. However, the news is not all bad. There are many ways to combat these odds and increase the chances of long-term success for your business. By taking a proactive approach to the challenges of business ownership, you can give your business a fighting chance. Inadequate and Ineffective Business Planning The saying “failing […]
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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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