Business Law
7 Common Intellectual Property Issues That Affect Startups
Posted on August 16, 2023
In today’s digital age, startups are at the forefront of innovation and technological advancements. As these businesses develop and grow, it is crucial for them to understand and protect their intellectual property rights. As they do so, they may face a number of challenges, and they will need to understand the legal issues that may affect them. By working with a business law attorney, startup owners can make sure they are making the right decisions, taking the correct steps to protect their rights, and building winning business strategies that will […]
Tax Planning Strategies for Small Businesses
Posted on August 7, 2023
As a small business owner, it is important to understand the significance of tax planning and how it can benefit your business. By implementing effective tax strategies, you can minimize your tax liability and maximize your overall profitability. As you address tax-related concerns, you will want to do the following: 1. Understand Your Tax Obligations The first step towards effective tax planning is to have a comprehensive understanding of your tax obligations as a small business owner in Illinois. This includes knowing the different types of taxes that apply to […]
How to Choose the Right Business Entity When Restructuring a Business
Posted on July 31, 2023
For business owners, putting a new business structure in place can be an exciting but challenging endeavor. One important decision you will need to make during this process involves choosing the right business entity for your restructured company. The type of entity you select will have significant implications on various aspects of your business, including taxation, liability protection, and management structure. Therefore, it is crucial to carefully consider all the options available before making your decision. The Importance of Choosing the Right Business Entity Selecting the appropriate business entity is […]
What You Need to Know About Business Succession Planning
Posted on July 24, 2023
There are many elements of running a successful business. In addition to managing day-to-day operations, business owners will need to plan for the future. This will not only involve developing successful business strategies, but also making plans for what will happen to the business after the owner leaves the company. By creating a business succession plan, a business owner can make decisions about the future transfer of ownership and management of a company, ensuring that their business will be able to continue operating successfully after their retirement or death. For […]
Can Mediation Be Used to Resolve Business Partnership Disputes?
Posted on July 17, 2023
Business partnerships are formed with the intention of working together towards a common goal and achieving success. However, disagreements and conflicts can arise in any partnership, which can threaten the harmony and profitability of the business. When faced with a partnership dispute, business partners have several options to resolve their issues, including mediation. What Is Mediation? Mediation is a dispute resolution process in which a neutral third party facilitates communication and negotiation between the parties involved in a dispute. Unlike litigation, where a judge makes the final decisions about how […]
Contracts 101: Essential Elements and Best Practices
Posted on July 12, 2023
While a contract might seem like a fairly simple, everyday legal concept, there is more to a contract than meets the eye. There are a few essential elements that must be present in order for your contract to be considered legal and enforceable. If you miss an important element, the contract you thought you could rely on may be deemed unenforceable. Each essential element must be present in every contract you rely on. There are also a few best practices, that while not always essential, can strengthen your business contracts. […]
What Employers Need to Know About Using Non-Compete Agreements
Posted on July 7, 2023
In today’s competitive business landscape, employers will often need to take steps to protect proprietary information and prevent unfair competition by former employees. Non-compete agreements can be effective tools for addressing these issues. Business owners in Illinois will need to understand the laws governing the use of these agreements, and they can work with a business law attorney to make sure they have the proper protections. Understanding Non-Compete Agreements Non-compete agreements or covenants not to compete are legal contracts that prevent an employee from entering into competition with their former […]
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 […]
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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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