Business Law
Common Reasons Businesses Are Sued, and What to Watch Out for in Your Business
Posted on March 20, 2023
For business owners, the threat of a lawsuit is always present to some degree. Even the most responsible business owner may not entirely avoid the risk of being sued. However, there are many steps business owners can take to reduce their risk of being sued successfully. For many businesses, making a few simple adjustments to their business operations, contracts, or insurance coverage can lower the risk of a lawsuit dramatically. If you own or manage a business, make sure you understand the most common reasons that companies get sued and […]
The Why’s and How’s of Succession Planning
Posted on March 16, 2023
As a business owner, it can be hard to think about a time when you are no longer involved in the business. After all, you have probably spent countless long hours developing your business and making it the success that it is. However, it is crucial for every business owner to consider what will happen to the business if they retire, sell the business, become incapacitated, or pass away. Having a succession plan in place is essential for preparing your business to transition smoothly after you move on. Planning for […]
The Importance of Talking to Your Accountant – Even if It Is Not Tax Season
Posted on February 23, 2023
Many people who run small and medium-sized businesses only talk to their accountants during tax season. However, it is essential to remember that your accountant is an integral part of your business year-round. Tax deadlines are important, but the most successful business owners are those who have an ongoing relationship with their accountants and other financial professionals. Communicate with Your Accountant Frequently and Transparently Open communication with your accountant will help you plan for the future, strategize for growth, adjust your business procedures as needed, and make sure that you […]
Do You Have an Exit Strategy?
Posted on February 22, 2023
Whether your business is brand new or you are celebrating a milestone anniversary – every business owner should have an exit strategy. Succession planning is crucial for businesses of every size. However, this is a task that many people put on the back burner. Working on an exit strategy well in advance of a planned exit is one of the best ways to reduce disruptions to your business when you or other key players do leave the company. It can also help ensure that the business is best prepared to […]
Why You Need to Share Your Company Vision
Posted on February 16, 2023
When an entrepreneur starts or purchases a business, he or she is usually full of ambition. The owner has a specific vision for the company, including what the business will achieve and how it will operate. However, over the years, many business owners get caught up in the everyday responsibilities of running the company. They start to forget why they got into business in the first place, and their lofty goals become a distant memory. Whether you are a long-time business owner or just starting out, it is important to […]
How to Stay on Top of Changing Laws as a Business Owner
Posted on February 10, 2023
As a business owner, staying on top of changing laws can be a challenge. With new regulations and legal issues popping up all the time, it is important to ensure your business is compliant and protected from potential lawsuits, regulatory issues, or other legal problems. Failure to keep up with changing laws can result in hefty fines, reputational damage, and other serious consequences that can be costly for your business. The good news is that there are steps you can take to help protect your business from these pitfalls. Keeping […]
Are You at Personal Risk if Your Business is Sued?
Posted on January 24, 2023
The risks of being a small business owner are often thought of in terms of the business itself, but what about the personal risks? If your business is sued, are you at risk of losing your personal assets? It is a question that many small business owners do not think about until it is too late. The short answer to this question is yes, you are potentially at risk of losing your personal assets if your business is sued. Depending on how your business is structured, a lawsuit could put […]
How to Dissolve a Business Partnership in Illinois
Posted on January 19, 2023
Business partnerships consisting of two or more individuals or entities are a great way to access a wider range of knowledge, increase profits, and expand market reach. However, there may come a time when the partnership ends. Whatever the reason for the termination of the partnership, dissolving a business partnership in Illinois can be challenging. However, with proper planning and execution, it can be done relatively quickly and efficiently. What to Do If You Want to End Your Business Partnership When a partnership is no longer serving the best interests […]
Does Your Business Require A Physical Address?
Posted on January 12, 2023
Our world is becoming increasingly digitalized, and the pandemic has only accelerated this trend. Businesses now have the opportunity to operate virtually, without the need for a physical address. Many entrepreneurs and business owners wonder whether a storefront is needed for a successful business. Can a business operate with a PO box or virtual address? Can a small business use a home address as a business address? Does lacking a physical address have any legal implications? These are important questions, and anyone interested in starting a business should take the […]
Prioritize your Business Goals for The New Year
Posted on January 5, 2023
When planning for the New Year, small and mid-sized businesses should carefully consider their strategies for 2023 in order to ensure they are prioritizing their goals effectively. It is important to keep an eye on trends that may affect the industry, including advances in technology, shifts in customer preferences and demands, and changes to regulations or policies. Businesses should also take into account their current resources and budget, as well as any changes in the market that may impact their operations. Additionally, it is important to assess the business’s performance […]
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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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