Tag: lawyer
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 […]
Protecting Your Ownership of Employee-Created Intellectual Property
Posted on September 8, 2013
An employer might assume that any intellectual property created by an employee in connection with the employee’s job duties will automatically become the exclusive property of the employer. However, without taking the necessary measures to ensure this, that assumption could prove incorrect. Employee Inventions Where There Is NO Enforceable Assignment-of-Inventions Agreement. Often, in the absence of an assignment-of-inventions agreement, an employee presumptively owns any inventions that he or she creates that are entitled to protection under applicable trade-secret or patent law. This means that the employer may have no ownership […]
How Contract Law Affects Small Businesses
Posted on August 3, 2013
The last thing a small business owner wants to think about is what type of legal forms to use when entering in contractual agreements. Contracts take time to draft, they are complicated and very dry. Some business owners would like to have them drafted professionally, but they are worried about the price. A solid contract, however, is not only worth the cost of a qualified Illinois business attorney, but it will likely avoid any disputes down the road that can be very costly. Contracts that are drafted professionally are based […]
How the Law of Agency Affects Small Businesses
Posted on June 27, 2013
After setting up a business, a business owner must ensure that it operates efficiently and that it is protected from potential liability. Yes, every business, big and small, faces some level of potential liability. This is particularly tricky for small businesses that have limited resources. It is crucial for a small business owner to have adequate checks to minimize potential risks. “How these risks can come from a variety of sources. Take the conduct of an agent, for example. Under Illinois law, a business may be held liable for the […]
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