Tag: Naperville business law attorney
Staying in Compliance with Illinois Sexual Harassment Training
Posted on March 27, 2025
Employers around the country must comply with laws that prohibit discrimination in the workplace, including sexual harassment. In addition, a number of states have passed laws specifically requiring employers to institute sexual harassment training for their employees on an ongoing basis. Illinois is one such state, and in fact has amongst the most comprehensive sexual harassment training requirements in the country. In order to stay in compliance with Illinois employment laws, it is essential that employers educate themselves on the sexual harassment training requirements, put in place a compliance plan, […]
Should I Sell My Business? 9 Things to Consider
Posted on March 17, 2025
Perhaps you have received an offer to sell your business, or perhaps for personal reasons you are considering doing so. As varied as the reasons can be for selling a business, deciding to do so is not easy; yet at some point, many entrepreneurs will exit their business to move on to new ventures. There are multiple personal, financial and legal considerations that play into making the decision to sell a business. As with every step that can have serious legal and financial consequences, it is wise to carefully consider […]
Mergers & Acquisitions: How Can A Business Support Employees?
Posted on January 30, 2025
Mergers & Acquisitions: How Can A Business Support Employees? During a merger, two companies legally, financially, and practically merge into one. Likewise, during an acquisition, two companies become one when one company acquires or takes over another. Although the legal process differs, the ramifications for employees are the same. A merger or acquisition can mean big changes in an organization, from restructuring to changes in the company culture and leadership. Employees understandably might find this a stressful time full of uncertainty about their role in the company. At the same […]
Do You Pay Taxes When You Buy or Sell a Business?
Posted on January 13, 2025
Selling a business can be exciting and financially rewarding. It is often the culmination of decades of hard work and dedication. Business owners are und focused on maximizing the financial gains from the sale. Yet the end game should be not so much the price of the sale as the final take home, and one factor that can put a big dent in proceeds from the sale of a business is taxes. Because the sale of a business can generate significant income, taxes will be assessed. How the deal is […]
Worker Misclassification: How a Seemingly Simple Mistake Can Cost Your Business Dearly
Posted on December 9, 2024
One of the critical tasks you will face as a business owner is ensuring that you properly classify your workers as either employees or independent contractors. There is a significant legal difference between your responsibilities if you employ an independent contractor versus an employee. Additionally, misclassifying a worker can result in legal issues. Even a seemingly minor mistake can result in massive fines and penalties for worker misclassification. If you own or manage a small or medium-sized business, an experienced attorney can ensure that you understand and comply with essential […]
What Are Recent Developments In Illinois Non-Compete Law?
Posted on October 29, 2024
In recent years, the law on noncompete agreements has shifted considerably nationwide, and Illinois is no exception. This is primarily the effect of a recent rule issued by the Federal Trade Commission (FTC), the federal agency that enforces antitrust law and promotes consumer protection. This rule was struck down by a federal court before it took effect. However, Illinois legislation enacted in the last few years already limits the ability of employers to put in place and enforce non-compete clauses in their employment agreements. An experienced Illinois employment law attorney […]
What are the Benefits of Structuring Your Business As An LLC?
Posted on October 11, 2024
One of the most important early decisions an entrepreneur will make is to decide on the corporate structure of his or her business. The choice of corporate structure will influence many factors tied to a company’s success, operation, and growth. An Illinois business law attorney can advise you on the popular Limited Liability Company (LLC) corporate structure. Here are some of the basics about LLCs and why so many people choose them. Liability Protection As the name suggests, limited liability companies offer owners protection from personal liability if the company […]
What Should Business Owners Know About Partnership Disputes?
Posted on October 4, 2024
Business partnerships are some of the oldest and most popular legal structures for Illinois businesses. Partnership disputes may inevitably come up in the course of doing business as partners disagree on goals or financial obligations, for instance, or when one partner breaches a fiduciary duty to the partnership. Unless business partners have entered into a partnership agreement, the Illinois Revised Uniform Partnership Act (RUPA) provides default rules governing the creation and running of a partnership and comes into play when partnership disputes occur. An experienced business attorney can advise business […]
What Makes a Good Business Location? | IL
Posted on September 30, 2024
Starting a new business can be incredibly exciting and downright scary at the same time. In 2021, the state of Illinois had a 78.1 percent “survival rate” for new businesses. As of 2023, Illinois had the eighth-highest five-year business survival rate when compared to other states. While Illinois may have better overall survival rates for new businesses than many other states, it remains true that across the United States, almost 90 percent of startup businesses will fail, with 3,200 startups going under in 2023. Businesses fail for many reasons, but […]
Are You Prepared for the Coming Changes in IL Employment Law?
Posted on September 20, 2024
Business law is a complex area of the law and successful business owners must have a good grasp of these laws. As a business owner in Illinois, you should be aware that there have been some notable changes in employment law, which will require a review of employee handbooks and business policies. Many of the new laws will take effect on January 1, 2025, although some will have different effective dates. Business laws change fairly frequently, and business owners can benefit from having an experienced Naperville, IL business law attorney […]
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