Tag: Naperville business lawyers
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 […]
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 […]
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 […]
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 […]
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 […]
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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