The following article will cover: The role and primary responsibilities of a business law attorney acting as general counsel to an organization. How a general counsel helps ensure the company's compliance with laws, regulations, and industry standards. The ways in which a general counsel assists with contract negotiation, drafting, and review. What Is The Role And Primary Responsibilities A Business Law Attorney Will Provide To An Organization As Their General Counsel? The primary function of a general counsel is to offer consistent and proactive support across a spectrum of business needs – generally at a monthly flat fee. Clients value the ability to reach out to their general counsel for anything they may need, without fearing incremental charges for short consultations. What's more, over time a symbiotic relationship develops, enabling your general counsel to deeply understand your business – and grow alongside it. How Can General Counsel Help…Read More
The following article will cover: The business law services our firm provides to companies and individuals in Illinois. The importance of consulting with an experienced business law attorney at the outset when starting a small business to prevent pitfalls and reduce your long-term costs. The essential questions and discussions we cover with clients who are looking to start a business. What Business Law Services Can Your Firm Offer To Illinois Companies And Individuals? Our firm offers a comprehensive range of legal services tailored for individuals and small to medium-sized businesses. These services encompass assistance for start-up businesses in selecting the right corporate structure, crafting operational documents, formulating employment policies, addressing general corporate matters, and more. At What Stage In The Planning Process Should Someone Starting A Small Business Consult An Experienced Business Law Attorney? The best time to start working with a business attorney is at the very…Read More
In this article, you can discover… The purpose of a vendor contract. How a confidentiality clause impacts vendor contracts. How to handle amendments and modifications to a vendor contract. What Is The Purpose Of A Vendor Contract? The purpose of a vendor contract is simply to set out the obligations clearly, in writing, between your business and vendors who supply goods or services. What does the vendor provide? When and how often will they provide the product or service? How much is the customer or client going to pay for the product or service? What happens if something is wrong with the product or service? What Should Be Included In The Payment Terms Section Of A Vendor Contract? The payment terms section of a vendor contract should govern the amount of payment, the frequency of payments, whether or not purchase orders and invoices are going to be issued,…Read More
In this article, you can discover… The first steps to starting a business. How to decide whether to lease or buy property. Common legal mistakes a business attorney can help you avoid. What Is The First Step I Should Take When Starting A Business? Think and create a business plan. A business plan doesn't have to be fancy, and it doesn't necessarily have to conform to any particular form that you might find online. A good business plan answers the questions… How do you intend to finance the business? Are you going to self-finance or seek outside investors? What's the product you're going to sell? Are you going to eventually expand your product line? Having these questions answered before you start can help the rest of your business journey run much smoother. What Is The Importance Of A Business Plan In The Startup Phase? The decisions set out…Read More
Dear Friends And Clients, The world health crisis brought about by the coronavirus (Covid-19) is of great concern to us all. First and foremost, we hope this message finds you and your family and loved ones well. We thank you for the continued trust you have placed in us as your legal counsel. We wanted to inform you of developments in the legal community and how we, as a firm, are addressing them. The Federal Court, the Circuit Court of Cook County and the surrounding counties have been ordered to substantially shut down for the coming 30 days. In accordance with the CDC guidelines and our good judgment, our firm has shifted to substantially remote work as of today, March 19, 2020. We will be back in our offices as full operational capacity as soon as possible. In the meantime, will be utilizing all technology at our disposal…Read More
Have you ever been a party to a signed contract and then had the other party bail? This happens surprisingly often, especially in the real estate context. Imagine a buyer and a seller that have signed a real estate contract to transfer ownership of a home. The parties go through an inspection and other negotiation and then, suddenly, the seller decides that he/she can’t go through with it. What can you do? One option is to force the seller to complete the transaction by filing a lawsuit for breach of contract. That lawsuit can seek “specific performance” as the remedy. If the judge grants specific performance, you can acquire the property under the terms of your contract. Specific performance can only be granted where there is a valid and enforceable contract – in writing. The contract terms must be clear and unambiguous. In the real estate contract, unambiguous…Read More
A client recently asked me: “can I recover damages on an oral agreement?” My answer: “That depends.” It is always preferable from a legal perspective to reduce to writing any agreement with another person. It simply makes things easier and more straight forward. Sometimes, for one reason or another, that just is not done. But, not all is lost. Many oral contracts are enforceable – some are not. Illinois’ Statute of Frauds law makes clear that oral agreements are generally NOT enforceable when: (1) It is an agreement for the sale of land (2) It is an agreement for a term of longer than one year (3) It is an agreement where one person assumes another’s debt (4) It is an agreement for the sale of goods worth more than $500 (5) It is a promise made by executors and administrators of an estate. Generally, if the agreement…Read More
The Illinois Appellate Court has recently broadened the potential individual liability for a corporation’s debts, even in cases where the individual is not an officer, director, employee, or shareholder of the corporation. Corporations and LLCs are generally separate and distinct from their employees, officers, directors, and shareholders. Their purpose has been to insulate individuals from personal liability for the corporation’s debts and other liabilities. Historically, Illinois courts have been reluctant to “pierce the corporate veil” and hold individuals liable for corporate debts and other liabilities. However, that may be changing. Illinois courts may pierce the veil where: (i) there is such a unity of interest and ownership that separate personalities of the corporation and the parties who compose it no longer exist, and (ii) circumstances such that the fiction of a separate corporation would promote injustice or inequitable circumstances. Traditionally, courts would consider piercing the corporate veil only…Read More
Whether we are representing a plaintiff (seeking a judgment) or a defendant (defending against a judgment), an early conversation with the client almost always includes the reminder that getting the judgment is the easy part. Collection, regardless of which side you are on, is the hard part. We have represented multiple clients who have a judgment against them personally. The creditor will almost certainly seek to discover personal assets such as bank accounts, vehicles, and other property held in the debtor’s name. In many cases, clients previously took steps to protect their various personal assets, such as with a comprehensive estate plan. Clients frequently become concerned about how the judgment will affect their business interests. That answer depends in large part on how the business interests are structured. For example, an interest in an LLC has some advantage to individual members faced with a judgment against them personally…Read More
