Preparing For A Consultation With A Business Law Attorney During an initial consultation, a business law attorney will ask you several key questions to gain a deeper understanding of your background and goals. They will want to hear your story. They may ask whether you’ve been dreaming about starting a business for years or whether it’s just a fresh idea you’re eager to develop further and get a sense of what realizing it might entail in the meantime. Understanding your vision helps an attorney in their ability to provide you with tailored legal advice that aligns with your ambitions. As part of their dive into your background, they’ll ask about your current work and personal situation. This information will help them understand what this business truly means to you. Is the business a side venture, merely a passion project, or something you want to dedicate yourself to on…Read More
In this article, you will discover: The role of mediation in contract disputes. The pros and cons of mediation vs. litigation. What to do if the opposing party doesn’t negotiate in good faith. How Does Mediation Work In Contract Disputes? Mediation is one of various forms of Alternative Dispute Resolution (ADR). Mediation may be performed by a judge at the courthouse. In that case, it is frequently free of charge. In more complex cases, the parties may choose to engage an independent, third-party mediator to assist them in settling a case. Independent mediation, however, may require the parties to compensate the mediator for their time. In either scenario, the mediator will assess the strengths and weaknesses of the plaintiff and defendant’s claims in a breach of contract case. The mediator will also have frank discussions with the parties about those strengths and weaknesses, their likelihood of success and…Read More
Common Reasons New Businesses Face Litigation Litigation often arises from communication breakdowns between business owners, clients, customers, or vendors. Early recognition and transparent communication about issues can help you prevent these sorts of conflicts from emerging before they escalate. Modifying agreements or renegotiating terms can sometimes resolve disputes before legal action is necessary. Breaches of contract are also common. Frequently, they arise due to poor communication or inadequate record-keeping, which genuinely drives home the importance of maintaining thorough records. As businesses grow, HR-related claims, such as those from current or former employees, can lead to litigation. Finally, issues around restrictive covenants and non-compete agreements can also cause litigation, especially as the workforce expands. Protecting Your Business From Lawsuits Costly and time-consuming lawsuits can be a massive burden on your business, so it’s essential to fully understand your obligations under each contract and maintain clear communication with your clients,…Read More
In this article, you will discover: Whether mergers and acquisitions are only for large companies. If mergers and acquisitions can lead to layoffs. Whether mergers and acquisitions are typically adversarial. Are Mergers And Acquisitions Only For Large Corporations? Most of the acquisitions we handle for clients are for smaller companies. For example, we represent entrepreneurs who started up their companies and have achieved enough success and attention in the marketplace that a larger competitor wants to acquire them for a generous amount. In such a case, we will help you maximize your value and protect your interests as you sell your business. Is It True That Mergers Always Lead To Layoffs? It is true that sometimes an acquiring entity will lay off some employees of the entity being acquired. However, many of the clients we have represented are smaller entities with few or no employees at all. Sometimes,…Read More
Foundational Records For Illinois Startups Illinois startup owners need to maintain thorough business and financial records. Business records should include Your articles of incorporation or organization Your EIN Shareholder agreements for corporations or operating agreements for limited liability companies (LLCs). You’ll also need to document meeting minutes, even if your business consists of only one person. On top of this, you’ll additionally need to create corporate resolutions for any significant business activities. Financial records are equally important. Work with your accountant to keep the following organized: Loan documents Promissory notes with investors Receipts for business expenses All invoices and records of payment These documents ensure clear financial tracking and compliance, laying a strong foundation for the long-term health of your business, as well as its management and growth. Retaining Business Records I generally advise that you keep business records for seven years. This timeframe aligns with typical bank…Read More
In this article, you will discover: The definition of breach of contract under Illinois law. The evidence needed to prove breach of contract. Whether you can recover attorney’s fees in a breach of contract case. What Is Considered A Breach Of Contract Under Illinois Law? Under Illinois law, a breach of contract occurs when someone does not uphold their end of a written or oral agreement. When someone fails to uphold their end of an agreement with you, that is considered a breach for which you can be compensated with damages or equitable relief from the court. What Evidence Do I Need To Prove A Breach Of Contract Occurred? First, you need to prove that you have a valid contract. The contract can be a verbal or written agreement. A valid contract requires an offer, acceptance and consideration. Second, you must prove there is some element of the…Read More
Types Of Liability To Watch Out For As a business owner, understanding the various types of potential liability is essential for protecting both your personal and business assets. General liability is one of these common risks faced by business owners, which include slip and fall accidents by visitors or customers on your property. General Liability insurance is a must for any business owner. This policy should be in the name of the business and generally covers major risks Product liability is also a risk if you manufacture or supply products, as you could be held responsible for defects or harm caused by your products. If your business involves delivery or transportation, auto liability is an obvious risk and you should consider auto liability coverage, especially if employees are driving on behalf of your company. Worker’s compensation insurance is essential if you have employees since it will cover any…Read More
Common Contract Mistakes New Business Owners Make One of the most common contract mistakes new business owners make in Illinois is failing to create a detailed and forward-thinking business plan. Many entrepreneurs dive into their businesses without carefully planning for the future, which can lead to legal and financial complications. A solid business plan is vital not just for the owner but also for accountants and attorneys, as it helps them craft contracts, agreements, and legal documents that align with the business’s long-term goals. Without this plan, businesses may find themselves unprepared for growth or legal issues that could arise months or years down the line. Another significant mistake is not seeking professional legal and accounting advice from the beginning. While there are many online resources offering generic legal forms such as promissory notes or operating agreements, these one-size-fits-all templates will fail to meet the specific needs of…Read More
As a business owner, protecting your company, trade secrets, and intellectual property are of utmost importance. Unfortunately, many of these risks are posed by your own employees who have confidential knowledge and information about your company. So how can you protect your business and ensure that proprietary information is kept secure – while still hiring the people you need to run your business? One answer can be found in restrictive covenants. Keep reading this article to discover: The differences between common types of restrictive covenant agreements. Some of the key components that you should include in an employment contract. How you can ensure that your restrictive covenants are more enforceable by considering two key factors. What Are Restrictive Covenants For Employment Contracts, And How Do They Limit An Employee's Actions During And After Employment? A restrictive covenant is a fairly generic term that encompasses a number of different…Read More
In today's hectic world, unexpected monetary emergencies can emerge at any moment. Whether it's an auto repair service, medical costs, or any type of various other unpredicted expense, having access to fast and practical tiny lendings online can provide much-needed relief. What are Small Financings Online? Tiny loans online are short-term loans that are normally provided by online lenders. These loans are designed to aid people cover unanticipated expenses or bridge the gap between paychecks. The application procedure is usually fast and simple, making them a convenient choice for those in need of fast cash money. Unlike typical nigeria instant loan app bank loans, little financings online usually have much less rigorous demands, making them easily accessible to individuals with less-than-perfect credit history. This flexibility can be a lifeline for those facing financial troubles. It is very important to note that small loans online are indicated to be…Read More