Business Law
Common Mistakes in Illinois Business Succession Planning and How to Avoid Them
Posted on June 10, 2025
One of the most important decisions you must make as a business owner is planning for the day you or other important employees are no longer willing or able to lead your organization. Having a well-developed and detailed succession plan is key to ensuring that your company not only survives but flourishes amidst major organizational changes. Yet many businesses struggle to come up with a cohesive succession plan, or fail to execute it properly, putting the company’s viability at risk. Neglecting to plan for the future can harm a company’s […]
What Do Illinois Businesses Need to Know Before Signing a Commercial Lease?
Posted on May 31, 2025
Commercial leases differ in significant ways from residential leases. For one, they tend to have a longer duration, and the monthly cost is generally much higher. Commercial leases also provide significant room for negotiation and flexibility. On the other hand, laws affecting commercial leases offer less protection for the commercial tenant than are generally available in a residential context. Because the contents of a commercial lease can help make or break a new business, business owners should carefully consider the provisions and negotiate the terms. An experienced Naperville, IL commercial […]
How Do Capital Gains Taxes Affect the Sale of a Business in Illinois?
Posted on May 12, 2025
The prospect of selling your business can be exciting, providing the opportunity to capitalize on your hard-earned work. It may be that you are selling your business to retire, or to start another venture. Whatever the reason, many factors impact the decision to sell a business, and the details of the transaction. One key factor that affects the sale of a business is taxation. Capital gains taxes can eat up the proceeds of the sale if you do not put in place careful strategies to mitigate taxation. In fact, when […]
When Should You Restructure or Reorganize Your Business?
Posted on April 30, 2025
Business needs can change. Growing businesses will also find that with success and increased revenue come challenges that may require a different way of doing things. Organizational structures may no longer work for the company. The market strategy may not match the current market needs. The company might experience financial difficulties. Conversely, things may be going very well now, but there may be concerns about the long-term business outlook. In short, there are many reasons why a company can benefit from a business restructuring. But one thing is for certain, […]
7 Employment Law Mistakes High-Growth Companies Make
Posted on April 15, 2025
While growth is a great sign business owners and investors are eager to see, it can bring about its own set of challenges. These are the growing pains businesses can experience. Things move quickly when a company is growing. That expansion often requires quick decision-making and implementation of processes aimed at keeping the business functioning at its best. However, when business owners are occupied managing the day-to-day responsibilities, other important aspects sometimes slip through the cracks. Indeed, as things change quickly at high-growth companies, compliance with legal requirements becomes that […]
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 […]
How Does a Large Company Write a Great Employee Handbook?
Posted on February 28, 2025
“Employees are a company’s greatest asset – they’re your competitive advantage. You want to attract and retain the best; provide them with encouragement, and stimulus and make them feel that they are an integral part of the company’s mission–” Anne M. Mulcahy, former CEO of Xerox corporation. One of the key ways that companies bring out the best in employees while protecting the company legally and financially is by having in place a great employee handbook. An experienced Naperville, IL business lawyer can help you draft your large company’s employee […]
Does My Business Need an Outsourced General Counsel?
Posted on February 13, 2025
The business and legal worlds are intertwined. A large part of doing business involves looking out for legal risks, setting up processes to minimize those risks, and handling legal disputes. Put another way, handling legal issues comes with the territory of doing business, whether it is reviewing a vendor agreement, ensuring compliance with relevant rules and regulations, or facing the threat of litigation from a disgruntled client or employee. At the same time, business owners and managers wear many hats and, as the business grows, tend to take on additional […]
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 […]
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Please note: These blogs have been created over a period of time and laws and information can change. For the most current information on a topic you are interested in please seek proper legal counsel.
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