Business Law

Understanding the Illinois Small Business Set Aside Program

Posted on April 21, 2014

Illinois’ Small Business Set-Aside Program (SBSP) exists to help small businesses in Illinois build their credibility and achieve higher revenues. Operated by the Chief Procurement Office, the program awards millions of dollars to small businesses in the supply and service industries each year. The state of Illinois has identified 120 procurement categories that have been set aside for small businesses registered with the SBSP. In addition to these, all awards by the state of less than $50,000 have been set aside for qualified small businesses. According to the State of […]

Posted in Business Law

Why Have Share Transfer Restrictions for Closely Held Corporations (or even LLC’s)

Posted on February 1, 2014

By Denice A. Gierach – May 13, 2010 Most people have investments that include stocks that are publically traded, with the New York Stock Exchange or the NASDAQ. It is expected that shareholders will from time to time trade their shares. There are such large numbers of stock issued by a particular corporation that usually no transfer even affects who controls the corporation. In a privately held company, usually the shareholders are the people who work the company and are corporate officers. Since the shares that can be issued are […]

Posted in Business Law

Protecting Your Ownership of Employee-Created Intellectual Property

Posted on September 8, 2013

An employer might assume that any intellectual property created by an employee in connection with the employee’s job duties will automatically become the exclusive property of the employer. However, without taking the necessary measures to ensure this, that assumption could prove incorrect. Employee Inventions Where There Is NO Enforceable Assignment-of-Inventions Agreement. Often, in the absence of an assignment-of-inventions agreement, an employee presumptively owns any inventions that he or she creates that are entitled to protection under applicable trade-secret or patent law. This means that the employer may have no ownership […]

Posted in Business Law

How Contract Law Affects Small Businesses

Posted on August 3, 2013

The last thing a small business owner wants to think about is what type of legal forms to use when entering in contractual agreements. Contracts take time to draft, they are complicated and very dry. Some business owners would like to have them drafted professionally, but they are worried about the price. A solid contract, however, is not only worth the cost of a qualified Illinois business attorney, but it will likely avoid any disputes down the road that can be very costly. Contracts that are drafted professionally are based […]

Posted in Business Law

How the Law of Agency Affects Small Businesses

Posted on June 27, 2013

After setting up a business, a business owner must ensure that it operates efficiently and that it is protected from potential liability. Yes, every business, big and small, faces some level of potential liability. This is particularly tricky for small businesses that have limited resources. It is crucial for a small business owner to have adequate checks to minimize potential risks. “HowThese risks can come from a variety of sources. Take the conduct of an agent, for example. Under Illinois law, a business may be held liable for the wrongful […]

Posted in Business Law

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