Tag: business law
What Makes a Good Business Location? | IL
Posted on September 30, 2024
Starting a new business can be incredibly exciting and downright scary at the same time. In 2021, the state of Illinois had a 78.1 percent “survival rate” for new businesses. As of 2023, Illinois had the eighth-highest five-year business survival rate when compared to other states. While Illinois may have better overall survival rates for new businesses than many other states, it remains true that across the United States, almost 90 percent of startup businesses will fail, with 3,200 startups going under in 2023. Businesses fail for many reasons, but […]
Are You Prepared for the Coming Changes in IL Employment Law?
Posted on September 20, 2024
Business law is a complex area of the law and successful business owners must have a good grasp of these laws. As a business owner in Illinois, you should be aware that there have been some notable changes in employment law, which will require a review of employee handbooks and business policies. Many of the new laws will take effect on January 1, 2025, although some will have different effective dates. Business laws change fairly frequently, and business owners can benefit from having an experienced Naperville, IL business law attorney […]
Which Business Structure is Right for Me? | IL
Posted on August 31, 2024
Becoming a new business owner can be exhilarating, exhausting, and full of stress and anxiety, all at the same time. Many new business owners fail to put in the necessary amount of thought and research into these early business decisions, only to be forced to make changes down the line. Business formation is a crucial aspect that can determine the success or failure of your business. Excitement about a new business is natural, but to ensure success, the decisions you make now must be just as valid years from now. […]
What Are the Legal Rights of Employees for Social Media?
Posted on August 26, 2024
Most Americans are active on at least one social media platform. We are a connected society, particularly since smartphones have placed these platforms front and center. Since engagement with social media is generally seen as leisure rather than work, the debate about whether social media is appropriate workplace behavior marches on. Equally important are the business law issues pertaining to whether employees should be allowed to use social media in the workplace. Whether or not to allow social media use in the workplace is not a simple issue. The productivity, […]
What Are the New Restrictions on Child Labor in Illinois?
Posted on August 10, 2024
For the first time in 75 years, Illinois has fully addressed its child labor laws. Public Act 103-0721, signed by Governor JB Pritzker, is a total revamping of the child labor laws across the state. “Piecemeal” changes through the years did nothing but create conflicting provisions; this new bill essentially gutted child labor laws in the state, replacing many and making them all easier to understand. Business laws can be complex, and as a business owner, you need to ensure your business stays up to date. If you are an […]
How to Perform Due Diligence During a Business Merger
Posted on May 24, 2024
Merging two businesses is a complex process that requires thorough preparation and analysis. Due diligence is a critical component of any successful business merger. It can ensure that all aspects of the merging entities are evaluated and understood. An experienced attorney can help navigate these legal complexities and facilitate a smooth transition during a business transaction. The due diligence process will address many different aspects of both companies, and it may include: Financial Due Diligence It will be important to conduct a comprehensive review of the financial statements and performance […]
What Is a Minor Breach or a Material Breach of Contract?
Posted on May 17, 2024
When engaging in any contractual agreement, it is important to understand the requirements that will apply to each party and the options for addressing violations of the contract’s terms. A full understanding of the implications of a breach of contract is crucial. A breach of contract occurs when one party fails to fulfill their duties as stipulated in the contract. However, there are different types of breaches, and the ways they will be handled will depend on how the parties and the contract as a whole have been affected. An […]
7 Essential Clauses to Include in a Business Partnership Agreement
Posted on May 3, 2024
When entering into a business partnership, it is crucial to make sure you have a well-defined partnership agreement. This legal document sets the foundation for the partnership’s operation and management. Having a comprehensive partnership agreement helps prevent disputes between partners and ensures a clear path for decision-making processes. By working with an experienced attorney who understands the business law issues that will affect your company, you can make sure your partnership agreement will protect your business while establishing a framework that will allow you to work together successfully with your […]
How Can Historic Preservation Laws Affect Real Estate Projects?
Posted on April 25, 2024
For developers and property owners in DuPage County, understanding the impact of historic preservation laws on real estate projects is crucial. These regulations can influence everything from the planning stages to the execution of a project, and failing to comply can lead to significant delays, increased costs, or even legal action. Working with an attorney who has experience in local real estate transactions and historic preservation laws can ensure that a developer can navigate these challenges effectively. Understanding Historic Preservation Laws Historic preservation laws are designed to protect buildings, landscapes, […]
How Can Arbitration Be Used to Resolve Contract Disputes?
Posted on April 18, 2024
In today’s fast-paced business world, contract disputes are a common challenge that can disrupt a business’s operations and drain its resources if they are not managed effectively. While there are a variety of options for addressing these issues, arbitration has become a popular way to resolve legal disputes efficiently and privately. An experienced business law attorney can provide guidance and representation during the arbitration process, helping address legal issues swiftly and effectively. What is Arbitration? Arbitration is a form of alternative dispute resolution (ADR) in which the parties will work […]
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