Tag: business law
Worker Misclassification: How a Seemingly Simple Mistake Can Cost Your Business Dearly
Posted on May 9, 2023
Understaffing and other employee-related issues have been a major concern for many small and medium-sized businesses in recent years. Many employers have had to make significant changes to their workforces, including outsourcing responsibilities to third parties, expanding remote work, and relying more heavily on independent contractors. If you own or manage a small or medium-sized business, understanding and complying with state and federal employment laws is essential. Even a seemingly minor mistake can result in massive fines and penalties for worker misclassification. Independent Contractors Versus Employees Many businesses work with […]
Patent Trolls: What Are They and How Can They Harm Your Business?
Posted on May 8, 2023
Patents allow inventors and entrepreneurs to prevent other companies from manufacturing, selling, or using their patented inventions for a set period of time. Governments grant these rights in exchange for detailed public disclosure of the innovation. A patent is essentially a temporary monopoly granted to a business or individual that allows them to profit from their unique innovations. When used correctly, patents encourage innovation by rewarding creativity and novelty while simultaneously fending off intellectual theft. However, the U.S. patent system is not infallible, and it can be abused. Businesses have […]
Should I Use a Non-Disclosure Agreement When Selling My Business?
Posted on April 28, 2023
If you are planning to sell your business, you will need to discuss detailed information about your business operations, financials, and other sensitive information with prospective buyers. Understandably, this can make some business owners a little nervous. After all, confidential information that gets into the wrong hands can be used against you and your business, essentially undoing your years of hard work. A non-disclosure agreement or confidentiality agreement is a legal contract used to prohibit parties from sharing certain information. An NDA can be a very useful tool during the […]
Burnout is a Serious Problem for Business Owners: Here is How to Combat it
Posted on April 20, 2023
To say that the last few years have been difficult for business owners is to put it very lightly. Business owners have had to contest with record inflation, supply chain issues, worker shortages, and ever-changing customer needs. It comes as no surprise then that a significant number of small business owners are suffering from burnout. One national survey found that just under half of business owners have experienced burnout in the last month. Burnout refers to a general feeling of exhaustion caused by chronic work-related stress. It often leads to […]
What Illinois Business Owners Need to Know About Personal Injury Liability
Posted on April 13, 2023
For business owners, the responsibilities are never-ending. There are so many things to think about that some tasks get put on the back burner. You may currently be focusing on sales, customer satisfaction, marketing, or streamlining your business practices. However, you may not give much thought to the possibility of somebody being injured on your property. Although it is often seen as a lesser priority, it is crucial for business owners to reduce personal injury liability as much as possible. The best way to do this is to take proactive […]
How to Use Artificial Intelligence to Benefit Your Small or Medium-Sized Business
Posted on April 4, 2023
Artificial intelligence has been around – at least in some capacity – for quite some time. However, it is only recently that AI services such as ChatGPT have gone viral. Opinions about artificial intelligence and what the technology means for society vary significantly. Some people think that the rapidly growing capabilities of AI technology are something to fear. Others see AI as an opportunity for innovation, advancement, and creativity. One thing is certain: AI is here, and it is likely here to stay. As a business owner, it is imperative […]
Common Reasons Businesses Are Sued, and What to Watch Out for in Your Business
Posted on March 20, 2023
For business owners, the threat of a lawsuit is always present to some degree. Even the most responsible business owner may not entirely avoid the risk of being sued. However, there are many steps business owners can take to reduce their risk of being sued successfully. For many businesses, making a few simple adjustments to their business operations, contracts, or insurance coverage can lower the risk of a lawsuit dramatically. If you own or manage a business, make sure you understand the most common reasons that companies get sued and […]
The Why’s and How’s of Succession Planning
Posted on March 16, 2023
As a business owner, it can be hard to think about a time when you are no longer involved in the business. After all, you have probably spent countless long hours developing your business and making it the success that it is. However, it is crucial for every business owner to consider what will happen to the business if they retire, sell the business, become incapacitated, or pass away. Having a succession plan in place is essential for preparing your business to transition smoothly after you move on. Planning for […]
Do You Have an Exit Strategy?
Posted on February 22, 2023
Whether your business is brand new or you are celebrating a milestone anniversary – every business owner should have an exit strategy. Succession planning is crucial for businesses of every size. However, this is a task that many people put on the back burner. Working on an exit strategy well in advance of a planned exit is one of the best ways to reduce disruptions to your business when you or other key players do leave the company. It can also help ensure that the business is best prepared to […]
Why You Need to Share Your Company Vision
Posted on February 16, 2023
When an entrepreneur starts or purchases a business, he or she is usually full of ambition. The owner has a specific vision for the company, including what the business will achieve and how it will operate. However, over the years, many business owners get caught up in the everyday responsibilities of running the company. They start to forget why they got into business in the first place, and their lofty goals become a distant memory. Whether you are a long-time business owner or just starting out, it is important to […]