Starting a business in Illinois can be an exciting and somewhat worrisome time for prospective business owners and investors. Even those who already have a successful business might think about certain legal issues that need to be addressed. One is understanding how...
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What is a force majeure clause?
The heart of contract litigation is based on predictability and certainty between the parties. Sometimes when events occur that are outside of the parties’ control, they are allowed to invoke their force majeure provision of their contract to relinquish any...
Consider personal liability when starting a business
If you are starting your own business in Illinois, you are probably aware that business owners face many unique challenges that they would not face if they were employees. One challenge may be being held personally liable for debts owed by the business. What is...
Advantages and disadvantages to an LLC
If you are a new business owner in Illinois, one of your first steps will be determining which type of business formation you want for your business. The formation you choose will serve as the blueprint for your business and will have a significant impact on all...
Have a succession plan in place before you need it
As you established your small business in Illinois and watched it grow into a lucrative enterprise, you may have been focused on the here-and-now. However, the day will eventually come when you want to leave the business, for example, to retire. If so, you will need a...
How a buy-sell agreement can save a business
Organizing a new business can be an exciting, and no one in the midst of this adventure wants to contemplate any change to a business plan whose completion that probably required several months of dedicated effort. Unfortunately, the future is infamously uncertain,...
Has your business been harmed by fraudulent misrepresentation?
A lot of small businesses in Illinois and Missouri pride themselves on their hard work and the strength of their word. This means that most of these businesses enter into agreements with the full intent of keeping their promises. But, as you’re probably well aware,...
How does business type influence financing options?
With last year’s historic boom in startups still surging ahead in 2021, many entrepreneurs are looking for ways to attract capital. In order to tap into appropriate financing sources, however, it is wise for the Illinois business owner to be aware that the choice of...
Strife in a small business can lead to complicated litigation
Most businesses are privately owned, meaning they are not traded on one of the public stock exchanges. Many of these businesses are organized as privately held corporations or as limited liability companies, or LLCs. When affairs are operating as intended, the...
Compensatory damages in breach of contract claims
Businesses in Illinois enter into contracts every day with the expectation that each side will hold up to their end of the deal. Contracts form the backbone of many business dealings, but things do not always run smoothly and sometimes a party ends up breaching the...