Corporate Law

Changes to Make When a Business Is Quickly Growing

Business owners who have businesses that are quickly growing may need to make some adjustments when their companies approach the $1 million mark in annual revenues. The more successes that a business has in the market, the larger the hurdles it might also simultaneously encounter. Understanding how to modify a business's plan and approach can be vital in ensuring its continued success. A business law attorney might provide guidance to small business owners when their businesses are transforming … [Read more...]

Dissolving Partnerships in Illinois

Business partnerships may be dissolved for any number of reasons. These can include a death, bankruptcy of the business, or simply the desire to move on. Once a vote has been taken to dissolve a partnership, the partners must adhere to the terms of the contract and state law to ensure that the appropriate steps are taken to formally end the relationship. Reviewing the Partnership Agreement Most partnership agreements identify the steps that need to be taken in order to dissolve the … [Read more...]

The Limited Power of Non-Compete Clauses

A number of recent cases in Illinois have brought into question the limits of non-compete clauses in employment contracts. Some of these seem to severely limit the application of these clauses. Others have favored the employer's rights, but one thing is clear: businesses that ignore the impact of these developments put their interests at risk. … [Read more...]

Maintaining Your Corporate Status

From protecting personal assets to limiting business liability and risk, maintaining corporate status in Illinois is a key component of running a successful business. Once the corporate veil is pierced, unhappy clients or other businesses can reach past the protection that corporate status gives and attack personal resources. There are many well-documented cases where not incorporating a business puts a business owner's family home, personal savings, and even retirement resources at risk. … [Read more...]

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