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Business Transactions

Five Reasons Every Startup Needs a Business Plan

Hand holding a business plan board A business plan offers several benefits to startup companies in Illinois. Business plans are written documents that provide a description of a company’s business, goals, the intended methods for achieving the specified targets, and the time frame for reaching the stated goals. Business plans also often include details regarding the company’s funding and financial projections. 1. It Serves as an Operational Blueprint Nailing down the big-picture issues … [Read more...]

Finding the Best Business Attorney in Illinois

Finding the right business attorney depends on reaching out to a personal network, leveraging online tools, and applying discerning inquiries to weed out unqualified candidates. A business attorney can work as a force multiplier for small, medium, and big enterprises by empowering the company to expand into new business opportunities, increase hiring, and sign an extended lease. However, selecting the wrong attorney can be a drag on a company’s growth just as it is poised to expand … [Read more...]

2017’s Legal Issues Restaurants Should Note

The new administration in Washington and new legislatures across the country may soon unleash a blizzard of legislation and rules impacting the restaurant industry. Many of these changes would come in the wake of actions taken in 2016, some of which are just starting to take effect. To that end, the following are some of the things business transaction lawyers want employers to know as the year gets rolling: (Article continues below Infographic) Marijuana Medical marijuana is … [Read more...]

Commercial Real Estate Risks Eyed By Federal Reserve

Chicago developers and businesses that are involved in the commercial real estate industry should be aware that the Federal Reserve is concerned that apartment towers may be the next asset-price bubble and is considering raising interest rates as a means to avoiding a burst in the sector. The Fed is reportedly concerned that continued low-interest rates might lead to investors reaching for high yields while prices remain high. A commercial real estate and business transaction lawyer believes … [Read more...]

Hard Money Loans: The Last Resort For Business Financing

Businesses and developers sometimes run into problems with finding much-needed capital, but hard money loans should be the last option that they consider. There are several reasons that hard money loans should be the financing source of last resort. These loans should not be used for anything other than short-term needs, and developers and business owners should pay them off as quickly as possible. A business transaction lawyer might assist clients with identifying better funding sources other … [Read more...]

Your Rights as a Commercial Tenant In Illinois

When entering into a commercial lease in Illinois, understanding the terms of the lease agreement is essential to protect tenant rights. As a business transaction lawyer knows, a commercial landlord must uphold the contractual duties outlined in the lease, but landlord liabilities are not always clearly outlined. According to Illinois laws, basic tenant rights in a commercial lease differ from those in a residential lease. The most basic statutory landlord duties are not automatically … [Read more...]

Environmental Regulations Impact Small Businesses

Illinois small business owners are required to comply with certain environmental regulations and failure to do so can lead to fines and legal action. Unfortunately, not all small business owners are aware of or understand the regulations that they are responsible for complying with. Small Businesses and Environmental Regulations It’s not only businesses that provide automotive, agricultural chemical services that should be aware of federal and state environmental regulations. Small … [Read more...]

Is Chicago a Profitable Place to Start a Small Business?

Small businesses in Chicago face operational challenges that include high taxes, a slow economy, and budgetary problems in the state capital. According to an Illinois business law attorney, Chicago can be a profitable place to start a small business if entrepreneurs are willing to navigate the challenges. High Taxes One of the biggest hurdles facing small businesses in Illinois is high taxes. According to a recent article, The State of Small Business: Illinois, entrepreneurs regard high … [Read more...]

Capital Markets Improvement Act (HR 1675) Aims to Help Small Business

Small businesses are important to building a healthy economy. They provide access to goods and services that consumers want, which helps to stimulate the economy. But most importantly, they help fuel job growth. Times have changed, and being a small business owner has become increasingly difficult. Having to deal with all the federal and state red tape that comes with owning a small business can be costly and time-consuming, which can be overwhelming for small business owners. A business … [Read more...]

Commercial Renters Fight For Greater Protection

In a commercial lease there is a lot more at stake than just rent money; the success or failure of the business can hinge on the lease. Renters who do not take the time to consider carefully the terms of their agreement may face hefty maintenance costs, discover themselves responsible for unexpected taxes, or even find their business without a home. Illinois protects commercial lessees in three areas of particular importance. Habitability To protect residential tenants from exploitation by … [Read more...]

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