Business Transactions

What 3 things should you consider when closing a business?

Making the decision to close a business can be a difficult step to take. Whatever the reason behind the choice, business owners should take the time and effort to ensure that they close their businesses properly. … [Read more...]

Should my business carry professional liability insurance?

A recent report from Chubb Corp. found that many privately held companies are critically underinsured. Only one-third of the survey participants had purchased professional liability insurance, which protects a business against a number of risks. As any Chicago business attorney knows, any company – public or private – can benefit from carrying such a policy. It is important for business owners in Illinois and across the country to understand what the insurance does and how it works. What … [Read more...]

I’m ready to hire employees: Now what?

According to the Illinois Department of Employment Security, there are roughly 6 million people employed in the state. Compared to a year ago, the data now reflects a nearly 1 percent increase in the number of jobs. As a business lawyer in Lake County knows, it is a good sign for the economy and for the business when hiring is on the rise. Yet as important as it is to get and maintain employees, it is crucial to follow the right process to bringing people on board. Doing otherwise could … [Read more...]

Business costs: Evaluate large purchases before buying

For businesses, keeping operating costs low without limiting growth can be a struggle. A business lawyer in Illinois sees many companies who attempt to initially buy small and improve their systems later as business expands. However, this may end up costing more in the long run. To avoid such a situation, businesses should always evaluate their large purchases prior to committing to them. The evaluation should include a review of how flexible, scalable and manageable a purchase will be to … [Read more...]

3 Tips on setting up an effective meeting with a potential client

There are few things as satisfying for professionals than securing a valuable client for their company. However, an Arlington Heights business lawyer understands that getting that meeting in the first place may be more difficult than ever. While technology continues to develop and change the face of business in many ways, the same three classic, simple tips can help any professional set up a meeting with a potential client. 1. Do your research Researching the target’s business is the … [Read more...]

How to recruit the best talent for your small business

Small businesses face some unique risks that other larger companies often experience on a smaller level. One of the clearest examples of this is seen in recruiting employees. If a large company hires a bad employee, damage may be done but it can often quickly be mitigated by work done by other employees, bosses, or individuals who fill the position in the future. As should be clear to a qualified business attorney, Buffalo Grove small businesses that make poor hiring decisions can often be … [Read more...]

What responsibilities should you hand over to the president of your business?

Business owners can face a continual stream of new challenges as their enterprises grow and change over time. What may start as a relatively small business venture that is manageable by the sole owner can one day be in need of additional management help. When this happens, the owner must decide what responsibilities to hand over to other personnel. For example, internal legal counsel may be useful for some companies if the risk of litigation is of high concern. The Houston Chronicle ran an … [Read more...]

The pros and cons of using business investors

When launching a new business in Illinois, entrepreneurs have several options to consider as means to fund their new enterprise. As with many things, there is no right or wrong way to obtain necessary funding as the decision can vary based on many criteria. Every business owner should evaluate the choices individually as making a fully informed decision is one of the most important parts of making the right decision. Understanding investor options There are three primary types of business … [Read more...]

How do you register a business in Illinois?

Starting a new business can be a very exciting venture for those involved. The process of setting up a new business can, however, seem complicated to some businesspeople especially when legal filings are required. There are many choices to make and no shortage of specific processes to complete. Following is a guide to help people understand the basics of how to get a new company registered and operational in Illinois. As indicated by the United States Small Business Association, one of the … [Read more...]

Do non-profit companies pay taxes?

Illinois companies designated as non-profit organizations, or charitable organizations, have successfully applied for and obtained the federal  501(c)(3) status. This means that these companies are not legally obligated to pay certain federal, state or local taxes. For this reason, they are often referred to as tax-exempt organizations. However, this delineation does not exempt these companies from all tax requirements. Understanding what taxes must be paid, how and when is important for any … [Read more...]

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