Business Transactions

Protecting intellectual property

A gaming company named Wizards of the Coast recently filed a lawsuit against Cryptozoic Entertainment, LLC, and Hex Entertainment, LLC. According to Game Informer, Wizards of the Coast claims a game created by the other two companies is the same as a card game it created years ago, and that the two companies are infringing its intellectual property rights on that game. The two companies have responded with a statement that the lawsuit does not have any merit, as their game is digital-based … [Read more...]

Market research invaluable to business owners

Market research is an invaluable tool Illinois business owners can use, especially during the start-up phase of their company, to define and target consumers who may be interested in their products or services. Additionally, market research can help companies determine gaps in their current market and how they can alter their services to meet the demands of their customers. Often, this can result in enhanced operations and improved profitability. For example, before the airline company, … [Read more...]

Creating an effective business plan

The main purpose of a business plan is to communicate the vision of the company so that everyone who gets involved is on the same page. This includes potential partners, investors and vendors. It is an important element of business formation because it substantiates the initial idea of the business with a concrete plan of action. For both established and new businesses, the business plan sets the path for moving forward. A business plan maps out a company’s route to success, and its audience … [Read more...]

How to protect your business with written agreements

Many Illinois business owners may rely on oral or implied arrangements when making deals with others. These business owners may think written business contracts are unnecessary or show a lack of trust. However, these contracts play an essential role in protecting the interests of a business. Written contracts clarify any confusion between both parties. They also act as binding proof of the agreement in the event that one party violates it. Business owners should always draw up written … [Read more...]

Avoid these common accounting errors

Good accounting information is essential for any business’ success. Accuracy, timeliness and integrity in financial management are vital because inaccuracies can lead to uninformed decisions made by those who manage the business’ operations and those who have invested capital in the company. Additionally, mistakes made in the accounting process can result in ethical, logistical and legal problems. Mistakes to avoid There are many common accounting mistakes business owners are prone to … [Read more...]

Settling a business dispute without litigation

Although companies hope that clearly defined contracts and strong business relationships will prevent disputes, disagreements are bound to happen from time to time. These disagreements can arise over employment contracts, differing views held by company owners, agreements made with suppliers or simple misunderstandings. Costs of litigation When disputes arise, it is usually in everyone’s interest to avoid litigation. This is because lawsuits tend to be long, drawn out and, most … [Read more...]

Independent contractor contracts

Independent contractors work in many professions and their earnings vary widely. It can be difficult to pinpoint the thing that groups them together into a single category, apart from the fact that they bear full responsibility for paying income taxes. Since an increasing number of companies are taking on new workers as independent contractors, particularly in the information technology industry, it is important for people joining the workforce or considering a career change to understand the … [Read more...]

Tax registration for businesses in Illinois

Anyone who is setting up a business in Illinois must go through the steps required to complete tax registration. Sole proprietors, tax-exempt organizations and government agencies that deal with Illinois residents also need to register with the Illinois Department of Revenue to legally conduct business. Getting started Tax registration for businesses can be completed either electronically or by paper mail. To register electronically, a business owner can create an account with the Illinois … [Read more...]

Which legal structure is right for your business?

Among all of the choices made when a business is formed, legal structure is an important decision many people in Chicago, Illinois, overlook. Legal structure determines how a business is taxed, how much liability the owners take on and even how much paperwork owners must maintain. Choosing the wrong kind of business structure can have lasting consequences, which is why business owners should carefully research their options and consider seeking expert help. Basic structures  Four common … [Read more...]

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