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ADA Rules Extend to the Digital Realm

A man writing "know the rules" on a paper Under the rules outlined in the Americans with Disabilities Act, certain businesses and other organizations must make their websites accessible to people with disabilities. Established in 1990, the ADA aims to ensure people with disabilities, including those with hearing, vision, and physical impairments, have the same opportunities as anyone else. As the internet has taken on a critical role in the everyday lives of people throughout Illinois and the … [Read more...]

Entering Into a Contractual Business Relationship: Covering Your Bases

When entering into a contractual business relationship, careful consideration, clear communication, and planning ahead can prevent legal disputes down the road. Successful contracts avoid complicated legalese, provide specific terms, and describe the method and manner of payment expected. The circumstances under which the contract can be terminated should also be addressed. Elements of a Legally-Binding Contract Contracts can be verbal or written. It is advisable for business contracts to … [Read more...]

Turning Your Side Hustle Into a Real Business Is Easier Than You Think

It is feasible to turn a side hustle into a viable business with the right combination of planning, execution, scaling, and timing. The side hustle is a catch-all term for gigs done on the side to generate extra income in addition to regular employment or work. According to the Academy of Management, small businesses which grow from side hustles that are launched while the founder is still working a “day job” are one-third less likely to fail than their counterparts who devote 100 percent of … [Read more...]

Identify Potential Conflicts When the Family Business Is Sold

Selling the family business is often complicated due to the various interests and conflicting positions that may arise and identifying potential conflicts in advance can help ensure that the sale goes smoothly. Many people engage the services of a business attorney help to identify and manage issues like non-compete agreements, indemnification clauses or contract provisions that could cause conflicts, while others decide to go it alone. Regardless, a few elements that commonly cause conflict in … [Read more...]

What You Should Know About DBAs

Since improper use can expose companies to compliance violations and civil lawsuits, business owners should familiarize themselves with the details of DBAs. “Doing Business As” (DBA) is a term used to enable a company to operate under a name that differentiates from its official filing documentation. DBAs give companies the flexibility to create “new” business ventures that attract customers. The Basics of DBAs DBAs are also known as fictitious business names, trade names, and assumed … [Read more...]

Due Diligence for Your Growing Business

Due diligence is a critical stage in any commercial acquisition. It is the comprehensive and necessary review in a commercial acquisition to ensure that the deal meets the needs of all companies involved. Due diligence involves the rigorous evaluation of a company’s financials, personnel, liabilities, technology, intellectual property, sales, strategic vision, and other operations concerning the health and future of the acquisition. What Is Due Diligence? The composition of a due diligence … [Read more...]

Challenges Faced by the Medical Marijuana Industry

Every since lawmakers passed the pilot medical marijuana program in Illinois in 2013, the marijuana industry has experienced its own share of growing pains. Despite generating more than $42 million in retail sales, entrepreneurs continue to suffer from the stigma that surrounds marijuana. Just a few of the challenges faced by those in the marijuana business include: Capital: Like with other industries, the challenges for a marijuana start-up often begin with capital. Although the United … [Read more...]

Review of the Probate Process

Probate is a legal process which formally recognizes a will and appoints an executor to administer the estate and implement the terms of the will. Probate, contrary to legal marketing gimmicks, is not the death knell of an estate. Probate is merely a legal process by which the court supervises the distribution of property to heirs. Overview of Probate Probate is a specialized legal proceeding in which the court reviews a will and recognizes it. During probate, the court appoints an … [Read more...]

Changes to Business Valuation Discounts on the Horizon

Late 2016, the IRS proposed measures that would effectively reduce, or outright eliminate, the possibility for valuation discounts on estate transfers. Businesses will have to seek a commercial attorney to help figure out just how to transfer their assets to family members without the gift tax claiming large portions of it. How Valuation Discounts Currently Work Valuation discounts serve to lower market value of privately held companies, or their stock, when transferring those assets to … [Read more...]

The Commercial Lease: What You Should Know

Commercial leases differ from residential leases in ways that may impact business operations. A commercial attorney who is familiar with complex language and commercial lease terms can explain important differences. Commercial leases and residential leases are written differently, and those differences can impact business operations and success. Here are some important distinctions: Commercial leases have fewer consumer protection laws. Laws don't require caps on security deposits or rules … [Read more...]

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