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Corporate Law

Do You Have an LLC or Corporation in Illinois? You May Not Be Protected

Forming an LLC or a corporation protects members, investors, and their personal and family assets from liability for claims of business creditors, but the protection is not bulletproof. In some situations, personal liability for the obligations of LLCs and corporations may still exist. The Value of Limited Liability Limited liability companies and corporations shield business owners from personal liability in most situations if the business becomes liable to a third-party. Sole proprietors … [Read more...]

Your Corporate Shield: Guidelines for Small Businesses

Forming a corporate entity (either a limited liability company or corporation) is the first step for any small business owner to minimize personal liability for the financial risks of the company. Absent a corporate shield, entrepreneurs face liability for the debts and liabilities of their small business. Corporation vs. Partnership Originally, there were only two types of businesses: corporations and partnerships. Corporations were separate legal entities that could own property, sue and … [Read more...]

Prepare An Exit Strategy Before You Sign that Contract

Every entrepreneur should develop an exit strategy to limit losses and ensure the business owner has the ability to sell or transfer ownership of the business should the need arise. Exit strategies are crucial if the entrepreneur wants to retire, travel, or move on to a new idea. An effective exit plan allows entrepreneurs to address problems and cleanly disentangle from their business. Basics of the Exit Strategy The three common types of exit strategies are: Strategic … [Read more...]

What Is an Indemnity Agreement (and Should You Use One)

An indemnification agreement is an essential document that helps protect businesses from the risks associated with doing business. It is a document that identifies the risks clients and guests accept when visiting a client's property or utilizing their products or services. This effectively shields the business from lawsuits should clients or guests experience property damage or personal injuries under certain circumstances. Types of Indemnities There are three types of indemnities. A … [Read more...]

Don’t Sign A Franchise Agreement Containing These Clauses

Many franchise agreements include “deal-breaker” provisions such as insufficient start-up support, liquidated damages clauses, mandatory arbitration stipulations and more. Before signing a franchise agreement, entrepreneurs should carefully review the agreement and be wary of those that contain certain components. A franchise is an independently owned and operated business that is part of a larger network of related businesses under the umbrella of a large parent company. The parent company … [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. The debate over non-compete clauses reached its peak in 2013. In the Fifield case the Illinois First District appeals court upheld a decision that … [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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