When acquaintances or family members decide to go into business together, to save money, they generally forgo formalities that are not legally required. They assume matters can easily be resolved amongst family or friends. However, it is often the case that once a business starts turning a profit or failing, people start looking out for their own interests.Continue Reading
Illinois has passed a law that requires all single-occupancy public bathrooms be labeled as gender-neutral. The Equitable Restrooms Act, which takes effect on January 1, 2020, mandates that all single-occupancy restrooms “in a place of public accommodation or public building” to be identified as “all-gender and designated for use by no more than one person at a time or for family or assisted use…Continue Reading
The Illinois Wage Payment and Collection Act has been amended to require reimbursement of employees expenses, which may include higher ticket items like cellular phones, cellular data service fees, home computers and internet provider fees for employees who are expected to work remotely and more travel expenses.
In Antonucci v. SBA, the United States District Court for the District of Connecticut granted a motion for summary judgment in favor of defendants, U.S. Small Business Administration and the U.S. Department of the Treasury Bureau of the Fiscal Service, and against a business owner objecting to an administrative wage garnishment for a personal guaranty on a small business loan. No. 3:17-CV-01139 (MPS), 2018 U.S. Dist. LEXIS 168604 (D. Conn. Sep. 30, 2018). The case highlights the perils to a business owner inherent in the power of personal guaranty.
Pretend that you are an investor in a new restaurant with a chef who desires to leave her current position. She thinks she will run an amazing restaurant.In addition, she even learned some delicious secret recipes from her current employer!
One of the most important aspects of selling or buying a business is the purchase agreement. Purchase agreements should clearly define the rights and obligations of each of the parties and accurately reflect the key terms of the transaction.
Whether you are an entrepreneur starting a business from the ground up, an investor searching for an attractive franchise in which to invest or an owner in need of financial assistance for your small business during an economic slump, one of the most important factors is your ability to get the funds to finance your dream or to sustain your current enterprise. There are several sources to tap into for information about your financing options.
Now that you have decided to commit your time and resources to starting your own business, the next crucial step is making a decision about the type of structure to choose for it. The two most common structures chosen by businesses are corporations and limited liability companies (LLCs). The type of structure you select will have management, liability and growth implications that a knowledgeable business law attorney can review with you to help you come to a decision.