Tag: Cook County business lawyer

For any business owner, it is imperative that all agreements related to the company are put in writing in order to protect his or her rights and interests. However, business contracts are important for outlining the expectations of the parties on all sides, whether a business, vendor, or employee. In simple terms, a contract is a legal document that governs the relationship between two or more parties. These contracts should be carefully reviewed by all involved parties because it is important to take into consideration what other factors impact this type of relationship, including any relevant laws or statutes.

Types of Business Contracts

Different types of business contracts define terms of an arrangement, which can be between various parties. Business partners may enter into an agreement that defines their roles and responsibilities and the consequences if one partner leaves the company. The nature of that contract depends on whether the business partners are part of a limited liability corporation, partnership, or corporation. Another type of contract is an employee agreement, which outlines the roles and duties of the employment, salary and overtime pay, hours, paid time off (PTO), medical leave, healthcare benefits, as well as non-compete agreements. Additionally, confidentiality clauses restrict employees from taking trade secrets and going to work for a competitor. Another type of business contract is a vendor agreement, where business owners hire third-party vendors. Vendor agreements typically outline the duties they are performing, prices, intellectual property, confidentiality, non-compete terms,

If you are considering selling your company, it is important to understand the few ways that this can occur. Maybe you wish to fully sell or perhaps you would like to continue owning a certain number of shares to stay connected to your business. Whatever route you are leaning toward, it is a good idea to discuss your options with a business lawyer to have a full grasp of the pros and cons of each sale type. At Shakfeh Law LLC, our business attorney is prepared to help you with every step of the sale process, starting with explaining the legal terms and options surrounding business acquisitions.

For Better Legal Understanding

As a business owner, you may have a team to help you understand the complexities of business law. Before comparing asset and stock sales, you should first have an understanding of the terms being used. The term “business acquisition” refers to when one company purchases a company in order to fulfill particular strategic goals related to revenues, market share, product or service offerings, or competition. With stock sales, the purchasing party is given shares of the business. Once the buyer holds all of the target shares, the buyer has control of the business by becoming its owner. In an asset sale, the purchasing party is given assets. Once the buyer has all of the company’s assets, it controls the business since he or she holds everything that made the seller’s equity worth something such as intellectual

Illinois businessmen and businesswomen who would like to own their own business have two options: start your own business or buy someone else’s. There is a certain sense of pride that comes along with becoming an entrepreneur, formulating your own business idea, and starting from the ground up. However, people often forget the number of benefits that come along with purchasing a business and becoming its new owner. Before deciding which plan you would like to use, it is important to have the following practical considerations in mind.

1. The Comparative Costs of Starting and Buying

   
   

There is no single price tag for starting or buying a business. The costs can greatly fluctuate depending upon the industry, business plan, timing, and more. Before making a decision one way or the other, consider the costs of each. When starting a business, you will need to spend time and money looking for a suitable location, employees, means of production, advertising, and much more. If you purchase an existing business, many of these details will already be nailed down. While you may still wish to adjust some of these details, you can choose to do so over time when you have adequate funds in place.

2. Immediate Cash Flow

   
   

Purchasing an established business means that existent customers are already in place. You will not have the in-between time spent funding your business with no customers to help cover the

Many small business owners opt to have a limited liability company (LLC) business structure. This provides the owner, or multiple owners known as “members”, with more personal protection but less formality than other business entities. Those who decide to follow an LLC structure should have an operating agreement in place to ensure that all members are on the same page and the business’s functional and financial dealings are explicitly outlined. Operating agreements are not required for LLCs; however, they offer a number of benefits and are always a good idea when starting your business. For help with the legal side of your operating agreement, work with a reputable business attorney who can guide you through the legal document’s details.

What Is an Operating Agreement?

For LLCs that have multiple members in charge of the company’s dealings, an operating agreement is a good way to maintain continuity between the owners and management. An operating agreement is a legal document that describes the operations of an LLC and includes agreements between the business’s various owners. The document acts as a rules and regulations manual and partnership agreement to meet the specific needs of all of the members. Once the document is formulated with an attorney and signed by all of the LLC’s members, it is legally binding in the same manner as a business contract.

What Benefits Do They Offer?

Since every operating agreement is tailored to meet the needs of your LLC, there