When opening an account, acquiring property, purchasing life insurance or even buying a house, little thought is often given to the method of holding title. Usually it first comes up when the signature card or title papers are presented. Then, with little...
No business is too big or to small to be immune from the risk of fraud being perpetrated by employees, contractors, vendors, customers, officers, directors and others. Every business is also subject to the potential liabilities that could arise as a result of...
The ease of conducting business in multiple states not only exposes your business to new markets, customers and suppliers, but the obligation to comply with other states’ laws and answer lawsuits in other states. Neither your lack of knowledge of local laws nor your...
With the speed of business communications and transactions, an e-mail can create or negate a binding contract. With this in mind, and the casual way many e-mails are drafted and sent, you should take steps to protect your business from an errant or unintended e-mail...
Protecting the information and relationships that give your business a competitive edge requires more than just reliance on the Illinois Trade Secret Act. Some of the steps you should consider include: Analyze Your Need. Determine what is protectable and how to...
The conventional wisdom is that when you buy the assets of another business you are insulated from the seller’s liabilities. The basis of this “wisdom” is rapidly eroding. Recent statutory and case law developments blur the difference between buying assets and buying...
When your business comes to an end, how you handle its closure is important to your personal assets, as well as its employees, creditors and others. Most states provide a quick and inexpensive method to close your business, terminate many personal liabilities and pay...
As the complexity and cost of federal bankruptcy grows, more financially distressed businesses look to state law remedies to address creditors, reorganize, or liquidate. State law insolvency proceedings, such as receiverships, asset sales and assignments for benefit...
Despite whatever your business does, there is no “market” to sell your business. While business valuators and accountants use the concept of willing buyers and sellers, it is rare to have numerous, willing and knowledgeable buyers available when you sell your...
Modern businesses are flooded with electronic messages, notices and communications that are changing the law of contract formation and enforcement from requiring original signed documents to accepting electronic evidence of contracts and terms. Your business’s failure...
In the crush of business activity or just daily life we tend to lose track of important documents or fail to secure them in an accessible location. Moreover, when those important records are needed, we are usually in a rush and disrupt our office or home trying to...
While the formalities may vary from business to business and depend on the size and nature of the transaction, contract formation is fundamental to any deal. All parties must be aware of and mutually consent before a sales pitch or product/service discussion becomes a...
