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Illinois business and contract law attorney Danya Shakfeh explains how to assess risk in a business transaction. She explains key terms you should review in a contract including covenants (promises), warranties, and liability capping. (Video length: 3 minutes, 58 seconds)
Have you ever dreamed of starting a business but had to back off because of fear, a lack of knowledge, risks, or possible legal consequences? You were probably confused about which type of business structure to adapt in the first place. Many have trodden the same path before, only to realize they would’ve cleared their confusion if they consulted a business lawyer. In this article, I’ll guide you through the various types of business structures and what they’re for. I’ll also discuss what factors you need to look into when choosing lawyers to work with. Let’s begin turning your business idea into reality.

Defining Different Business Structures

Different business structures have various benefits and legal consequences when things go rough. Most businesses actually begin with one form and evolve to another as they grow. Essentially, your business could start as a Sole Proprietorship and later converted into a Limited Liability Company (LLC). What’s important at the moment is to understand the requirements for each type and learn their legal consequences.

Sole Proprietorship

A sole proprietorship is the simplest type of business ownership. You may not have realized this before, but you may already be running one. If you have been fixing people’s fences, doing painting jobs, or even writing articles for someone and got paid, that was it. You are essentially a sole proprietor.

Unlike LLCs and corporations, you don’t have to register yourself with the state. Still, you need to report your

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It’s easy to confuse a contract with a memorandum of understanding (MoU). After all, both talk about agreements, and they’re made between two or more parties. In this article, we’ll clarify the difference between the two so you’ll know exactly which one to use for your upcoming deal.

Defining Each Aspect

Let’s start with a brief definition for each.

Memorandums of Understanding

A memorandum of understanding (MoU) is a written document that describes the agreement between two or more parties concerning their contemplated relationship. MoUs are signed by all the parties involved, so it carries the tone of mutual respect while documenting a relationship of goodwill between the parties. It puts into writing each party’s intentions and actions, although most of the time, it doesn’t detail an implementation process. An MoU can be entered into by two parties (bilateral) or more than two parties (multilateral). It can serve as a preliminary document before crafting a formal contract.

Contract

A contract is a written or spoken agreement that two or more parties enter into after the acceptance of an offer. It involves the exchange of something of value as an act of sealing the deal. This “something of value” is known as “consideration.”

When Is Each Used?

A memorandum of understanding is generally used when two or more parties mutually agree on a particular matter and would need to put their agreement in writing to outline a relationship in general terms, but do not want ...
Illinois business and contract law attorney Danya Shakfeh explains what business lawyers actually do. In sum, business lawyers do three things: 1) create a legal protection strategy, 2)a business lawyer should not create an adversarial relationship when it is not called for (and should also manage a situation when there is an adversarial relationship) and 3) do not mirror their clients' emotions. Watch the video for full details.

(Video length: 2 minutes, 5 seconds)

Rami built a luxury car dealership from the ground-up starting at the tender age of 17.

He talks about his early days and how he sold cars on eBay well before e-commerce was common.

CHECK OUT RAMI'S INVENTORY: https://www.diamondmotorworks.com/