Oak Brook business lawyer

630-517-5529

2021 Midwest Road, Suite 200, Oak Brook, IL 60523

Tag: Oak Brook business lawyer

If you have an entrepreneurial spirit, you may have dreamt of being your own boss someday or building a company from the ground up. Starting your own company or going into business with a partner is a major endeavor, not to be taken lightly. In a business partnership, you and your partner can split the profits any way you want, as long as you both agree to the terms of the arrangement. When business partners start a new company, they typically bring different skills and assets to the table. It is not uncommon for one partner or partners to bring in cash and the others to bring managerial experience or industry knowledge. The key issue here is then how to appropriately compensate each partner and where to allocate the liability. The legal aspects of running a business can be intimidating, so that is why you should consult with an experienced business law attorney before embarking on this type of endeavor. In order to avoid any disputes when a company becomes successful, fails, or if there is a third party lawsuit, it is imperative to consult an attorney to properly allocate profits—and liability—to minimize harm later on.

Limited Liability Companies and Profit Sharing

Limited liability companies (LLCs) are an ideal way to share profits and distribute liability between partners (or as known in LLCs: “members”). LLCs are incredibly flexible and can be custom designed for your business’ specific needs. LLCs can be designed in the following ways:

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    As a business owner or an employee, it is important to understand the contracts you are signing, whether you are a new employee accepting a job or an employer offering a job. Regardless of your level or position at the company, you should not overlook the details of any contract. Business contracts can be complicated with a lot of legal details that may be difficult to comprehend. For example, many people may not know what a non-compete agreement, which is a type of “restrictive covenant,” entails. As an employer, if you wish to enforce a non-compete agreement (also known as a “covenant not to compete”) in regard to an employee, you must draft it carefully according to the standards outlined by Illinois courts. A non-compete clause can be confusing, but you will have an advantage in negotiations if you understand the requirements for enforcing this type of legal document. Whether you are the company owner or the employee, an experienced business attorney can assist you during this process to make sure your rights are protected. The following are some important issues to consider when drafting or signing a non-compete agreement in Illinois.

    What Is a Restrictive Covenant/Non-Compete Agreement?

    A non-compete agreement is a stipulation within a contract that typically prohibits an employee from going to work for another competing company or starting his or her own competitive business for a certain period of time. The main purpose of this restriction is to prevent an employee from leaving

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