Robust commerce and national prosperity depend on the willingness of all parties to abide by certain rules. In fact, free enterprise is only free when business owners and entrepreneurs will agree to abide by specific principles of conduct.
While that might sound paradoxical, it is more a matter of ensuring trust and confidence among those who buy and sell. Yet the rules of trade contain many revisions and exceptions. They are sometimes tweaked to make them more equitable. Over time, business law becomes confusing and complex. The good news is that our attorneys are seasoned and proficient in navigating these sometimes bewildering regulations. Illinois OT Legal is a blog here to help you with some of the legal complexities of running a business, including:
Making Contracts
Many argue that the freedom to enter into agreements with another is at the very heart of liberty. Legally, understood, a contract creates mutual responsibilities among its parties, i.e., binding obligations, the breach of which may lead to penalties and/or the voiding of the agreement.
Modern contracts can be simple or extremely detailed as each party seeks to secure its interests. Experts in contractual language help business people to do just that.
Management and Labor
Those entrepreneurs who enjoy success may find the need to hire employees. This opens up a whole new world of opportunity and exposure. Like every other state, Illinois–not to mention the federal government–maintains legal standards as to what constitutes fair, proper and honest treatment of workers.
Even the most benevolent employer can find him or herself at the receiving end of a lawsuit if these codes are evaded, even unintentionally. Having sound legal counsel on hand is a wise preventative.
Business Formation
Adopting a business structure and establishing it according to Illinois rules has enormous implications for tax and liability purposes. Several structures are recognized by the state government, among them:
- Sole proprietor
- General partnership
- Limited partnership
- Limited liability company
- C-corporation
- S-corporation
Each of the above has its respective particulars with regard to its relationships with regulators, the courts and the taxing authority. Legal counsel is especially helpful in deciding which arrangement is optimal.
Litigation
Nobody goes into a business so they can spend hours in court. Still, the risk is always there for commercial operators. Experienced lawyers help businesses to minimize the risk and–if necessary–win at trial.
- Intellectual Property: creative enterprises are at times subject to litigation over the ownership and exclusive claims to patents and copyrights.
- Deceptive marketing: lawsuits are not uncommon for those who intensively market products or services. Dissatisfied customers can accuse vendors of false advertising.
- Labor disputes: as noted above, employees will litigate when they believe the rights and privileges accorded by law have been denied them by their companies.
With a thorough knowledge of civil procedure and long experience in the court system, trusted attorneys can negotiate reasonable settlements with complainants.
When a judicial resolution is the only option left, they will prevail upon judge or jury in their client’s favor.
