Please enjoy part 1 of the Small Business Primer seminar presented by O’Flaherty Law. Parts 2 and 3 of this seminar can be found on our YouTube channel along with our previous seminar on wills and trusts and all of our informational videoblogs.
In this article, attorney Kevin O'Flaherty discusses the process of forming a partnership in Illinois.
Are you considering closing down your corporation in Illinois? This article will guide you through the critical steps to dissolve an Illinois corporation correctly, whether it's an S-Corporation or a C-Corporation, to protect yourself from personal liability. Learn how to obtain shareholder consent, file the necessary articles of dissolution with the Illinois Secretary of State, and properly wind up your corporation's affairs. We'll also explore the differences between voluntary and involuntary dissolution, emphasizing why following proper procedures isn't just recommended—it's essential for your financial and legal protection.
In order for a contract to be created, there must be an offer, acceptance, and consideration. Offer and acceptance pretty much speak for themselves. When it comes to an offer, it needs to be specific and understandable. Acceptance must also be apparent, and you can’t enforce an agreement with no explicit acceptance by the other side. Consideration is where the bulk of the contract is centered. Consideration is the “bargained-for exchange” between two or more parties.
In this article, we’ll define “force majeure” and discuss if this type of clause can really be enforced, how the language of the contract affects a force majeure clause and how to prove or disprove the validity of force majeure clauses in business contracts. To say the world of business has been turned upside down, inside out and set on fire by the coronavirus might be an understatement.
Under general law, minors are unable to sign a legally enforceable contract unless it’s for essential items, including medicine, food and medical services. Contracts involving minors are only legally binding if the parent or guardian consented to the contract. Therefore, if the parent or guardian did not consent to the contract, they can contact the business or other party and have the contract destroyed.
Illinois has a set of laws referred to as ODRISA, which is an acronym for "one day rest in seven act." There will be several updates to ODRISA for next year. On January 1, 2023, Illinois will require its employers to provide the following:
Medicinal marijuana is already legal in Illinois, but the law will change to include recreational use as of January 1st, 2020. If you would like to learn more about the changes going into effect, see our article entitled New Illinois Law Legalizing Marijuana in 2020 Frequently Asked Questions. Whether or not an employer includes marijuana in drug tests is at the discretion of each employer. There is nothing in the Cannabis Regulation and Tax Act that requires an employer to stop testing for marijuana.
In this article, we discuss a recent amendment to the Illinois Human Rights Act requiring all businesses to have a formal sexual harassment training program. We will answer the following questions: what requirements are outlined in the amendment?, does the amendment cover all employers and employees?, and what happens if an employer fails to provide sexual harassment training?
The purpose of this article is to provide a summary of Illinois franchise law and federal franchise law as applied in Illinois. Because franchises are governed by both federal and state regulations, franchise law is complex, and an experienced franchise attorney should be an essential part of your team, whether you are a franchisor or franchisee.
WHAT IS THE DEFINITION OF A FRANCHISE IN ILLINOIS?
It is important to understand that regardless of the label that the parties to an agreement place on the agreement (e.g. joint venture, licensing agreement, consulting agreement), the relationship between two parties will be considered a franchise, and therefore will be subject to state and federal franchise laws, if the relationship possesses the legal elements of a franchisor/franchisee relationship. The elements of a franchise vary slightly from state to state. However, Illinois has adopted the federal definition of the term "franchise."
In this article, we discuss Illinois Franchise Laws that may affect you in the year 2021, including:
The purpose of this article is to provide a summary of Illinois franchise law and federal franchise law as applied in Illinois. Because franchises are governed by both federal and state regulations, franchise law is complex, and an experienced franchise attorney should be an essential part of your team, whether you are a franchisor or franchisee.
WHAT IS THE DEFINITION OF A FRANCHISE IN ILLINOIS?
It is important to understand that regardless of the label that the parties to an agreement place on the agreement (e.g. joint venture, licensing agreement, consulting agreement), the relationship between two parties will be considered a franchise, and therefore will be subject to state and federal franchise laws, if the relationship possesses the legal elements of a franchisor/franchisee relationship. The elements of a franchise vary slightly from state to state. However, Illinois has adopted the federal definition of the term "franchise."
In this article, we discuss Illinois Franchise Laws that may affect you in the year 2021, including:
A series LLC is a cost-effective alternative for business owners and entrepreneurs with multiple enterprises. If you have multiple businesses that you would like to keep separate for the purposes of liability, you have two options...
In this article we explain how to move a corporation or LLC and wish to a different state. There are several different options for accomplishing a corporate relocation depending on your business goals, we describe each in detail.
Option 1: Keep Your Corporation or LLC Active in the Original State and file a Foreign Registration in the New State
If you plan to continue doing business in the original state, typically the best option is keeping your corporation or LLC active in the original state and register in the new state as a foreign....
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