Experienced Commercial & Business Lawyer Assisting Jerseyville, IL
Knowing what it means to be a business owner comes with a lot of business law guidelines and knowledge. It is important that while you are creating your business that you speak with a startup lawyer to ensure that the business entity you are seeking is backup on paper and is managed properly through the tax system. We will work with you by assisting in your start-up business as well as company reorganization and expansion.
Business Formation
When you sit down with our attorney, we will assess your personal and business goals. We will help you establish the following business entities:
Sole Proprietorships – This option offer owners’ total managerial control. However, owners also assume personal liability for business finances.
Partnerships – Two or more partners share in a business’ profits, and losses. This option has tax benefits, but partners will share personal liability for their business finances.
Corporations – This is when your business is separate from the founder. Meaning that it can be taxed and held liable independently. The founders are also not personally liable for the corporation’s actions. There are two forms of corporations: S-Corporations and C-Corporations
Limited Liability – This is known as a hybrid partnership that offer tax benefits to the business and shield owners from personal liability.
At our office, we will weigh the business formation options and together we will choose the right formation type for you. Once agreed upon, we will then move forward with the rest of the formation law by establishing the rights of all involved parties. We are an experienced law firm dedicated to your success. As your business grows, we will also be here to assist you in general business law counsel, contract drafting, licensing, permits and more! We have all the legal tools you need to succeed as a successful business owner.
Contract Drafting & Disputes
When you are in contract with an employee or business partner, it is your duty to fulfill your end of the bargain. Likewise, the other affiliated party must stay within the terms of the contract. Each contract should have clear terms of termination and dispute resolution. Without understanding, you could easily find yourself on the wrong side of the law. If you are seeking a well-thought out contract, we recommend that you work on it with our office. We will help you negotiate better terms, prevent legal problems, design appropriate contracts and ensure that other parties will be held accountable.
Negotiating Better Terms – it’s important that as a business owner you have someone to view and examine every detail in your legal terms. It will help you better understand your benefits and push for better terms before signing your contracts
Preventing Legal Implications – If you violate even just one clause of your contract you could have deep, serious legal implications. Having everything laid out at the negotiating table could help you understand your responsibilities in the contract and your attorney will be able to advise you on directions when other parties threaten to take legal action.
Designing Accurate Contracts – Every single word on your contract counts and means something. A poorly written contract can result in many issues later down the line if you’re not careful.
Tax Preparation & Planning
When you run a business it’s important that you are prepared for all forms of taxation that will occur. From sales tax, payroll tax, Illinois Franchise tax, and State tax, not knowing what you’re financially up against can cause damage to your company. So, let’s break it down.
Sales Tax
If you sell goods, digitally or physically, you are responsible for collecting Illinois Sales & Use Tax and remitting them back to your appropriate tax agency. Knowing if your digital or physical sales are taxed or exempt, it is recommended that you speak with our available attorney and ensure that you are registered for a sales tax permit in the state of Illinois.
Payroll Tax
If your business has employees in the state of Illinois, you’ll have to be responsible for payroll withholding taxes in addition to contributing to state and federal unemployment taxes based on your employee’s earned wages.
Illinois Franchise Tax
The state of Illinois charges a Franchise Tax for corporate business owners. Understanding whether it applies to your business and determine how much your business is supposed to pay can be very confusing. We suggest that you work with an attorney and accountant to make sure all of your taxes stay organized.
Liability Avoidance
Deciding to start a small business you may often feel as if you were drowning in responsibility. On top of standing out against your competitors, you need to consider employee benefits, insurance, taxes, codes, regulations and more. Any misjudgments or overlooked areas can cause major expenses and legal frustration.
It’s crucial that as a business owner, you understand the state and federal laws and know how and when to proceed when a legal issue has occurred or developed. Our office has the local assistance you need and the knowledge to ensure that you will never be taken off guard.
Illinois Business Insurance
- Commercial Property
- Covers losses from the damage or destruction of business property, including real estate, machinery, loss of important documents, income, etc.
- Product Liability
- Coves losses from personal or property injuries caused by products manufactured, distributed, or sold by the liable business.
- Professional Liability
- Covers losses result from business errors, negligence, and malpractice.
- General Coverage
- Covers losses from general legal hassles, including personal injury.
Litigation & Defense
As a new business owner, it’s no secret that you will face legal obligations and challenges. Making sure that you’re on-top of the up-to-date knowledge regarding your local, state, and federal laws can help you later if you ever encounter a business dispute.
Business Disputes
At our law office you can count on us to stand beside you for any of the following business disputes:
- Breach of Contract
- Breach of Fiduciary Duty
- Interference with Prospective Clients
- Breach of Warranty
- Business Fraud
- Consumer Fraud
- Disputes Between Partners, Shareholders, Or Members
- Disputes Arising from A Merger or Acquisition
- Joint Venture Disputes
- Disputes Over the Purchase or Disposition of Capital
- Disputes Over Investors
- Disputes Over Investments
- Real Estate Disputes
Real Estate Litigation
Real estate litigation contains a broad range of contractual, statutory, and other legal obligations such as landlord/tenant relations, the sale or purchase of property, investments, development, and other land related issues. As a business you’re likely to run into property disputes regarding land and neighboring areas.
Business Disputes in Divorce
When your business owners with a spouse and you file for divorce, life can get messier than it needs to be. It’s obvious that when going through a divorce you have some legal guidance, but the same should go for your business.
Non-Competition Agreements
Employees and business owners may opt into non-competition agreements. Non-competition agreements will restrict employees for working for a competitor for a specified amount of time and within a general area.