Selling a business can be exciting and financially rewarding. It is often the culmination of decades of hard work and dedication. Business owners are und focused on maximizing the financial gains from the sale. Yet the end game should be not so much the price of the sale as the final take home, and one factor that can put a big dent in proceeds from the sale of a business is taxes.  Because the sale of a business can generate significant income, taxes will be assessed. How the deal is […] The post Do You Pay Taxes When You Buy or Sell a Business?  appeared first on Gierach Law Firm ..read more

Boilerplate contracts are contracts featuring standard pre-drafted clauses. The term “boilerplate” comes from a long-ago time when manufacturing used steel plates for its boilers, and later the printing industry took on the word when it stamped text onto metal plates.  Today, boilerplate contracts and boilerplate clauses are available online as free or low-cost templates, and they offer quite a few benefits such as efficiency and savings. Yet there are many situations in which a boilerplate contract may not be the best fit to protect a business legally. An experienced Naperville, […] The ..read more

As a business owner, you have to wear many hats: entrepreneur, manager, employer, and more. One thing you will do repeatedly as a business owner is read and review contracts. Whether it is a commercial lease, a vendor agreement, a purchase or sale agreement, an employment agreement, a partnership agreement, or another type of contract, to do business is to enter into business agreements.  Although you may find that business contracts contain a bunch of “legalese,” the name for legal words that are not familiar to non-lawyers, many of these […] The post What Do All These Words Mean?! Contr ..read more

There are certain circumstances in which the government can take private land for public use. Although the government is legally and constitutionally required to compensate you if they take your land, the prospect of having to leave your land – whether it is your home or other property you own – may be upsetting and daunting.  You will want to ensure that you fully understand both the condemnation process, as the process of taking eminent domain of private land is called, as well as your rights and the compensation to […] The post What Should You Know About Illinois Eminent Domain? appear ..read more

In recent years, the law on noncompete agreements has shifted considerably nationwide, and Illinois is no exception. This is primarily the effect of a recent rule issued by the Federal Trade Commission (FTC), the federal agency that enforces antitrust law and promotes consumer protection. This rule was struck down by a federal court before it took effect.  However, Illinois legislation enacted in the last few years already limits the ability of employers to put in place and enforce non-compete clauses in their employment agreements. An experienced Illinois employment law attorney […] The ..read more

During mergers and acquisitions, one of the key processes that can determine the success of the transaction is the due diligence process. During due diligence, the acquiring company will review the ins and outs of the company they hope to acquire. That is why consulting with an attorney experienced in the ins and outs of due diligence can be crucial to the success of mergers and acquisitions transactions.  Importance of Getting Due Diligence Right Due diligence involves a full review and investigation of a target company. This is done to […] The post What Are Key Issues To Watch During M ..read more

One of the most important early decisions an entrepreneur will make is to decide on the corporate structure of his or her business. The choice of corporate structure will influence many factors tied to a company’s success, operation, and growth. An Illinois business law attorney can advise you on the popular Limited Liability Company (LLC) corporate structure. Here are some of the basics about LLCs and why so many people choose them.  Liability Protection As the name suggests, limited liability companies offer owners protection from personal liability if the company […] The post What are ..read more

Starting a new business can be incredibly exciting and downright scary at the same time. In 2021, the state of Illinois had a 78.1 percent “survival rate” for new businesses. As of 2023, Illinois had the eighth-highest five-year business survival rate when compared to other states. While Illinois may have better overall survival rates for new businesses than many other states, it remains true that across the United States, almost 90 percent of startup businesses will fail, with 3,200 startups going under in 2023. Businesses fail for many reasons, but […] The post What Makes a Good Business Loc ..read more

Business law is a complex area of the law and successful business owners must have a good grasp of these laws. As a business owner in Illinois, you should be aware that there have been some notable changes in employment law, which will require a review of employee handbooks and business policies. Many of the new laws will take effect on January 1, 2025, although some will have different effective dates. Business laws change fairly frequently, and business owners can benefit from having an experienced Naperville, IL business law attorney […] The post Are You Prepared for the Coming Changes in I ..read more

Trademarks fall under intellectual property, along with patents and copyrights. Intellectual property is a vague, often complex legal area for business owners. Do you need a trademark? What do you have to do to get a trademark? Is it expensive? Do you need a business law attorney? These business owner questions – along with others – may be swirling around in your head. A trademark generally applies to branding, symbols, business names, sounds, colors, and logos.  Copyrights apply to creative works, and patents to innovations and inventions. While they are […] The post Do I Need a Trademar ..read more