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Buying a house is likely the biggest purchase you will make in your lifetime, next to purchasing a business or company. Depending on your wish list and budget, you may consider an older home or new construction. Besides being brand-new, one of the benefits of new construction is getting to pick out all the appliances, tile, flooring, fixtures, and more. However, it is also important to understand the legal details of your construction contract to make sure your rights are protected and you are not taken advantage of as a new homeowner. An experienced real estate attorney can guide you through this major endeavor so you can build the house of your dreams.

Reading the Fine Print

New residential construction contracts are legal documents that typically have been prepared by the builder. They will include many details of the agreement between the builder and the buyer, such as tax information, blueprints and specifications, warranties covering materials and workmanship, zoning ordinances, closing date, and more.

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When you decide to start a business, you will experience many challenges and important decisions early on, from securing funding, to attracting clients, to determining the type of business entity you should establish. As you go through the process, you should be sure not to overlook the importance of obtaining the permits and licenses your business will need to operate in compliance with the laws and regulations for your area. A business law attorney can help you identify the permits and licenses you will need and guide you through the process of getting them.

Common Business Permits and Licenses

Different permits and licenses are necessary depending on your business’s location, industry, and the products or services you provide. There are likely others that your business will need to pursue, but some of the most common examples include:

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succession, DuPage County bueiSuccession planning refers to passing on ownership or leadership roles in a business. If you are a small business owner, proper succession planning can help you avoid many of the negative consequences of a sudden change in ownership or management. Even if you do not plan to give up ownership in the immediate future, it is never too soon to get started on a business succession plan. Once you are ready to move on to a new business venture or retire, the plans for selling or passing on the business will already be started. Ideally, succession planning should be an ongoing process that is updated as your business changes and grows.

Hire Employees Capable of Taking on Leadership Roles

Sometimes, a business owner wants to keep a business in the family. He or she may have an adult child or other relative that he or she hopes will eventually take over the business. However, passing the business to a family member is not always be the best option. It is also possible that the intended recipient of the business decides that he or she does not want to be a business owner. This is why it is crucial that business owners hire employees who are capable of filling leadership roles as they become available.

Choosing an employee as your successor is not the right choice for everyone, but it does come with certain benefits. If your successor is an employee, you will have time to properly train him or her and set the business up for success—even if this success occurs in your absence. Furthermore, if employees know that there are opportunities for advancement and even the chance of being an owner, they will be more inclined to put in the maximum effort at their current jobs.

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sole proprietorship, Wheaton business law attorneysIf you are considering starting a business, you have a number of important decisions in front of you. One of the most critical decisions you will ever make about your business is what type of business structure you should choose. Your business structure will determine how you pay your taxes, to what degree your personal assets are at risk, your day-to-day operations, and more. Some of the most common business structures include S-corporation, partnership, limited liability company, and sole proprietorship. Each structure has its own advantages and drawbacks and the types of structure you choose will be based on your needs and business goals. In this post, we will be discussing the benefits associated with a sole proprietorship.

What is a Sole Proprietorship?

In a sole proprietorship, there is no legal distinction between the business entity and the business owner. A sole proprietor is solely responsible for the ownership and management of his or her business and does not share ownership with other partners. A sole proprietor receives all of the business’s income but is also responsible for the business’s liabilities, debts, and taxes. The business assets are not separate from the owner’s personal assets as with many businesses.

Sole proprietorships are a popular choice for many new business owners because establishing a proprietorship is often more affordable and less complex than other types of business structures. As a proprietor, a business owner has full decision-making power over his company. Of course, with this power comes significant responsibility. If the company incurs debts, the owner may be held personally liable. A business is automatically considered a sole proprietorship if it is not registered as another type of business. If you start a business and do not register your business with the state, you must pay your business taxes as a sole proprietor. A sole proprietorship may be the right choice for you if you want to start a low-risk business or you want to test your business idea before establishing a more formal business structure. Once your business starts to grow, you may choose to restructure the business as a corporation or other business type in order to meet your evolving needs.

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non-compete, Wheaton business lawyersWhen an individual purchases a business, they are not only buying the physical assets associated with that business. They are also taking ownership of more abstract assets like the existing customer base, the name and reputation of the business, and intellectual property. Understandably, someone who buys a business wants to ensure that the value of these intangible assets is not reduced because the original owner of the business is opening a competing business in the same market. This is just one of many situations in which a non-compete agreement can be beneficial.

How Does a Non-Compete Agreement Work?

Put simply, a non-compete agreement is a legally binding contract involving a promise not to enter into business competition of some kind. Non-competition clauses are most often used to prevent an employee from working for a competitor or starting a business that competes with his or her employer’s business. These agreements can also include a provision prohibiting the employee from disclosing proprietary information to other parties. Covenants not to compete are often also required of business consultants and contractors.

Non-Compete Agreements Must Meet Certain Criteria to be Enforceable

Of course, a non-competition agreement cannot simply instruct an employee to never again work in a certain field. The scope and duration of a non-compete must be reasonable for the contract to be valid. Illinois courts have ruled that non-compete agreements are only valid if certain criteria is met. It is advised that any business utilizing a non-compete in Illinois provides employees with continuous employment for at least two years as well as additional consideration in the form of perks like bonuses or higher compensation.

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