Business Formation

New businesses start with setting up a business. In the eyes of the law, each business is its own legal entity. Starting a new business typically starts with filing the paperwork that makes the business formally exist in the government’s eyes. Many types of business entities are similar throughout the country. However, the exact entities that a new business can choose from vary by state. The process of filing the paperwork to establish the business also varies from state to state. In Illinois, the most useful forms are generally C-Corps, S-Corps, LLCs, and LLPs, all of which have their own unique protocol and procedure.  Business lawyers help decision-makers weigh the pros and cons of each entity when they’re starting or reorganizing a business.

Contract Drafting and Negotiations

A lot of business has to do with preparing and negotiating contracts. A contract can be anything from a lease agreement to a purchasing agreement to an agreement with a third-party vendor to sell a product. A lot of contract law comes from common law. Common law isn’t written down anywhere. Instead, it’s principles of law and rules that have developed through the courts over time. While lawyers in business law must understand the elements of contract law from both statutes and common law, they must also appreciate the nuances that might impact the enforcement of a contract. They must work with their clients to skillfully negotiate and draft contracts that work to the client’s best interests.

Buy-Sell Agreements

It is important for small business owners to consider the consequences and retain a lawyer if one of the owners dies or becomes incapacitated. Such events may jeopardize the continued management or operation of the business. Additionally, the economic effect on the surviving or continuing owners, as well as the family of the departing owner, needs to be taken into account. Buy-sell agreements between business owners are designed to resolve these types of situations. Simply stated, these agreements provide procedures whereby one owner or the business itself can purchase the interest of the departing owner. As a result, the operation of the business is not interrupted and the departing owner or his or her family is paid for his or her interest in the business. Such a payment may not be available in an open market.

Employment

Once a business is up and running, it might need employees. Businesses need legal advice to help them understand how to hire and fire employees. They need to know how to handle employee disputes and discipline. Businesses need to know what they need to offer employees in terms of pay and benefits. Business lawyers educate their clients on the rules and best practices for managing employee

Sale of Consumer Goods

Buying and selling aren’t as easy as it sounds. There are regulations that govern how companies can make products and how they can sell them. From working conditions in a factory to distribution requirements to price controls. There are all kinds of laws and rules that might regulate how a company makes and sells its products.