Archive | Contracts Business

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New Restrictions on Non-Compete Employment Contracts

Illinois continues to be an employee friendly state in some ways, including in the area of non-compete clauses. A non-compete clause, or covenant not to compete, is a provision of a contract in which one person agrees not to compete against another person or business after termination of the relationship. Employers often require employees to […]

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Lending Money

Documenting Loans: A Best Practice

Many people have or will lend money to other people in their lifetimes.  Often parents lend money to children.  Sometimes friends lend money to friends.  Businesspeople lend money to other businesspeople.  There are many contexts in which one person loans money to another person.  Shareholders of the corporation borrow money from their corporations, or the […]

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Employee in Sunglasses

Employer Beware: Restrictive Covenants

A case recently decided in the First District Appellate Court in Illinois (Cook County) will have a big impact on employers and employees who impose or are subject to restrictive covenants (non-solicitation and con-competition) clauses. Restrictive covenants in employment are disfavored in the law, but they will traditionally be enforced if they are reasonable in […]

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New UCC Forms Notice from the Illinois Secretary of State

The Uniform Commercial Code (UCC) forms have changed for perfecting UCC liens. If you make UCC filings in Illinois, be sure you are using the new forms required as of July 1, 2013.  The following notice is posted on the Secretary of State’s Business Services website: Effective July 1, 2013, Public Act 97-1034 amends the […]

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BASIC CONTRACT FORMATION FOR BUSINESS

Business owners are a hopeful, positive and adventuresome group.  The strong character traits that propel people into commercial enterprise, however, may also reveal areas of weakness that may lead to difficulty and even disaster down the road. Business owners are not shy about entering into contracts, but sometimes they are big picture people and do […]

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