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…
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…
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…
One of the frustrations being a business owner is the failure of clients and customers to pay you for your services or the goods you sell. All types of businesses face this problem, including contractors, suppliers, medical providers, landlords and even attorneys. The failure of clients and customers to pay not only affects your cash-flow,…
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…
There is nothing like a real-life story to drive home a point. What you are about to read are the real mistakes of real people. The names and details have been changed to protect the erstwhile entrepreneurs. Entrepreneurial people tend to have a lot of confidence in their own abilities and positive motivation. Those are…
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…