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Oak Brook business law attorney contract review

For any business owner, it is imperative that all agreements related to the company are put in writing in order to protect his or her rights and interests. However, business contracts are important for outlining the expectations of the parties on all sides, whether a business, vendor, or employee. In simple terms, a contract is a legal document that governs the relationship between two or more parties. These contracts should be carefully reviewed by all involved parties because it is important to take into consideration what other factors impact this type of relationship, including any relevant laws or statutes. 

Types of Business Contracts

Different types of business contracts define terms of an arrangement, which can be between various parties. Business partners may enter into an agreement that defines their roles and responsibilities and the consequences if one partner leaves the company. The nature of that contract depends on whether the business partners are part of a limited liability corporation, partnership, or corporation. Another type of contract is an employee agreement, which outlines the roles and duties of the employment, salary and overtime pay, hours, paid time off (PTO), medical leave, healthcare benefits, as well as non-compete agreements. Additionally, confidentiality clauses restrict employees from taking trade secrets and going to work for a competitor. Another type of business contract is a vendor agreement, where business owners hire third-party vendors. Vendor agreements typically outline the duties they are performing, prices, intellectual property, confidentiality, non-compete terms, and dispute resolution.   

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Darien business law attorney non-compete agreement

As a business owner or an employee, it is important to understand the contracts you are signing, whether you are a new employee accepting a job or an employer offering a job. Regardless of your level or position at the company, you should not overlook the details of any contract. Business contracts can be complicated with a lot of legal details that may be difficult to comprehend. For example, many people may not know what a non-compete agreement, which is a type of “restrictive covenant,” entails. As an employer, if you wish to enforce a non-compete agreement (also known as a “covenant not to compete”) in regard to an employee, you must draft it carefully according to the standards outlined by Illinois courts. A non-compete clause can be confusing, but you will have an advantage in negotiations if you understand the requirements for enforcing this type of legal document. Whether you are the company owner or the employee, an experienced business attorney can assist you during this process to make sure your rights are protected. The following are some important issues to consider when drafting or signing a non-compete agreement in Illinois. 

What Is a Restrictive Covenant/Non-Compete Agreement?

A non-compete agreement is a stipulation within a contract that typically prohibits an employee from going to work for another competing company or starting his or her own competitive business for a certain period of time. The main purpose of this restriction is to prevent an employee from leaving the company to compete against the employer after the employer has invested resources into that employee’s training and giving the employee access to proprietary information. That situation can be detrimental to an employer if an employee brings his or her experience and specific trade secrets to the employer’s competition. Similarly, a worker may use the knowledge and connections that he or she gained from former employment to build his or her own business to compete with that former employer. 

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Elk Grove Village business law attorney

Many business professionals dream of owning a business, but they may not want to start from scratch. While entrepreneurialism is a common way to own a business, it can also be daunting and risky. Building a business from the ground up involves much more than just coming up with a product or service. A business structure must be selected, a location for the establishment must be found, employees must be interviewed, hired, and trained, and that is just the tip of the iceberg. And did I mention the marketing and breaking into the chosen industry? An alternative to this risky endeavor is buying a business that is already established. While the company will still require time and dedication, the groundwork for the business has already been laid,  alleviating the risk of starting a new business. That said, buying a business also comes with its own risks that require the advice of a few experts, including a knowledgeable Illinois business law attorney.

Discovery and Research

Numerous businesses are for sale and you should never settle for the first one that you find on the market. First, you should decide which type of business you want to buy. Depending on your past professional experience, you may want to stick within the same field or you may have realized that you would like to forge a new path. Choosing the industry that you would like to work in and finding an appropriate-sized business for you is a critical first step. 

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