Illinois business attorney shares whether Elon Musk can get away with with avoiding buying Twitter.
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Contract Red Flags
No one likes to feel like they’ve been taken for a ride—especially in business and when your valuable time and money are at stake. So what are some common “red flags” in a business transaction or contract? Here are the most common contract red flags: Poor formatting and bad writing. You don’t need even need
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How to Buy an LLC?
If you have an entrepreneurial mindset but do not want to go through the hurdles of starting a business from scratch, there are alternatives for you. One of them is buying an LLC. A limited liability company is a separate entity that protects the personal assets of business owners from debt and other liabilities and
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Letters of Intent (LOI) Are Not Binding, BUT…
What is an LOI? We get a lot of people and business owners coming to our office asking if they should sign a “letter of intent”. Many people and business owners mistakenly think they can sign the letter of intent (LOI) without any risk. Because LOIs are meant to be not binding, it is easy
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Communication and Contracts: How to Prevent a Dispute
Unless you’ve lived under a rock, you’ve heard how important communication is. Some of us have had disputes with friends, colleagues or partners that resulted in frayed or damaged relationships as a result of poor or miscommunication. Similarly, the same types of miscommunications can result in a breach of contract. This is because although we
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Contract Loopholes Don’t Exist
Before we get ahead of ourselves, let’s start off by saying contract loopholes don’t exist. When people talk to a lawyer about “loopholes,” they’re usually talking about an obligation that they want to get out of without being sued for breach of contract. People use the word “loophole” to signify that if there’s enough room
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The Laws That Govern Contracts
In order to understand if a contract is valid we must first understand the laws that govern contracts. There are three different types of laws that govern contracts: common law, the Uniform Commercial Code, and other miscellaneous statutes that apply to particular situations. Common law is the compilation of caselaw that has been formed over
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