Attorney Shakfeh recently published an article in the Illinois Star Bar Journal about a recent court case, District of the Illinois Appellate Court’s September 2020 decision in Metropolitan Capital Bank & Trust v. Feiner, and the court's the standard of fraud and how practitioners can be advise their clients when in a situation related to potential fraud.
Read the full article here.
Business law can be puzzling to many new business owners. But put simply, business law is the combination of statutes and court rulings that govern everything that concerns your business operations. It includes two aspects: the administration of commercial entities and the legislation of business contracts. Over time, laws have changed and have to adjust to the progress of technology, industry regulations, and the ever-evolving demands of society. In this article, we will review the importance and role of business law in regulating entrepreneurial activities and making sure the business owner and their clients are both protected.
Why Is It Important?
Business law governs how corporations are managed by the state, the contracts between business owners and investors, and the contracts that govern business relationships. In my experience, one of the most costly mistakes business owners make is not having the proper business agreements between business owners. When conflicts arise, the business owners end up in a lawsuit costing tens, if not hundreds, of thousands of dollars. In addition, the business itself is often forced to dissolve not only because of the high legal bills, but because the business owners failed to agree on certain fundamentals of the business. Another costly mistake is not having the proper business-to-business (B2B) contracts. The problem is the same as above-- the businesses will end up in a dispute and not before long, are suing and incurring legal bills and having their business operations compromised. Believe me when I say, as a business ...
We’ve often been asked. What matters more—a former employer’s intellectual property and business assets or an ex-employee’s right to fair future employment opportunities? Such a question often arises when we encounter employment breakups. And such endings can hurt, especially if non-compete agreements are involved. Fortunately, the more recent reforms to state laws have taken a closer look at the welfare of both parties when it comes to imposing non-competes. In this article, we seek to explore what non-compete agreements are, their pros and cons on both sides (employers and employees), and how some newer state laws have embraced a few, more promising changes to how non-compete clauses should work.
What Is a Non-Compete Agreement?
A non-compete agreement is a formal and legal agreement between an employee and an employer. It enforces a restriction on the employee, making them promise not to “compete” with the employer after the employment period is over. Under a non-compete contract, a former employee could be restricted from working under the former employer’s competitor for a specific period. The former employee could also be prohibited from becoming a direct business competitor. This agreement helps protect the employee’s intellectual property, including customer or client lists, best business practices, trade secrets, and marketing plans. Noncompete agreements can also be in the form of noncompete clauses and may also be known as non-compete covenants.
Understanding How It Works
Non-competes are signed when the employer-employee relationship begins. The contract terms may include the geographic location, market, and length of ...
From our office in Oak Brook, Illinois we serve businesses throughout the area including but not limited to DuPage County, Cook County, Chicago, Elmhurst, Hinsdale, Burr Ridge, Darien, Downers Grove, Lombard, Willowbrook, Westchester, Villa Park, Addison, Bensenville, and Elk Grove Village.