A trade secret is a piece of information which is confidential, can be legally protected, and gives your company a competitive edge. Lots of the most famous examples involve recipes: the formula for Coca Cola, McDonald’s Big Mac “secret sauce”, or that Mrs. Field’s chocolate chip cookie recipe that caused such a legal stir in the 90s. But you don’t …
5 Reasons Your Single-Member LLC Needs an Operating Agreement
An operating agreement is a contract that controls your LLC’s operations as well as member interaction with each other and with the LLC. You may think that an operating agreement is not necessary for your single-member LLC – after all – why make an agreement with yourself? Is the Operating Agreement a Legal Requirement? Most states don’t require an LLC …
Follow This 8 Point Plan When Starting Your New Business
Starting a new business can seem overwhelming – especially when you’re doing it alone. Creating a business plan will allow you to refine incomplete ideas, address areas you may have not yet considered, create a map so you know what to do next, and increase credibility for bank loans or investor funding. While you may think you’ve got your business …
Independent Contractor or Employee: It’s Very Easy to Cross the Line
Many businesses prefer to hire independent contractors because there’s often less overhead and fewer expenses (i.e. taxes). However, classify an employee as an independent contractor and you’re in big trouble. Here’s how to legally differentiate between the two. Who Controls the Worker? This question is not always easy to answer. According to the U.S. Internal Revenue Service (IRS), evidence of …
Business Law: Letters of Intents v. Term Sheets
A letter of intent is used in many types of businesses to list the terms of a proposed deal between prospective parties. While the letter of intent is usually signed by both parties, it contains language stating that this letter does not create a binding obligation on either party. Despite this fact, there has been a great deal of litigation …
Illinois Employment Law: Reasonable Accommodations for Pregnant Workers
New laws were enacted in Illinois pertaining to pregnancy and employment. The “Pregnant Workers’ Fairness Act” (P.A. 98-50) amends the Illinois Human Rights Act. (775 ILCS 5/2-102) that previously touched upon this area. This blog post will discuss how reasonable accommodations are addressed under the current law. Most people know that employers cannot hire, fire, segregate, select for training, promote, …
Business Law: General Release for Video-Tapped Testimonials
My office just drafted a simple general release form for an agri-business client seeking permission to videotape client testimonials and use the recordings online. I think it’s a great idea to have a simple consent form to use for these types of situations where video-taped, audio-recorded and/or written testimonials are used in marketing materials. I suggest having language about the …
Meet the New Associate Attorney, Kate Murray
The Illinois Office is growing! Kate joined our team this spring. She is an associate attorney with Rincker Law, PLLC working primarily from the Illinois office. Kate is licensed to practice law in New York and Connecticut. She is also a candidate to the Illinois bar. Kate concentrates in all aspects of family and commercial law. A portion of her …
Shhhhhhh– Some Considerations for Those Pesky NDA’s
In many types of business agreements, including agricultural ones, it is important for parties to be able to safeguard information they wish to remain secret. Non-disclosure agreements (“NDAs”) can be helpful in ensuring that information stays between the parties of the agreement. Put simply, there are two types of NDAs: bilateral and unilateral. A bilateral NDA is one where both …