Common Considerations for Using a Liability Waiver in Your Business

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Exposure to lawsuits involving injury and loss claims is among the biggest risks that businesses face. Although liability waivers are most commonly used by businesses that offer inherently dangerous activities, such as ski resorts, amusement parks, and gyms, they can be used whenever a business seeks to limit the claims or damages that a visitor could pursue against it in …

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What Is an Equity Purchase Agreement and Why Do I Need One?

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An equity purchase agreement, also known as a share purchase agreement or stock purchase agreement, is a contract that transfers shares of a company from a seller to a buyer. Equity purchases can be used to acquire a business in whole or in part. They are frequently contrasted with asset purchases, which achieve similar objectives but have a different deal …

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What Is a Nonsolicitation Agreement, and Should I Use One?

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You have invested a lot of time and money in developing your employee, customer, and vendor relationships. You cannot stop your employees from walking out the door, but you may be able to limit their ability to take other employees and business relationships with them. Nonsolicitation agreements are contractual provisions that restrict an employee’s ability to poach your customers or …

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Complying With Estimated Quarterly Taxes

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Tax day is one of the most important—and one of the most dreaded—days on the calendar for working Americans. Although April 15 is usually the date that federal taxes are due, the Internal Revenue Service (IRS) extended the tax deadline in 2019 and 2020 due to the COVID-19 pandemic. During this time, you may have picked up a side gig …

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What to Include in Your Service Agreement

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Small businesses account for nearly half of the economic activity in the United States. To successfully compete with bigger competitors, small businesses are increasingly outsourcing to improve their efficiency and lower costs. Outsourcing allows companies to expand their competencies in key areas without taking on additional full-time, in-house employees. This is a growing trend among small businesses looking for professional …

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Legislative Alert: The Consumer Coverage Disclosure Act (Illinois)

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Employers in Illinois should be mindful of certain new obligations arising under the Illinois Consumer Coverage Disclosure Act (“the Act”) (820 ILCS 46), which came into effect on August 27, 2021. The new Act applies to all Illinois employers that provide group health insurance coverage. What the Consumer Coverage Disclosure Act Requires The Act requires that Illinois employers give their …

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Member-Managed vs. Manager-Managed LLCs: What Is the Difference?

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When setting up your business, one of the most significant decisions you will make is which type of entity to form. If you have settled on forming a limited liability company (LLC), you must also choose the type of management structure it will have. LLCs can be member-managed or manager-managed. Being an LLC manager means having the legal authority to …

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What Is Reverse Veil Piercing and How Should You Protect Against It?

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Normally, limited liability business entities, which include corporations and limited liability companies (LLCs), prevent the entity’s creditors from going after an owner’s personal assets to satisfy their claims. But in rare circumstances, courts allow piercing of the corporate veil. When this occurs, creditors who win a legal judgment against the corporation or LLC may target the personal assets of a …

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Business Ownership and Divorce: What You Need to Know

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Divorce is rarely simple. When two people’s lives are intertwined—physically, emotionally, and legally—separating the individual strands can be a task akin to untying the Gordian knot. The longer a couple has been together and the more they share, the more difficult this task becomes. It can be even more difficult if the divorcing couple co-owns a business or one spouse …

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Personal Guarantees: What They Are and When They Are Required?

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Your new business needs a capital infusion to get off the ground. The only problem is that a new business is not established enough to have generated a business credit report. It may also be lacking assets that can be used as loan collateral. Without a business credit report or business assets, lenders cannot judge whether your company is a …

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How Do I Change the Directors on My Corporate Board?

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Corporate directors act as the governing body of a corporation. They manage the corporation’s business on behalf of the individuals who own the corporation. Directors serve on a board, and the board acts as a group to exercise the corporation’s powers. The board of directors makes major business and policy decisions for the corporation that are carried out by corporate …

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Hobby or Business: What Factors Does the IRS Consider?

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There are some activities we engage in outside of work strictly for personal reasons, with no thought of ever profiting from them. You might, for example, enjoy photography, hiking on the weekends, or collecting classic records. There is no monetary gain—and no expectation of making a profit—from these pastimes. You do them simply because you like to do them. Then …

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