Business Law Lawyer in Schaumburg, IL
As a leading business law lawyer in Schaumburg, IL, Bott & Associates, Ltd., has helped individuals and partners find the right solution to their business needs. Running a business can come with many different challenges, and you need to be able to make the right decisions in order to take your company to new heights. Whether you are struggling with a difficult business contract or need guidance on a major transaction, a business lawyer can point you in the right direction and assist you with your legal matters. If you are looking for the right law firm, call Bott & Associates, Ltd., now.
Why Hire a Schaumburg, IL Business Law Lawyer
Over the course of your business operations, you may run into many different scenarios that could require the help of an experienced business law lawyer. With so many aspects of your business to manage, tackling everything all on your own can slow you down. Hiring a lawyer can enable you to make informed decisions to do what’s best for your business. Here are some scenarios where you might want the support and advice of a business lawyer:
You Are Negotiating a Contract
As a business owner, you will very likely enter into a number of different contracts at any given time. Contracts and agreements with other parties need to be built carefully and should be specific to avoid ambiguity. In these moments, there may be extensive negotiations, as well as, terms and considerations. The details in the legal language can make them hard to understand. Having a knowledgeable business law lawyer in Schaumburg, IL on your side can be beneficial. A lawyer can review the contract details for accuracy, and ensure there is nothing that could jeopardize your business. They can look for errors or missing information that you might not know to look for. Otherwise, if you move forward without resolving your mistakes you could end up making your situation worse. In the event you are involved in a business dispute, a lawyer can help you to find an amicable resolution in a timely manner.
You Are Structuring / Restructuring Your Business
Business restructuring can be a complicated process. Regardless if you are initially establishing a business or are planning to reorganize your business by acquiring other businesses, you need to have a plan for how to go about the process. If you are working on the structuring or restructuring of your business, as a sole proprietorship, LLC, non-profit, partnership, or corporation, it may be in your best interest to retain the services of a lawyer. Hiring a lawyer early on in your business structuring timeline can help you clarify your goals and better accomplish them. Having legal assistance can help you prevent mistakes that could impact your plan, or even result in expensive delays in the completion of the structuring. How you structure your business can impact your tax obligations, setup and yearly legal fees, personal liabilities, laws you must follow, and more.
You Will Be Hiring Employees
If you are planning to hire employees, consulting a lawyer is recommended. Drafting up employee contracts requires a core understanding of state and federal employment laws. You must make sure that your business practices adhere to the current laws. A Schaumburg, IL business law lawyer can help you to understand the vast amount of laws that must be followed at all times. They can explain the laws to you and any updates that have been made.He or she can also assist in drafting any employee contracts or booklets that may be required.
You Are Selling Your Business
Once you decide to sell your business, working with a business law lawyer in Schaumburg, IL can protect your rights and interests. Selling a business can be complicated. It is important everything is done correctly to avoid potential problems in the future. Having a lawyer there to assist you with the sale can help you feel reassured as you are handling the transaction. They can spot any issues, concerns that should be addressed and any other aspects of the sale that need to be resolved before it can be finalized. You do not want to rush a sale just to get it completed. Selling a business should be done carefully if you want your transaction to be a success.
You Are Being Investigated
There could be times when your business may be under investigated for a variety of reasons. If you ever find yourself under investigation, do not panic. You could be worried about not just about the investigation itself, but the effects it can cause on your business, which could be long-term. One of the first things that you should do is hire a lawyer who understands business law and how to assist their clients. Discovering you are being investigated can be extremely confusing and overwhelming. This could happen for any number of reasons, such as a formal complaint has been filed against you, tax evasion, fraud, and so forth. In the event you find out you are being investigated by any government agency, call a business law lawyer from Bott & Associates, Ltd.
Business Matters You Can Typically Handle on Your Own
Although it will help you to have a lawyer at your side for many business matters, there are some things you can do on your own.
- Develop a business plan
- Choose a name
- Research and hold domains or social media names
- Research the legal structure
- Apply for an EIN
- Apply for any business permits
- Hire employees and independent contractors
If you are considering hiring a business lawyer you may be asking yourself what is a business lawyer? A business lawyer is going to be someone who not only understands lobby can explain of the law affect your business and advise you on the bus steps to take. But if you are hiring a business lawyer you might wonder what of his employer can do.a business lawyer is going to be a resource. There to be able to answer your questions about your business, how you should do with your employees to explaining what a contract means in plain English. If you have any other questions there and it would look to find the answers. Your business lawyer may negotiate on your behalf and make sure that you’re not being taken advantage of or they may draft documents that make the dozy strike legal. Business lawyers may defend you in court if you been wrongfully attack or minimize the damage when you legitimately screwed up.
A business lawyer is going to be your counselor, your advisor, and your advocate. There can be when you need to know what is your rights and what’s not within your rights and what is your responsibility and what is other people’s rights and responsibility. They can provide you legal support, which can help you feel more confident that you will get through the entire ordeal that you are going through. There had to be the one to help you assess your risks and decide what next steps you should be taking. Your job when running a business is to know that business like the back of your hand. If you would not try to perform your own medical procedures, you should not try to understand the law, not when you can hire a business lawyer.
You should not try to be your own lawyer, you’re not trained for and it’s going to distract you from the core competency as a business owner. If you’re running a business, your focus should be on the business. You should delegate all other matters to the people were trained to use and deal with those matters especially legal ones.
The cost of screwing up your own legal team can be extremely high, from a bad contract to a lawsuit or a judgment against you. So hiring a lawyer to help prevent these things is to be worth it instead of trying to do it yourself. Lawyers cost money but they cost way less than screwing up.
If you’re already in a bind a business lawyer can help you clean up and get out of the mess the best they can. Lawyers can be very tightlipped about their fees so when you are looking for a lawyer you should always ask about how your budget can be worked with.
The above should help you to understand what you may be able to do without a lawyer, and situations that may warrant a legal advocate. If you would like to explore in more detail how a business law lawyer in Schaumburg, IL can help you, please call Bott & Associates, Ltd.
Questions to Ask Your Business Law Lawyer Before Starting a Business
If you’re getting ready to start a small business, it’s important to meet with a business law lawyer in Schaumburg, IL, first. A lawyer at Bott & Associates, LTD. can help ensure that you follow all applicable regulations and set up your business in such a way that you can minimize future risks.
Before meeting with your attorney, it’s wise to prepare a list of questions you want to ask. These questions will help guide your conversation and ensure that all your most important concerns regarding business ownership are addressed. Here are some of the top questions you’ll want to ask your lawyer before starting a business.
What Should I Know About Selecting a Business Name?
Selecting a name for your business may seem like one of the easiest and safest parts of launching a startup. But there are a few things that could go wrong if you don’t take the proper precautions during this seemingly innocuous step. For example, choosing a name that infringes on an already existing trademark could land you in hot water.
You need to know how to navigate potential legal issues before you finalize your name and register it with your city and/or state. Your lawyer can give you advice for avoiding potential legal issues when selecting a business name.
What Business Structure Is Best?
Choosing a business structure for a startup can be a confusing and intimidating process. Some business models come with more liability than others. So if you want to protect your personal assets as much as possible, it’s a good idea to talk with your business law lawyer in Schaumburg, IL, about the best business structure for your situation.
How Can I Keep My Intellectual Property Safe?
Intellectual property (including labels, packaging, slogans, and logo) could potentially be stolen by others unless you protect them adequately. If you aren’t sure how to get copyrights, trademarks, or patents (on inventions), it’s time to talk to your business lawyer. He or she can help you identify intellectual property and recommend steps you can take to protect it.
What Additional Risks Do I Need to Protect Myself Against?
As a business owner and employer, you are exposed to a variety of risks. You may not be able to identify those risks on your own, but a business law lawyer in Schaumburg, IL, can help. From getting appropriate insurance coverage to making sure you’re following Federal wage and hour laws for employees, your lawyer at Bott & Associates, LTD. can help you understand how to minimize your risks as much as possible.
Business Law Lawyer Schaumburg In Illinois
Working with a business law lawyer, Schaumburg IL recommends should be a top priority as a business owner. Finding a lawyer that offers experience in legal matters involving businesses is critical as they can assist in developing agreements and putting systems in place that effectively protect your business. When you have worked so hard to build a successful business, you will want to ensure that you are legally protected and operating legally. Having a professional from Bott & Associates, LTD can assist in the bigger picture while also being available to answer the day-to-day questions you may have.
Reasons to Hire a Business Lawyer
Whether you are already a well-established business or just in the start-up phases, chances are you will want to achieve success. Our team can help you to take the necessary steps to ensure your stability for years to come. Hiring a lawyer is one of the most important steps you can take to secure your future. Here are some common reasons to book the services of a business lawyer today:
- Formation of Your Business
- Protecting Your Assets
- Developing Agreements
- Managing Employment Issues
- Manage Business Disputes
Once you have established a relationship with a Schaumburg, Illinois business law lawyer and can learn your business, they will get a picture of your goals and needs. Business owners are sure to experience challenges and even legal problems. Working with a lawyer can make recommendations and help mitigate issues before becoming a bigger problem down the road.
Help with Managing the Day to Day
There are a variety of ways to access the services of a lawyer. You may wish to only use them for more significant business decisions or as issues arise. However, by maintaining a relationship with a lawyer, business owners can help with more than just the bigger picture; they can counsel you as things come up. We know that the cost associated with a lawyer’s services might give you pause. However, having the opportunity to receive their counsel as issues arise can avoid more extensive and more costly legal problems. Common business issues include employment issues, choosing the wrong business formation, failing to put things in writing, issues with intellectual property, and more.
Find a Lawyer Today!
If you are a business owner without legal representation, you must act now without delay. Start by determining your needs for a lawyer, researching area legal professionals, and asking other business owners for recommendations. Taking the time to find the right lawyer is essential. Keep the following tips in mind:
- Consider the type and size of the law firm
- Choose a lawyer with business law experience
- Choose a lawyer with resources
- Make sure you understand their fee structure
- Meet with them for the opportunity to ask questions
Bott & Associates, LTD has over 20 years of experience working with our clients to protect their wealth. We offer a personal approach to the clients we serve and are dedicated to helping business owners achieve their objectives. When you have worked so hard to build your business, you deserve a lawyer committed to putting your needs first. To learn more about the legal services we offer and how we can assist you with your business, contact our Schaumburg IL business law lawyer today.
Common Myths in Business Law
If you have a business, it is essential to have a business law lawyer in Schaumburg, IL, on your side. However, there are many misconceptions still going around about business law and lawyers. Here are some common myths you shouldn’t believe.
- It Is Only Necessary to Use a Lawyer in the Worst Case Scenario: Because of this myth, some business owners don’t hire a business lawyer until they’re facing something serious, like a lawsuit. This is a big mistake. If you don’t hire a lawyer until your business is in legal hot water, you could be putting yourself at a serious disadvantage. It is best to hire a lawyer from the very beginning. This way, he or she can anticipate when something serious may happen and take immediate action.
- You Don’t Need a Lawyer When Drafting Simple Contracts: Even if you think the contract you are about to create is relatively simple, you should still get a business lawyer involved. A court can declare the contract not binding if it was not created legally. While you may want to rush through the contract creation process to get it over with, it is worth it to consult with an experienced lawyer. He or she can look over the contract to make sure it reflects your company’s best interests and is legally enforceable.
- It Is Too Expensive to Hire a Lawyer: Unfortunately, some business owners shy away from hiring a business law lawyer in Schaumburg, IL, because they believe they are too expensive. This may be especially true when they are just starting their business. However, hiring a lawyer is more affordable than you might think and is entirely worth it. Many business lawyers have fee structures to accommodate their clients’ needs.
- My Business Is Too Small to Need a Lawyer: Just because your business is small does not mean you won’t benefit from having a lawyer on your side. Even small companies can experience contract problems and other legal issues a lawyer can assist with.
- Having a Lawyer Will Make My Business Look Untrustworthy: Hiring a business law lawyer in Schaumburg, IL, will not make your company look untrustworthy at all. Having a lawyer on your side can make your business look more credible to others. Your lawyer can help you make sound business decisions and maintain your permits and licenses.
Understanding Contract Breaches
Our business lawyer Schaumburg IL business owners recommend knows that contractual complications can be tough to manage. There can be a lot riding on a contract, and when the other party fails to uphold the agreement, there can be a resounding impact for businesses. Developing contractual obligations can be challenging. It can feel like a relief once the contract has been agreed upon; however, it’s essential to be aware that the hard work is not done until the contractual obligations are upheld. When someone breaches their contract, it’s possible that your business could be impacted in several ways. Our team from Bott & Associates, LTD can offer key support for business owners by helping to ensure that contracts are correctly executed and that any issues that arise are managed and resolved promptly.
No matter the size of the business, contracts are a critical component of business dealings. Contracts clearly outline agreements between two or more parties, making expectations of obligations clear. Typically contracts will outline the terms, including deadlines, the amount and type of goods/services to be exchanged, in addition to monetary obligations. The contract should also include what should happen when one or more parties do not follow the contract terms. Contracts ensure that expectations are clear and offer protections to ensure that obligations are carried out as agreed upon.
Elements of a Contract
A contract is an agreement between parties, and there are several ways they may be formed. While parties may have a verbal agreement, should something go wrong, failing to have something in writing could be detrimental. Ensuring that the contract is valid should be a high priority for business owners. Our business law lawyer in Schaumburg, Illinois, shares that for a valid contract, you should have the following:
- Terms must be clearly outlined
- Parties must be in agreement to the terms
- There must be an exchange of goods or services
- There must be an acceptance of the contract
Having a contract clearly outline the specifics can mitigate the risk of issues down the road and offer certain protections should one party fail to uphold their end of the deal.
Handling Contract Breaches
When someone does not fulfill the agreement, they could find themselves in breach of the contract. This may happen when someone does not produce what they agreed to in a timely manner and, in some cases, not at all. Sometimes, business owners and their attorneys can handle contract breaches without litigation. However, at times, this may not be a possibility. Our team can help reach a resolution or assist with taking legal action to handle the breach.
A Legal Professional is Important
Contracts are an essential component of business operations, and developing such agreements can help ensure you are not taken advantage of down the road. When contracts are not upheld, businesses and their owners could be financially impacted, not to mention their reputation with consumers could be put at risk. Legal representation from our team will be critical as we can ensure that you have strong, legally binding agreements in place so that your business can sustain and thrive for years to come.
At Bott & Associates, LTD, our team of experienced professionals can provide you the guidance and representation that you deserve. To learn more, schedule a consultation with our Schaumburg IL business law lawyer.