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What is a contract attorney?
A contract lawyer is a lawyer who specializes in providing assistance with business contracts. A contract lawyer can help you negotiate and draft contracts, review existing contracts, and advise you on legal issues related to your contract.

What is a contract?
Legal contracts are binding agreement between two or more parties. A contract provides details of what the parties agree to perform or exchange. A contract may be in written or oral form. In most cases, in order to be legally binding, a contract must be in writing and signed by all parties involved.
Continue Reading When to Hire a Contract Lawyer?

If you want to know how to get an Illinois LLC, you are not alone; limited liability companies, or LLCs, are popular business entities. Their formations skyrocketed in the late 1990s after the IRS changed its rules, allowing LLC owners to choose to get taxed as partnerships or corporations.
Establishing an LLC can feel complicated if you are new to the process and do not know all the steps. LLCs in Illinois are governed by the Limited Liability Company Act. We’ve done the research and put together this simple guide to forming an LLC in Illinois.
What is a Limited
Continue Reading How to start a LLC in Illinois?

There are various grounds on which you can sue a business partner. The most common reason for suing a business partner is breach of contract. Other reasons include things like fraud, misrepresentation, or theft. If your business partner has undertaken actions that have caused damage to the business, you may be able to sue them in order to remedy the situation.
It is important to consult with an experienced business law attorney before taking any legal action against a business partner. They will be able to advise you on the best course of action and help you build a strong
Continue Reading When to sue a business partner?

There are various grounds on which you can sue a business partner. The most common reason for suing a business partner is breach of contract. Other reasons include things like fraud, misrepresentation, or theft. If your business partner has undertaken actions that have caused damage to the business, you may be able to sue them in order to remedy the situation.

It is important to consult with an experienced business law attorney before taking any legal action against a business partner. They will be able to advise you on the best course of action and help you build a strong
Continue Reading When Can You Sue A Business Partner?

How to protect your business in a lawsuit
If you find yourself in the unfortunate position of being sued, the first thing you need to do is contact a business attorney. It’s normal to feel overwhelmed, upset, and indignant, but if you want to keep your business and its reputation intact during this time, it’s important to follow every step of the process carefully.
Common types of business lawsuits include breach of contract, slip-and-fall accidents and other premises liability, and discrimination. If this information is incorrect in any way, you may move to dismiss the action in its entirety,
Continue Reading How to protect your business in a lawsuit

A company sale is a transfer of ownership from the corporation to a buyer. Sales agreements may be for assets such as plant and equipment, intangible assets such as patents and copyrights or an interest in the shares of the corporation to new owners. A business sale is binding, and as such legal representation is necessary to ensure that both sides comply with all stipulations included in the agreement. Sales Contracts business sales are contracts. The corporation enters into a relationship to sell either a good or service to a buyer.
Business to business compared to business to consumer
Continue Reading How to transfer your business with a business sale

There are many different types of Illinois attorneys that practice law in many different areas of Illinois law. Each one specializes in a different area of the law that requires different types of legal advice from offices helping children to those that negotiate documents for businesses, or even those that provide separation and custody services.
The legal services field contains everything from corporate mergers & acquisitions to legal aid. When you need legal assistance, it is important to choose the right lawyer for your specific situation.
Illinois attorneys are admitted by the Illinois Supreme Court and regulated by the attorney
Continue Reading Illinois Attorneys

Are you looking to set up a business partnership? Liability protection, income tax, and ventures that need a partnership agreement are key motivators for a new business. A business partnership is a relatively easy entity to set up, but it does have its drawbacks.
One primary drawback to setting up your business as a general partnership is that your personal liability as a partner is unlimited. This means that any debts of the corporate entity will be borne by the individual partners of the business.
If you’re considering setting up a business as a partnership, our law firm has helped
Continue Reading Business Formation Lawyers

An asset purchase agreement is a legal contract between two parties, in which one party agrees to sell and transfer ownership of certain assets to the other party. The purchased assets may be tangible or intangible and can include things like property, equipment, shares in a company, or intellectual property.
An asset purchase, or a stock purchase, often involves a good deal of legal work during the transaction, which takes months of negotiation, then due diligence regarding either the buyer or the seller represents exactly what specified assets are being sold, which intangible assets, any third party consents and other
Continue Reading Asset Purchase Agreements: What is an asset purchase agreement?

Gaming attorneys for casino businesses
The gaming laws are changing again. The Ohio Casino Control Commission (OCCC) has released a new casino license application process that will streamline the process for applicants and improve transparency.
So it is time to find a law firm with a sophisticated gaming law practice. Breaking into the gaming industry by becoming a casino operator in Ohio is a challenging and expensive task.
The new process will require applicants to submit a completed application, including all required supporting documentation, to the OCCC office.
The OCCC will then review the application and determine within 30 days.
Continue Reading Ohio Gaming Lawyer

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.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block} It is a smart idea to trademark your name and logo in this age of branding and internet marketing. For your business, trademarking provides numerous advantages and protections.Understanding some trademark basics can help you realize why trademarking your name and logo is a good idea. To begin, know what a trademark is and what it does: it protects the symbol, slogan, logo, or image that you use in relation with your business from
Continue Reading How to trademark a name

Because the medical marijuana, hemp, and CBD businesses are still in their infancy, many cannabis business owners are unsure if they qualify for trademark protection. The 2018 Farm Bill established a legal distinction between hemp and marijuana, as well as the legal status of regularly used cannabinoids and derivatives like CBD.As a result, as stated in an Examination Guide published by the United States Patent and Trademark Office (“USPTO”) in May of 2019, significant developments in hemp-based trademarks have occurred. Here are the fundamentals of trademarking, with a focus on cannabis and hemp products at the federal and state levels.What
Continue Reading How to protect a marijuana trademark

Because trademarks are federal law and that law still says that cannabis is still illegal under federal law, no federal trademark protections can be granted by the USPTO yet.  Many medical marijuana, hemp, and CBD businesses are still in their infancy, many cannabis business owners are unsure if they qualify for federal trademark protection. The 2018 Farm Bill established a legal distinction between hemp and marijuana a controlled substances act CSA schedule I drug, as well as the legal status of regularly used cannabinoids and derivatives like CBD.As a result, as stated in an Examination Guide published by the United
Continue Reading How to protect marijuana trademarks

The cannabis businesses are allowed to deduct the cost of goods sold (COGS) from gross receipts under IRC 280E. Most cannabis entrepreneurs or operators face financial hurdles when it comes to defining the complex structure of  “280E” and its impact on the taxes of the cannabis business.

Most of the Cannabis businesses are all-cash businesses because mainstream, national banking institutions are not eager to back a federally illegal industry. There are several small state-chartered banks and credit unions that offer financial services but still, it is a significant challenge to manage the financials when it comes to paying actual taxes.
Continue Reading IRS 280e Tax Code Impact on a Cannabis Financial Model

Knowing how to read and interpret a cash flow statement may help you extract valuable information about a company’s financial health, whether you’re a working professional, business owner, entrepreneur, or investor.

Is your cash balance higher or lower than it was a year ago? What caused it to rise in the first place, and why did it rise in the second? What’s your reaction? If we were to ask a healthy Company the same question, I may get the cash flow statement as an answer.

The cash flow statement is used to determine how the firm earned and used cash
Continue Reading How to read a cash flow statement

How to Make Financial Projections for your Cannabis Dispensary

Financial Data and Cannabis Business!
The innovative Financial Dispensary Models in cannabis are essential for business success. This particular industry is dynamic in nature, and the apt projections can make it smoother to navigate. It is vital for businesses to utilize a financial forecast in the right manner. 
The cannabis sector is one of the few businesses that are gaining tremendous growth in the pandemic era. To acquire the market share of this expanding market, financial data is essential. The financial Dispensary Model helps businesses operate expenses and incomes. 
The complex
Continue Reading How to Make Financial Projections for your Cannabis Dispensary