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A business dispute can be seriously disruptive to your company’s operations and bottom line. One of the first questions you might have if you’re facing litigation is how long your case will take to resolve. Importantly, every commercial case is unique and involves a different set of facts and circumstances. There is no specific timeline…

Many companies have trade secrets that they have invested a significant amount of time and money into developing. Trade secrets are an essential form of intellectual property protection — and can sometimes be an easier alternative to securing patent protection while having the benefit of no expiration date, as long as it remains a secret.…

Trusts are often used in estate planning to provide a number of benefits — including protecting assets from creditors and transferring wealth to the next generation. A trustee has considerable authority over how the assets in a trust are managed and owe a fiduciary duty to the beneficiaries. Unfortunately, not every trustee adheres to these…

Illinois law specifies that any shareholder in a close corporation owes a fiduciary duty not only to the corporation, but to other shareholders. This includes minority shareholders. In addition, the shareholders of a regular corporation might also owe a fiduciary duty when the corporation operates in the same way as a close common law corporation…

Restrictive covenants, such as non-compete and non-solicitation clauses, are becoming increasingly common in employment contracts. These types of clauses are meant to prevent an employee from offering the same services as their former employer or poaching clients and co-workers from their previous company. While such provisions in a contract can look very similar to each…

There are many benefits to setting up a trust, and a wide variety of trusts can be created, depending on your objectives. These legal instruments fall into two primary categories — trusts can be either revocable or irrevocable. Although both types of trusts share some common attributes, there are several key differences. Whether you’re considering…

Most people think of litigation when it comes to resolving breach of contract matters — but it’s important to be aware that other options exist. Alternative dispute resolution methods such as negotiation, arbitration, and mediation can help parties in a commercial conflict settle their disagreements outside the courtroom. In many cases, these processes can be…

A breach of contract lawsuit can result in significant financial losses for a company, as well as reputational harm, and other damages that are difficult to quantify. Fortunately, a wide variety of damages are available to an aggrieved party who prevails in a breach of contract lawsuit. Depending upon the specific facts and circumstances of…

If you’re an entrepreneur, selecting an entity type for your company is one of the most important decisions you will make. For many small business owners, a limited liability company (“LLC”) is the ideal business structure due to the flexibility, tax advantages, and liability protection it can offer. However, there are certain legal and procedural…

Trade secrets are some of the most valuable assets a business can possess. Critically, the Illinois Trade Secrets Act offers a broad scope of protection to businesses when it comes to their confidential trade secret information. While one of the most famous — and well-protected — trade secrets is the formula for making Coca-Cola, trade…