Business Lawyer Norridge Illinois | Essential Contracts for New Businesses 

You know that starting your own company is a huge decision. There are numerous things you should have in place before you open your doors. Our business lawyer Norridge Illinois will make sure you have everything set up properly and all necessary documents in place. At The Law Office of David Hyde, we have the background and experience to guide your startup. 

Your choice to start a new business can be both exciting and overwhelming at the same time. It’s important to have an attorney on hand when starting your business. There are some common contracts that businesses need in order to operate successfully in Illinois. We are here to help you, so contact us today for a free consultation at 312-210-9598.

Founders Agreement

If you have a business plan and are ready to start, the first thing you need to do is come up with an agreement that clearly defines your roles, responsibilities and equity stakes. The founders’ agreement is a legal contract between all parties involved in the business. A founder’s agreement, also known sometimes as a partnership agreement, is intended to define the relationship between the founders, and the terms and conditions of their partnership and work on the startup. 

Whether you are new business partner or have known each other your whole lives, this agreement is essential to avoid common misunderstandings and business disputes. It can cover important issues like. ownership and management responsibilities, percentage of shares each founder owns, how those shares can be transferred, decision making and conflict resolution and more essential items. Contact our business lawyer Norridge Illinois for a consultation and to discuss these essential documents. 

Business Operating Agreement

A business operating agreement is a contract between the owners of a business that establishes how they will conduct business. This can be an important tool for new businesses because it helps to ensure that everyone involved in the company knows their role and what is expected from them. It also provides protection against any disputes between owners, as well as gives each owner an opportunity to make sure that their interests are protected in case something happens with the company down the road.

You should consider hiring a business lawyer Norridge Illinois for help crafting your operating agreement so you can be sure it’s done correctly from start to finish. When these are structured properly, they are an important foundation to ensure the company runs smoothly and operates effectively. 

Buy/Sell Agreement

A buy-sell agreement is a legally binding contract that sets out the terms of how business partners will manage their ownership if one of them leaves. Whether you part ways voluntarily or involuntarily, this document provides essential guidance for an exiting partner. 

The agreement may be a part of the company’s partnership agreement, operating agreement, or a separate written agreement. The document also addresses whether retiring, disabled, or deceased partners will have the option to liquidate their interest to provide income to themselves or their estate.

In general, these agreements give one partner the right to force the other to buy his interest, or to sell their interest, on specified terms. The agreement may specify who has the “right of first refusal” to buy a partner’s interest. In addition, the agreement will determine how the business will be owned and operated following a partner’s departure. 

A business lawyer Norridge Illinois will help you properly draft a buy-sell agreement to ensure the continuity and longevity of your business. The Law Office of David Hyde will also help you avoid potentially disastrous losses that can result if a business must be dissolved due to a partner’s unexpected departure.

Employment Agreement

Employment contracts are important for both the business and its employees. They can be used to protect the business by outlining expectations of employees, including compensation and hours worked. They also provide legal protection for employers against lawsuits regarding wages or discrimination claims.

Employers should customize employment contracts for each new employee, taking into account factors like their education level, experience in similar roles and any special skills they may have that make them valuable to your company’s future success. You should review these documents regularly. If you’re hiring a lot of people at once or if there are changes in your industry or market conditions, it’s wise to revisit all employment agreements on an annual basis so that they continue aligning with current circumstances.