Dupage Business Attorneys | Corporate Lawyers, Dupage County IL

Our DuPage business attorneys have the knowledge, understanding, and budget-friendly rates necessary to be the optimal solution for your business' legal needs. Call us to schedule a free consultation and discuss the cost-effective legal solutions we can provide for you, your family, and your corporation or LLC. Our Dupage County corporate attorneys will assist your corporation or LLC in every aspect of business creation and maintenance. We will take the time to learn about your situation and educate you on the most advantageous corporate form. We will then do the legwork to incorporate your corporation or LLC at affordable rates.

Convenient Payment Options

Our Experienced DuPage County Business Attorneys Handle Cases Including But Not Limited To:

Franchise Law

Contract Law

Employment and Labor Law

Intellectual Property: Trademark and Copyright Law

Here's What Our Clients Have to Say:

John Paul Clancy

Says...

"Kevin and his firm, O'Flaherty Law, are friendly, efficient, knowledgeable and professional. Kevin is a master at bringing people together and sharing ideas."

Kevin Sender

Says...

"Kevin O'Flaherty and his team at O'Flaherty Law are among the friendliest and easiest to work with attorneys I've dealt with. I would suggest them to any friends or business associates."

Kevin O'Flaherty was instrumental during the purchase process of my new house. I highly recommend him and the entire firm!

An excellent client experience, I recommend O'Flaherty Law to all of my clients that have a need for consultation in family law.

John Paul Clancy

Says...

"Kevin and his firm, O'Flaherty Law, are friendly, efficient, knowledgeable and professional. Kevin is a master at bringing people together and sharing ideas."

Kevin Sender

Says...

"Kevin O'Flaherty and his team at O'Flaherty Law are among the friendliest and easiest to work with attorneys I've dealt with. I would suggest them to any friends or business associates."

Mike Stehlik

Says...

"Kevin and his team are my "Go To" resource for clients that need estate planning"

Kevin Koc

Says...

Kevin O'Flaherty was instrumental during the purchase process of my new house. I highly recommend him and the entire firm!

Stephen Petersen

Says...

An excellent client experience, I recommend O'Flaherty Law to all of my clients that have a need for consultation in family law.

Troy Golden

Says...

Kevin is an excellent attorney. He helped me incorporate by business and provides legal counsel as need. I highly recommend him.

How to Collect a Debt in Illinois

If you are a small business owner dealing with past due accounts receivable, or if you are having trouble paying your monthly bills and are receiving notices from creditors, you should acquaint yourself with the collection process. This article will provide a summary of that process. The narrative will be from the creditor’s perspective, but it will be equally helpful to debtors.

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Bear in mind that each of the following steps tends to increase the pressure on the debtor to settle his debt. Each successive step will only be required if the debtor is non-responsive to the previous steps. In practice, it is usually unnecessary to take a collections case all the way through Step 7.

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STEP 1: Internal collections procedures: Before you speak to a collections attorney, you should be sure to refine your own collection procedures. Every business is different, but the following tips may help you increase your collections on your accounts receivable:

In your contracts with your customers, include an attorney-fee provision providing that if either party is required to take action to enforce the contract, the other party will be required to pay attorney fees and other expenses.
In your contracts with your customers, include a late fee provision, informing your customers that late fees will be charged on late invoices.
On the face of each invoice, you should explain your collection procedures. Let your customers know in advance that if their invoice is x days past due they will be required to pay late fees, and that if it becomes y days past due, the invoice will be sent to collections.
Follow up on past due invoices with letters explaining the consequences of continued failure to pay.

If you believe that it will not be possible to collect an account internally, you should hand the account to your attorney to begin a collection suit.

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In your contracts with your customers, include an attorney-fee provision providing that if either party is required to take action to enforce the contract, the other party will be required to pay attorney fees and other expenses.
In your contracts with your customers, include a late fee provision, informing your customers that late fees will be charged on late invoices.
On the face of each invoice, you should explain your collection procedures. Let your customers know in advance that if their invoice is x days past due they will be required to pay late fees, and that if it becomes y days past due, the invoice will be sent to collections.
Follow up on past due invoices with letters explaining the consequences of continued failure to pay.

If you believe that it will not be possible to collect an account internally, you should hand the account to your attorney to begin a collection suit.

DuPage business lawyer Kevin O'Flaherty discusses when you should consult your business attorney.

It is important to have an ongoing relationship with your business attorney. It is typically better for your bottom line to consult your attorney early and often in order to cost-effectively get ahead of any potential legal issues. We recommend that you contact our DuPage business attorneys if any of the following needs arise:

‍It is important to have an ongoing relationship with your business attorney. It is typically better for your bottom line to consult your attorney early and often in order to cost-effectively get ahead of any potential legal issues. We recommend that you contact our DuPage business attorneys if any of the following needs arise:
‍Incorporating Your Business: Our DuPage corporate attorneys will discuss the differences between LLCs and S-Corps and help you select the corporate entity that will be most advantageous for your particular circumstances. We will also assist you in ensuring that proper corporate formalities are followed to allow you to take advantage of the liability protections and self-employment tax advantages of incorporating, such as drafting your bylaws and initial meeting minutes and assisting you in obtaining an EIN Number, filing an S-Corp election and registering with the appropriate government agencies.
‍Annual Maintenance: Our DuPage business attorneys can work with you to prepare and file your corporation's or LLC's annual report with the Illinois Secretary of State as well as prepare your annual shareholder and director meeting minutes.
‍Contract Drafting & Review: Any time you have a significant business interaction with anyone, you should have a written contract drafted or reviewed by your business attorney. Our DuPage contract lawyers can assist you by preparing a form contract for your customers, your lease, contracts with third party vendors and business associates, partnership and executive compensation agreements, asset and stock purchase agreements, and buy-sell agreements among your partners.
‍Intellectual Property, Trademark, and Copyright: You are working hard to build your brand. Our DuPage County business lawyers will ensure that you retain the rights to your name and logo by filing a trademark application on your behalf. We will protect your creative works, such as writings and software through copyright. Your ideas are your business' greatest asset. Our DuPage business attorneys will make sure that you retain the rights to them.
‍Business Purchases & Sales: If you are buying or selling some or all of the stock in your business or the assets of your business, it is important to have an attorney draft or review the stock purchase agreement or asset purchase agreement to ensure that you get the benefit of your bargain and that the potential for litigation after the fact is minimized.
‍Rewarding Key Employees & Executives: When your business is running smoothly, our DuPage County business lawyers can help you keep it that way by assisting you in structuring executive compensation contracts and profit sharing plans. We will advise you on creative strategies to keep your key people in place for the long term.
‍Business Disputes: Not all business lawyers also have extensive experience in commercial dispute resolution and litigation. We do. If you have a dispute with a customer, an employee, your landlord, or a third party with whom you have contracted, our DuPage business attorneys have the litigation skill to help you favorably resolve the dispute as cost-effectively and quickly as possible.
‍Exit Strategies: It is never too early to start planning your exit strategy. Whether you would like to package your business for sale or transfer shares of the business to a key employee or family member over time, our experienced DuPage business lawyers will help you devise a long-term plan and draft the necessary contracts to see your exit strategy through.
‍Estate Planning: You have worked hard to build your business. With experience in both business law and estate planning, our DuPage business lawyers are uniquely positioned to integrate your business plan with your estate plan to ensure that your loved ones, and not probate attorneys or the government, receive the benefit of your hard work.

Read the full article from our Dupage County Business Attorneys

Why Work With An Attorney When Incorporating Your Business?

Incorporating your business, either as a Corporation or an LLC, will protect you from personal liability for business debts. It will also allow you to save on self-employment tax. It is important to incorporate correctly in order to receive these benefits. Our DuPage business attorneys can assist you with this in a cost-effective manner. Here are the top 5 reasons to work with an attorney when incorporating your business:

Our DuPage corporate attorneys will work with you to select the most advantageous corporate form for your particular circumstances: Meeting with an attorney will allow you to learn the pros and cons of incorporating as an LLC versus an S-Corp. The appropriate corporate entity depends on your personal circumstances. Making the wrong choice can cost hundreds of dollars in additional secretary of state fees, both initially and annually. If you are a real estate investor or have multiple businesses, our attorneys can show you how Series LLCs can provide significant cost savings, allowing you to operate multiple businesses, protected from each other's liability, while paying one annual filing fee with the Illinois Secretary of State. If you are a professional, you may be required to file as a P.C. or P.L.L.C. Our DuPage corporate attorneys will assist you in navigating these tricky waters to ensure that you select the best corporate form for your business.
‍Our DuPage business lawyers will help you maintain required corporate formalities on an ongoing basis: In order for your corporation to be effective in protecting you from liability or a self-employment tax audit, it is important that you maintain certain corporate formalities, even if you are the sole shareholder of the corporation. Our DuPage corporate lawyers will ensure that you are aware of these requirements and that they are fulfilled. We will prepare your bylaws, initial and annual meeting minutes of shareholders and directors, required notices or notice waivers for your shareholder and director meetings, stock certificates, and corporate book. We make the process easy, so that you can focus on growing your business, not legal procedures.
‍Our DuPage corporate attorneys will register you with the necessary government agencies: When forming a corporation, you are required to file registrations with several government agencies. We will help you cut past the red tape by taking care of these registrations on your behalf. Our DuPage corporate attorneys will obtain a federal EIN Number, a State Tax Identification Number, register you with the Illinois Department of Unemployment Insurance, and obtain any industry-specific registrations and licenses that may be required.
‍Our DuPage business lawyers will assist you in receiving the most advantageous tax status for your corporation: Filing an S-Corp election with the IRS may allow your business to save thousands of dollars in both income tax and self-employment tax. Orur DuPage County business attorneys will advise you on the most advantageous tax status for your corporation and complete the necessary filings to obtain this status within the required deadlines.
‍Consulting with our DuPage County business attorneys when starting your business is an excellent opportunity to establish a long-term relationship: Over the years, your business will have a variety of legal needs, such as contracts, commercial leases, employee and independent contractor issues, disputes, and exit strategies. Working with our DuPage business lawyers at the outset to incorporate your business will allow you to establish a relationship with an attorney, so that, when an unexpected issue arises, you will have someone you trust just a phone call away. We look forward to being your partner in business and working with you as your business grows.

Dupage County Business attorney Kevin O'Flaherty discusses five reasons to work with an attorney when incorporating your business.

Our DuPage corporate attorneys will work with you to select the most advantageous corporate form for your particular circumstances: Meeting with an attorney will allow you to learn the pros and cons of incorporating as an LLC versus an S-Corp. The appropriate corporate entity depends on your personal circumstances. Making the wrong choice can cost hundreds of dollars in additional secretary of state fees, both initially and annually. If you are a real estate investor or have multiple businesses, our attorneys can show you how Series LLCs can provide significant cost savings, allowing you to operate multiple businesses, protected from each other's liability, while paying one annual filing fee with the Illinois Secretary of State. If you are a professional, you may be required to file as a P.C. or P.L.L.C. Our DuPage corporate attorneys will assist you in navigating these tricky waters to ensure that you select the best corporate form for your business.
‍Our DuPage business lawyers will help you maintain required corporate formalities on an ongoing basis: In order for your corporation to be effective in protecting you from liability or a self-employment tax audit, it is important that you maintain certain corporate formalities, even if you are the sole shareholder of the corporation. Our DuPage corporate lawyers will ensure that you are aware of these requirements and that they are fulfilled. We will prepare your bylaws, initial and annual meeting minutes of shareholders and directors, required notices or notice waivers for your shareholder and director meetings, stock certificates, and corporate book. We make the process easy, so that you can focus on growing your business, not legal procedures.
‍Our DuPage corporate attorneys will register you with the necessary government agencies: When forming a corporation, you are required to file registrations with several government agencies. We will help you cut past the red tape by taking care of these registrations on your behalf. Our DuPage corporate attorneys will obtain a federal EIN Number, a State Tax Identification Number, register you with the Illinois Department of Unemployment Insurance, and obtain any industry-specific registrations and licenses that may be required.
‍Our DuPage business lawyers will assist you in receiving the most advantageous tax status for your corporation: Filing an S-Corp election with the IRS may allow your business to save thousands of dollars in both income tax and self-employment tax. Orur DuPage County business attorneys will advise you on the most advantageous tax status for your corporation and complete the necessary filings to obtain this status within the required deadlines.
‍Consulting with our DuPage County business attorneys when starting your business is an excellent opportunity to establish a long-term relationship: Over the years, your business will have a variety of legal needs, such as contracts, commercial leases, employee and independent contractor issues, disputes, and exit strategies. Working with our DuPage business lawyers at the outset to incorporate your business will allow you to establish a relationship with an attorney, so that, when an unexpected issue arises, you will have someone you trust just a phone call away. We look forward to being your partner in business and working with you as your business grows.

Why Incorporate Your Business?

Dupage County corporate lawyer, Kevin O'Flaherty, discusses the differences between corporations and LLCs.

In this article, our Dupage County business attorneys discuss the benefits of incorporating.

Protect Your Personal Assets from Business Liability: Your business can be sued, frivolously or otherwise, by employees, customers, third party vendors, competitors, or even people who simply slip and fall on your premises. If your business is incorporated, you can limit most types of liability to assets owned by the corporation. This means that if you have a large amount of corporate debt, from a lawsuit or from a loan that your company cannot repay, you will likely be able to dissolve the corporation and keep your personal assets, as well as the assets of other businesses you own, safe from collection.
Save on Self-Employment Tax: In addition to income tax, if you are self-employed, you will have to pay self-employment tax on money earned by your business. If you are not incorporated, you will have to pay self-employment tax on everything you take home from your business. If you are incorporated and you file an S-Corp election with the IRS, you can take a portion of your business income as a salary and the rest as profit. You will only pay self-employment tax on your salary, and will take your profits free and clear of self-employment tax! This means that even though it costs money to incorporate, incorporation will actually save you money in the long run by reducing your self-employment tax.

The primary differences between S-Corps and LLCs are:

(1) S-Corps require more than LLCsin the way of corporate formalities when making major business decions; and

(2) LLCs cost more than S-Corps in initial and annual Secretary of State filing fees.

Read the full article by our DuPage corporate lawyers regarding the differences between corporations and LLCs.

Read the article by our Dupage County Business Attorneys

info@oflaherty-law.com

Dupage Business Attorneys | Corporate Lawyers, Dupage County IL

Our Experienced DuPage County Business Attorneys Handle Cases Including But Not Limited To:

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