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Lake in the Hills Business Attorneys | Corporate Lawyer Lake in the Hills IL

Lake in the Hills Business Attorneys | Corporate Lawyer Lake in the Hills IL

Being a business owner himself, Kevin O'Flaherty understands the mindset of entrepreneurs and the hardships that come with owning a business. Kevin is an active member of the local business community, involved in several chambers of commerce and the Rotary club. Additionally, Kevin host a podcast for business owners where he discusses business strategies for successful entrepreneurs called SeizeYourBusiness.com. Kevin will take the time to personally council you on the complex matters that come with the business incorporation, contracts, asset purchase agreements, exit strategies, employees, and commercial disputes. He will provide you with the resources you need to accomplish your legal and non-legal business goals. Call us at (847) 231-2102 or e-mail us at lakeinthehills@oflaherty-law.com​ to schedule a free consultation.

Being a business owner himself, Kevin O'Flaherty understands the mindset of entrepreneurs and the hardships that come with owning a business. Kevin is an active member of the local business community, involved in several chambers of commerce and the Rotary club. Additionally, Kevin host a podcast for business owners where he discusses business strategies for successful entrepreneurs called SeizeYourBusiness.com. Kevin will take the time to personally council you on the complex matters that come with the business incorporation, contracts, asset purchase agreements, exit strategies, employees, and commercial disputes. He will provide you with the resources you need to accomplish your legal and non-legal business goals. Call us at (847) 231-2102 or e-mail us at lakeinthehills@oflaherty-law.com​ to schedule a free consultation.

Our Experienced Lake in the Hills Business Attorneys Handle Cases Including But Not Limited To:

Your Community Law Firm

Why O'Flaherty Law for My

Business Representation

Matter?

In this video, our Lake in the Hills Business, Corporate & Contract Law attorney describes why O'Flaherty Law is the best choice for your business matter.

  • We are Economical! We strive to develop long-term relationships with our business clients, we offer affordable flat fees for most projects. In the event that a flat fee is not relevant, we set expectations that are reasonable in order to accomplishing your goal. We will never surprise you with a bill.
  • We Experienced!  Kevin O'Flaherty is passionate about the complexities of business law.   Not only does he have extensive experience representing business owners.,he has also owned and operated multiple successful businesses in addition to O'Flaherty Law.  Additionally, Kevin also teaches regular seminars and workshops for business owners. He also interviews business owners weekly on his SeizeYourBusiness.com podcast.  
  • We are Comprehensive!  Business & Corporate may also need representation from other areas of law, such as litigation, real estate, estate planning, divorce, bankruptcy, and probate. At O'Flaherty Law, our team of Lake in the Hills business, corporate & contract Law attorneys have experience in nearly every area of the law. We work together to craft the perfect solution for your buisness.
  • Networking and Exposure!  Our Lake in the Hills Corporate Attorneys prioritize themselves in being active members of the local community.  We are active in local chambers of commerce and community organizations such as the Rotary Club. We host weekly business networking events as well as regular business workshops, power groups, and seminars. Let us put our connections in use to build bridges for your  business.

Some of Our Accomplishments

Schedule a Free Consultation With Our

Lake in the Hills Business Attorneys

business attorney lake in the hills il

Please contact our friendly

Lake in the Hills Business Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Lake in the Hills

8411 Pyott Road, Ste. 107
Lake in the Hills
,
IL
60156
Get Directions

See below for our other locations. If our office locations are not convenient for you, we are happy to speak with you by phone.  ​​​

Hours: 9 am - 5 pm Mon - Fri

Our  Office Locations: 

Downers Grove Attorneys, Downers Grove Attorney, Downers Grove Lawyer, Downers Grove Lawyers

Downers Grove

5002 Main St, Ste. 201 Downers Grove, IL 60515

Naperville Attorney, Naperville Attorneys, Naperville Lawyers, Naperville Lawyer

Naperville

105 Jackson Avenue, Ste. 4b Naperville, IL 60540

Elmhurst Lawyer, Elmhurst Lawyers, Elmhurst Attorneys, Elmhurst Attorney

Elmhurst

​110 E. Schiller Street, Ste. 220B ​Elmhurst, IL 60126

Lake in the Hills Attorneys, Lake in the Hills Attorney, Lake in the Hills Lawyer, Lake in the Hills Lawyers

Lake in the Hills

8411 Pyott Road, Ste. 107, ​Lake in the Hills, IL 60156

Tinley Park Attorney, Tinley Park Attorneys, Tinley Park Lawyer, Tinley Park Lawyers

Tinley Park

​16557 Oak Park Avenue, Ste. B, Tinley Park, IL 60477

St. Charles Attorneys, St. Charles Lawyers, St. Charles Attorney, St. Lawyer

St. Charles

210 S Fifth St, Ste. 107B, St. Charles, IL 60174

business lawyer lake in the hills illinois

Meet Our Owner

Kevin O'Flaherty oversees all legal matters and is actively involved in making sure every client's case, big or small, is handled with excellence and attention to detail. He is available to contact through phone and email and his rates are available upon request.

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.

DuPage Family Law AttorneyDowners Grove Estate Planning Attorney
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."
DuPage Family Law AttorneyDowners Grove Estate Planning Attorney
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."
DuPage Family Law AttorneyDowners Grove Estate Planning Attorney
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.

Click here for Videos, Podcasts, and Articles by our Lake in the Hills Business, Corporate & Contract Law Attorneys

incorporation lawyer lake in the hills illinois

Or Continue Scrolling Below to Browse some of our Most Helpful Articles

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.

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.

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 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.

Read More
lake in the hills llc attorney

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.

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.

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 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.

Read More

11 Situations in Which to Consult Your Business Attorney

Lake in the Hills corporate attorney

Lake in the Hills corporate attorney

New business owners are often not sure when to consult with a corporate attorney, Here are some common situations in which you should consult with your business attorney:

(1) Incorporation –  The first thing you should do as a business owner is incorporate, either as a corporation or an LLC.  Doing this will provide you with tax savings and liability protection.  Your corporate attorney can advise you on the most advantageous corporate form for your business, prepare your corporate documents, and register your business with the necessary governmental entities.  

(2) Annual Maintenance – A common mistake made by business owners is to incorporate without an attorney and fail to maintain corporate formalities on an ongoing basis.  If you fail to maintain corporate formalities and are ever sued or audited, your corporate will not protect you from liability, and you may have to pay back some self-employment tax.  Our Lake in the Hills corporate attorneys will prepare your annual meeting minutes and file your annual report with the secretary of state to make sure that your corporation is solid.

(3) Employees & Independent Contractors – You should always meet with your business attorney before hiring employees.  Your business attorney can advise you on the advantages and disadvantages of structuring the agreement as an independent contractor.  Your attorney will also assist you in preparing employee and independent contractor agreements, an employee handbook, and a disciplinary process.  Your business attorney will also assist you in registering as an employer with the necessary governmental entities and ensure that you do not run afoul of worker’s compensation law.  If you are parting ways with an employee, you should always consult your attorney as soon as possible to make sure you are not liable for unemployment insurance premium hikes or wrongful discharge claims. 

(4) Investor Agreements – Have a great idea, but need investors?  Our Lake in the Hills business attorneys will help attract investors by preparing a prospectus, stock purchase agreement, and the necessary paperwork to bring the investor into the corporation.  

(5) Contracts - Most expensive litigation results from a business owner's failure to sign a written contract with those he or she does business with, or from ambiguities in a written contract that was not reviewed by an attorney.  You should have a written contract reviewed by an attorney any time you enter into a business arrangement with anyone, including a commercial lease, vendor agreement, customer contract, or asset purchase agreement.  Taking this step will save you money in the long run by avoiding litigation.  

(6) Trademark and Copyright Applications –  Our Lake in the Hills attorneys have many years of  experience in intellectual property law.  There is no greater hit to your business than having to change a brand that you worked hard to establish.  We can help you file trademark applications for your name and logo, as well as copyright applications for your work product. 

(7) Dispute Resolution, Litigation & Collection - Unlike many business attorneys, at O'Flaherty Law we have a team of Lake in the Hills attorneys with experience in litigation and dispute resolution.  Should a dispute arise, we can help you find a solution in the most favorable and affordable manner.  We can also assist you with collection of your accounts receivable.  ​

(8) Exit Strategies - It is never too early to start thinking about exit strategies.   Whether you are planning on transferring your business to a key employee, a family member, or selling your business to a third party buyer, Our Lake in the Hills business attorneys can help you formulate your strategy and get the pieces in place to accomplish it. 

(9) Solutions for Distressed Businesses – If your business is going through set backs, we can help you save it by negotiating with creditors, dissolving your corporation and helping you get back on your feet with a new corporate entity, or filing a corporate or personal bankruptcy.  Our Lake in the Hills business attorneys will help you get you a fresh new start to make your business successful. 

(10) Business Consulting – Our experience does not end with the legal aspects of your business.  Our Lake in the Hills business attorneys can connect you with resources, such as accountants, bankers, and financial advisers to accomplish your non-legal business goals.  We are happy to give you council in all aspects of your business.

(11) Estate Planning – Make sure that your loved ones receive all that you have worked so hard for when you pass, and that your business assets are not consumed by costly probateestate tax, or creditors.  Our team of Lake in the Hills attorneys is experienced in advanced estate planning, which is vital for business owners. 

Read more about when to consult your business attorney from our Lake in the Hills business attorneys.

Why Incorporate Your Business?

The two primary benefits to incorporating your business, either as a LLC or a corporation;

(1) Liability Protection:  Regardless of whether you incorporate as a corporation or as an LLC, your personal assets will be protected from business debts.  The source of liability as a business owner most likely comes from the people you make contracts with such as employees, independent contractors, banks that have lent you money, landlords as well as disputes with customers. If you are properly incorporated, anyone who sues you will only be able to pursue assets owned by your corporation.  This means that your personal assets and any businesses that are separately incorporated will be protected from liability. 

‍(2) Saving on Self-Employment Tax:  If  however, you are not incorporated,  on top of income tax, you are required to pay self-employment tax on any money that you take out of your business. On the occasion that you file an S-Corp election, either as a corporation or an LLC, you only have to pay self-employment tax on your salary, not on profits that you distribute to yourself as a shareholder. We recommend consulting with an accountant in order to determine the smallest amount of salary that will be reasonable, and take the rest as self- employment tax and profit free. Even if you are not concerned about liability protection, your accountant should be able to tell you when incorporation make sense purely from a financial stand point.

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

lake in the hills corporate lawyer

The two primary benefits to incorporating your business, either as a LLC or a corporation;

(1) Liability Protection:  Regardless of whether you incorporate as a corporation or as an LLC, your personal assets will be protected from business debts.  The source of liability as a business owner most likely comes from the people you make contracts with such as employees, independent contractors, banks that have lent you money, landlords as well as disputes with customers. If you are properly incorporated, anyone who sues you will only be able to pursue assets owned by your corporation.  This means that your personal assets and any businesses that are separately incorporated will be protected from liability. 

‍(2) Saving on Self-Employment Tax:  If  however, you are not incorporated,  on top of income tax, you are required to pay self-employment tax on any money that you take out of your business. On the occasion that you file an S-Corp election, either as a corporation or an LLC, you only have to pay self-employment tax on your salary, not on profits that you distribute to yourself as a shareholder. We recommend consulting with an accountant in order to determine the smallest amount of salary that will be reasonable, and take the rest as self- employment tax and profit free. Even if you are not concerned about liability protection, your accountant should be able to tell you when incorporation make sense purely from a financial stand point.

Top 3 Qualities to Look For in Your Business Attorney

Lake in the Hills corporate attorney
lake in the hills business lawyer

As a business owner, not only do you need an attorney, but also a trusted adviser who understands the struggles, mindsets and goals of business owners and entrepreneurs.  

Kevin O'Flaherty hosts a weekly podcast & videoblog called SeizeYourBusiness.com, there  he interviews business owners regarding the strategies that they put to use to accomplish their business goals.  The popular podcast has been ranked #2 on iTunes' New and Noetworthy List for Management & Marketing Podcasts.  

Kevin enjoys developing long-term relationships with his business clients and helping them in whatever way he can. As a fellow business owner Kevin has a passion for exchanging ideas regarding management, operations, strategy, and marketing.  

Further Reading from our

Lake in the Hills Business Attorneys