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April 1, 2014
L&W Celebrates Its One-Year Anniversary! One year ago today Rick and Charles joined forces to form Lofgren & Wentworth, P.C. Thanks for helping us make this a successful and productive year! Send Rick and Charles an email to congratulate them!. If you liked this post, follow us on Facebook and Twitter, and sign […]
April 1, 2014
What are “terms”? Every business deal has layers of terms, some of which are more important than others. We like to call these layers the boulders, rocks, and the sand. Boulders are the biggest terms, the deal breakers. Often times these are non-negotiable. Rocks are the next level in. They […]
April 1, 2014
What is a “Letter of Intent”? A Letter of Intent, or term sheet, outlines the basic terms of a business deal, making sure the parties understand generally what it will look like and forcing them to think through what the deal breakers are. It doesn’t do anyone any good to […]
March 28, 2014
What is an “assumed name”? An “assumed name,” “dba,” or “doing business as” is a name that an individual or an entity uses to do business separate and apart from their official or legal name. In Illinois, individuals must register an assumed name with the county in which they are […]
March 12, 2014
L&W Attorneys to Speak at Local Community Events Come hear Rick and Charles speak about entrepreneurship. Rick Lofgren and Charles Wentworth will be speaking at various locations in the next few weeks. Come out to hear them! March 12: Rick will speak to the Entrepreneurship Club at the College of […]
March 10, 2014
April is Spring Cleaning Month at Lofgren & Wentworth! In honor of the apparent winter thaw, The Law Office of Lofgren & Wentworth, P.C. is making a special “spring cleaning” offer to its clients, as well as members of The Exchange Club of Naperville and the Glen Ellyn Chamber of Commerce. As […]
February 19, 2014
What is a “joint venture”? A joint venture is formed when two or more people or entities join forces to undertake a common and defined business opportunity. Illinois courts consider the following things in determining if a joint venture exists: (a) whether the business owners have a common purpose in […]
February 10, 2014
Buying a Business What happens when business owners “fall in love” with each other? Business relationships are like personal relationships—they often start with people being enamored with each other. But just as it is generally not a good idea to run off and elope with someone after the first date, […]
February 10, 2014
What is a “professional corporation”? In our last post, we discussed the importance of the corporate shield or veil, and how it can limit the liability for shareholders, officers, and directors. There are some instances, however, where those individuals will have personal liability no matter whether they are incorporated or […]
February 10, 2014
What is the “corporate shield” or “corporate veil”? The “corporate shield” or “corporate veil” is the idea that the shareholders, officers, and directors of a corporation will not be held personally liable for the actions of the corporation. It is also available to some other types of entities, such as […]
January 21, 2014
What are “fiduciary duties”? Certain positions that individuals hold cause them to have a responsibility to others to act in their best interests, to look out for their financial well-being, and to otherwise deal fairly with them. These responsibilities are called “fiduciary duties.” Fiduciary duties can be as a result […]
January 13, 2014
L&W Attorney Appointed New Business Leader Charles Wentworth to lead new Chamber of Commerce business group Charles Wentworth is now the leader of the Glen Ellyn Chamber of Commerce’s second Business Leaders Forum group. The first is led by our own Rick Lofgren. The Forum provides an opportunity to members of the […]
January 13, 2014
Announcing the ELR Academy Helping you keep track of your business’ moving parts. We’re excited to announce the unveiling of the ELR Academy to help you track your business’ moving parts. In addition to our regular blog posts, we will now also be holding free seminars to discuss in more depth […]
December 5, 2013
Come see “Arthur Christmas” for FREE on December 7. In connection with the Glen Ellyn Chamber of Commerce, The Law Office of Lofgren & Wentworth, P.C. is sponsoring a free holiday movie at The Glen Art Theatre in downtown Glen Ellyn. Bring your kids to see “Arthur Christmas” on December […]
November 26, 2013
Richard J. Lofgren elected VP of Business & Professional Services Rick Lofgren was recently voted-in as the Vice President of Business & Professional Services by the Glen Ellyn Chamber of Commerce. After serving one year as a director for the Glen Ellyn Chamber of Commerce, Lofgren & Wentworth, P.C. attorney Rick […]
November 25, 2013
Charles G. Wentworth in the News Charles Wentworth was recently quoted discussing start-ups, non-compete agreements, ERISA, and art law. Lofgren & Wentworth, P.C. attorney Charles Wentworth was interviewed by the Daily Herald’s business columnist and blogger, Jim Kendall. The article dealt with entrepreneurship and the potential pitfalls of starting a new business, […]
November 19, 2013
What is a “director”? In our post about corporations, we mentioned that they are general run by a board of directors. The board may be composed of any number of directors, depending on the size of the corporation. The directors set the direction that the corporation will go in its […]
November 12, 2013
Wills and Powers of Attorney No. 1 Leaving money directly to minors can cause their parents headaches. John was a successful businessman and accumulated roughly $1.2 million after selling his company and retiring. Being an entrepreneur, he liked to do things on his own. He had heard lots of discussion […]