June 4, 2015
Employment Law Contract

“Perpetual” Contracts May Actually Be Terminable “At Will”

“Perpetual” Contracts May Actually Be Terminable “At Will” Be careful how your “perpetual” contracts are written or they could really be terminable “at-will.” The general rule in Illinois is that a contract “without a fixed duration” that does not clearly lay out an event that ends the business relationship—in other […]
June 1, 2015
Business and Commercial Law

Not All Debts Are Dischargeable in Bankruptcy

Not All Debts Are Dischargeable in Bankruptcy A debtor may not be able to discharge debts incurred through its agent’s fraud. The Federal Court for the Northern District recently reiterated that not all debts are dischargeable in bankruptcy. It has long been true that debts procured by way of fraud are barred […]
May 20, 2014

L&W Successes and New Matters

Lofgren & Wentworth, P.C.’s attorneys have been hard at work. Here are recent matters Rick and Charles have been handling: Rick and Charles established multiple new corporations and limited liability companies for clients starting businesses in the massage, insurance, actuarial, and real estate industries. Charles obtained summary judgment for his client, resulting […]
April 1, 2014

Legal Dictionary—Terms

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

Legal Dictionary—Letter of Intent

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 […]
February 10, 2014

Buying a Business

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, […]