February 19, 2014

Legal Dictionary—Joint Venture

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

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

Legal Dictionary—Professional Corporation

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

Legal Dictionary—Corporate Shield

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

Legal Dictionary—Fiduciary Duties

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

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

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

Lofgren & Wentworth Sponsors Free Holiday Movie

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

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 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

Legal Dictionary—Director

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
Estate-Planning-personal-powers-of-attorney-glen-ellyn-dupage-law

Wills and Powers of Attorney No. 1

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 […]
November 6, 2013

Do-It-Yourself Contracts No. 1

Do-It-Yourself Contracts No. 1 Being an entrepreneur often means doing things yourself. But it doesn’t mean doing them badly. For the past 20 years, Fred had run his own software company. Like any good small-business owner, he wore many hats—HR department, payroll processor, accountant, and chief technical officer, to name a […]
November 6, 2013

Trusts No. 1

Trusts No. 1 Just adding your children to the title on your home could have dire consequences. Mary was a widow with two grown children—Fred and Jane.  Her only significant asset was her home, which had no mortgage and was valued at $350,000. Fred lived in Wheaton.  Mary had heard […]
November 4, 2013

Legal Dictionary—Corporation

What is a “corporation”? A corporation is a legal entity that can own property, enter into contracts, employ people, and otherwise transact business.  In Illinois, the rules that govern corporations are found in the Business Corporations Act.  The Secretary of State authorizes the corporation to exist by approving the articles […]
November 4, 2013
Best Practices Business Law

Illinois Mechanics Liens

Illinois Mechanics Liens If you’re not careful about how you pay your contractors, you could end up paying twice. Tom had been working for many years as a machinist, and wanted to open his own shop someday.  He had finally saved enough money to buy a small building and the […]
November 4, 2013

ELR Open House a Great Success!

ELR Open House a Great Success! Thanks to everyone who came to the open house for The Entrepreneur’s Legal Resource on October 22.  It was great to see all our friends, neighbors, and clients.  We announced our Small Business Month special for members of the Glen Ellyn Chamber of Commerce.  […]
October 15, 2013

Protecting Your Illinois Business

Protecting Your Illinois Business Running a business as all about building and maintaining strong business relationships. But business owners sometimes fail to give the proper attention to the use of “standard business terms” in their contracts. In fact, often times, “standard business terms” are disparagingly referred to as merely “boiler plate” […]