What You Need to Know About Chicago Corporate Law
Are you looking for reliable legal assistance for your business? Whether you need ongoing counsel or litigation representation, the Chicago corporate law team at The Royko Group has what it takes to help you reach your goal.
The Basics of Chicago Corporate Law
Having a good working knowledge of the law is important if you run a business in Chicago, IL. Corporate law is sometimes referred to as corporations law or company law and deals with the formation and operation of a business entity. Although it seems easy, having a corporate lawyer for legal assistance is the best option.
Corporate law generally deals with corporate matters and legal issues such as business formation and operating, offering legal advice, capitalization, corporate governance, financial services, succession planning, and many more.
What Is a Corporation?
A corporation is a legal entity that has been established for the purposes of conducting business. It is a different and separate entity in law from the people who create it and can conduct business in its own name, just like any other legal person.
Corporate law often includes aspects of commercial and contract law. In a nutshell, business law includes the laws, rules, regulations, and practices that control the operation and creation of a corporation.
As it relates to commercial and contract law, it may be defined as the body of laws that controls and regulates the legal entities that have been established for the express purpose of conducting business.
Corporate law thus touches on the obligations and rights of people involved in the formation, ownership, operation, and management of a corporation.
Practice Areas and Frontiers of Corporate Law in Chicago, IL
Commercial law can be broken down into several areas of practice, many of which are regularly practiced by the corporate attorneys here at The Royko Group. Some of these areas include:
Commercial litigation is a major practice area that most corporate law firms provide. Whether you need representation at the mediation table or courtroom or encountered any legal issue, you need the services of qualified corporate litigation lawyers.
The best legal firms in Chicago have litigation attorneys that litigate everything from coordination of complex cases to single legal challenges for commercial clients in Illinois.
A corporate attorney uses their years of experience and skill to provide financial and legal advice to private companies, entrepreneurs, small businesses, startups, and inventors, among others.
Business law involves providing counsel and representation on a wide range of legal matters that include liability, disputes, acquisitions and mergers, buy-sell agreements, business reorganizations, stock purchase agreements, trademark registration, commercial lease agreements, contract review, and development, among others. At The Royko Group, our experienced corporate lawyer Chicago will help you in business formation, dispute resolution, and legal representation of your business.
A trademark attorney offers representation and counsel to entrepreneurs, inventors, and business clients in Chicago, Illinois, the U.S., and sometimes internationally. They provide legal services to a wide range of potential industry clients in areas of trademark litigation, trademark strategy, trademark office actions, trademark registration, trademark search, mergers and acquisitions, and the registration of trademarks in Illinois and federally.
Business lawyers represent companies and individuals in federal and state courts all over Illinois. A corporate attorney provides representation to a client in mediation in court when the other party fails to meet their contractual obligations.
If you are in search of Chicago corporate law attorneys, then contact the corporate lawyers at Royko Group today. From our office location in Chicago, a qualified and experienced attorney will provide the first consultation on your case free of charge.
How Illinois Corporate Law Works
Business law in Chicago is regulated at both state and federal levels. Both federal laws and state laws deal with a variety of aspects of securities, employee rights, taxes, and environmental protection.
Some of the most common corporate laws that Illinois commercial law deals with include deceptive trade practices, corporation law, employment law, securities fraud, the statute of limitations, antitrust laws, and interest rate laws.
If you are on the search for a top-rated business attorney at a reputable law firm, then The Royko Group is your best bet. We provide each new client with one free consultation from professional attorneys that will assist you with any commercial law or related matters you or your businesses may be facing.
Illinois Business Corporation Act
Commercial law in Illinois is regulated by the Illinois Business Corporation Act, which governs the formation, operation, and dissolution of corporations in Illinois.
Formation of a Business Corporation
The formation of a corporation in Illinois usually follows the following steps:
- Name Reservation – This is the first step in the formation of any corporation. If the name meets the requirements set by the secretary of state, the name can be reserved for 90 days after the payment of a $300 fee by the applicant.
- Appointment of a Registered Agent – All corporations need to have a registered agent that will receive the legal papers and notices on its behalf.
- Filing of the Articles of Incorporation – The articles of incorporation with the name of the corporation, number of shares, name of registered agent, addresses and names of the incorporators, and purpose of the entity have to be filed with the state for a fee of $150 and an initial franchise tax of $1.5 for every $1000 of capital.
- Appointment of Directors – The company will need to appoint directors that will adopt bylaws, appoint officers, and initiate the issuance of stocks. Once the first meeting is held, the company can then get licenses and permits and issue stock.
How to Form a Benefit Corporation
These are corporations created to make profits but also to benefit the environment and society. Under the Benefit Corporation Act, these organizations can incorporate just like traditional corporations. However, they need to declare their intent to benefit and name the specific benefit they will provide to society or the environment.
Note that a traditional corporation can be converted into a benefit corporation and vice versa. This can be done through a two-thirds majority vote that amends the Articles of Incorporation that are then filed with the Secretary of State.
Operation of a Corporation in Illinois
Under the Business Corporations Act, there are several requirements that need to be met to maintain the status of a corporation.
Every corporation needs to file annual reports that will then be assessed by a professional, independent, and qualified authority. This authority will then share the report with the public, the state, and the shareholders.
Dissolution of a Corporation
A corporation may be dissolved involuntarily if it does not pay tax or fails to file annual returns. To prevent the imposition of unnecessary fines, it is recommended to dissolve formally. The procedure for dissolution usually involves:
- The filing of a dissolution notice that is sent to each shareholder declaring the intent to hold a dissolution vote
- Approval of the dissolution by two-thirds majority vote from each class of stockholders unless the Articles of Incorporation state otherwise
- Once the vote is held, the dissolution needs to be filed with the state through the Articles of Dissolution.
If you are looking for assistance with Illinois corporation law, then you have come to the right place. Royko Group is a law firm with highly qualified attorneys with the experience needed to represent you in different settings. Whether you need to go to court or to mediation, we have the resources, experience, and understanding of the commercial law process necessary to help you achieve favorable outcomes.
Our top lawyers are just a call away and are always ready to assist you with any business law issues you may have.
What Does a Corporate Law Attorney Do in Chicago, Illinois?
A corporate attorney offers a broad range of legal services. When corporations hire a lawyer, they are expected to offer legal representation to the corporate entity in their corporate law matter.
Corporate lawyers often act on mergers and acquisitions transactions, restructuring a business entity, and hiving-off of profitable sections. They also assist with tax, real estate, employee benefits, environmental, and antitrust law issues.
They advise potential clients of their rights, duties, and responsibilities under business law. They also offer legal advice on security law compliance which involves complex regulations to prevent fraud and market manipulation.
Corporate attorneys also aim to assist clients who own corporations to find capital to either build or expand their businesses, which involves public or private financing.
Current Controversies in Corporate and Securities Law in Chicago, Illinois
There are several controversies in securities and corporate law in Chicago law that are important to note when conducting business. Many of the controversies are usually discussed at the Ray Garrett Jr. Corporate and Securities Law Institute Law conference that is regularly held in Illinois.
The event usually brings together leading officials from leading securities practitioners and high-ranking members of the Securities and Exchange Commission. It usually brings together more than 400 in-house and law firm attorneys from dozens of law firms to discuss current issues in securities and business law including but not limited to:
- The current state of the capital markets
- Liability and ethical issues for corporate and law firm general counsel
- Return of the equity market and financing
- Risk management
- Regulatory reform
- Dealing with shareholders in an ever-changing governance framework
- Thawing of the M&A market
- Current topics in the division of corporate finance
- Securities litigation updates
- Current development in accounting and disclosure
- Executive compensation
If you are in search of well-recognized and professional Chicago corporate law attorneys to guide you on aspects of the law, then call The Royko Group today.
We always recommend you contact us as soon as you experience challenges so that we can create an attorney-client relationship as soon as possible. This will help your attorney get a good understanding of your case, thus making it easier to provide the best service to you.
The Top Small Corporate Law Firms in Chicago Can Explain the Principles of Corporate Law
Corporate law has a few primary principles which are familiar to it. They include;
Where owners of limited liability companies put their resources into a different entity, they can then utilize the assets and sell them if they wish. Creditors cannot take assets back but can form a separate entity that acts independently.
This involves when a corporation is issued, but only its assets are at risk. Under this principle, a plaintiff can’t go after individual assets from the corporation’s owners. It allows the owners to take risks and also expand their investments.
If an owner does not want part of their shares, it does not mean the business entity will have to close. Instead, they can transfer their shares.
This is a principle of corporate law that has a defined structure in a corporation regarding how they handle their affairs. Here, the board of directors and officers share the responsibilities of making corporate decisions. As board members are in charge of hiring and monitoring officers, shareholders are in charge of electing the board, and the officers are in charge of the daily business operations.
How to Get a Good Corporate Lawyer: What Makes a Good Corporate Attorney?
When finding an attorney for your business entity, there are a few things you need to look at to ensure your business gets sufficient legal representation. So, what makes an excellent corporate attorney?
Knows the Law
Knowledge of corporate law is an essential quality of a reliable business lawyer. They also need to have conceptual clarity of the law. When litigation matters arise, experienced commercial litigation attorneys will know what they will be handling and how they should handle it per the law.
Is Ready to Make Efforts
Like other professions, the life of a corporate attorney can look glamorous, but it requires a lot of hard work and commitment. There are times when lawyers will be required to sacrifice their time and holidays to help their clients, which is the kind of attorney you need. You need one who is committed to helping you with your legal matters, particularly disputes, as they arise.
Pays Attention to Detail
The omission of information by any lawyer can lead to serious problems in your case, so you want someone who gives attention to detail. Small mistakes could significantly cost you and your case, and therefore it is a must to make sure that your lawyer has this quality from the start.
Is Ready to Take Up New Challenges
Your case will always meet new challenges from time to time, and that is why you need a lawyer who is much ready to take up these challenges and transform them into solutions. With this in mind, you do not want a lawyer who is afraid to take up risks as they occur.
The Right Attorney Can Answer Your Chicago Corporate Law F.A.Q.s
Before you meet with a Chicago corporate lawyer, you’ll likely have numerous questions. Some of the frequently asked questions are as follows:
- What are some of the practice areas of the firm?
- What type of business entities does the law firm represent?
- How much do you charge for legal services?
- Can a corporate lawyer help me in contract drafting?
- What lawsuit preventive measures do you put in place to ensure my business is well protected?
- What is included in business law practices?
- How do I choose the correct business entity when forming a business?
- My business has been sued; what should I do?
- How can I protect my intellectual property?
- What is civil litigation?
Drafting a list of questions, both about the firm’s attorneys and your legal issue, before you first meet with your lawyer can help you prepare to get down to business.
Choose One of the Best Corporate Law Firms in Chicago, Illinois
When navigating through business law, we at The Royko Group do not believe in taking a ‘one size fits all’ approach. We believe in helping all our potential clients get the legal service they require and deserve.
As experienced general counsel Chicago attorneys, we make sure to fully explore your legal options and recommend the option that best suits your situation. From there, we advise you on a working strategy that you need for your case.
Our lawyers have extensive experience in business law, and we always strive to put the needs of all our clients first. Our team of lawyers is solution-oriented and navigates channels beyond courtrooms. We offer corporate legal consulting and litigation services here in Illinois.
See Why We’re Among the Top Corporate Law Firms in Chicago
At The Royko Group, we are committed to protecting you and your business from a wide range of legal issues. Whether you are just starting up or an already established corporation, we are prepared to advocate for you by all means necessary.
Get in touch with our corporate lawyers as soon as possible to hear about how we can help you solve and handle your legal matter. You can call us, email us, or visit our offices here in Chicago, Illinois. We look forward to hearing from you.