Office address

17855 Dixie Highway
Homewood, IL 60430
phone: (708) 991-7268
fax: (312) 268-1123

Practice Areas > Business Services
 
Business Services

The Law Office of Ernest B. Fenton (LOEFB) counsels businesses across a range of industries and of all sizes.  Our competitive advantage is our ability to provide practical and personalized business solutions.  Whether you’re a start-up or a mature company the demands of business are dynamic and often times over-whelming.  Consequently, our objective is to be more than legal advisors; our objective is to partner with our clients and add value to their organization.

Our services include:

  • Business Incorporation and Choice of Entity Considerations
  • Contracts
  • Board/Shareholder Meetings
  • Buy-Sell Agreements
  • Covenants not to compete Agreements
  • Employment Agreements
  • Real Estate Purchase and Sale Agreement
  • Commercial Leasing

Business Incorporation:

Business incorporation is when an individual creates a business entity that is separate and distinct from themselves (a corporation is a being or legal entity that is a “person” under the law).  There are various factors to consider when making a decision regarding which entity to utilize when incorporating:

  1. If you will be the sole owner or have one or more partners.
  2. How to best attract investors.
  3. What your personal and professional goals are.
  4. What are the tax consequences of each form of entity.
  5. How to protect personal assets. 
  6. Transferring ownership.

When beginning a business, you must determine what form of business entity to establish.  There are various factors to consider when making a decision:

  1. If you will be the sole owner or have one or more partners.
  2. How to best attract investors.
  3. What your personal and professional goals are.
  4. What are the tax consequences of each form of entity.
  5. How best to avoid personal liability.

Forms of Business:

Sole proprietorship. A business owned and managed by one individual who is personally liable for all business debts and obligations.

Partnership. A single business owned by two or more people.

Corporation. A legal entity owned by shareholders.

S-Corporation. An S-corporation is a special type of corporation created through a tax election. An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation.

Limited Liability Company (LLC). A hybrid legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.

Non Profit. An organization engaged in activities of public or private interest where making a profit is not a primary mission. Some Non Profits are exempt from paying federal taxes.

Limited Partnership.  A form of partnership similar to a general partnership except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs).

Business contracts: negotiate, draft and review business contracts and provide litigation services in contract claims.

Board of Director Meeting. Members of the Board of Directors are elected by the shareholders to manage the corporation on behalf of the shareholders. At its meetings, the Board of Directors makes major decisions regarding the running of the corporation including the establishment of bylaws, the issuance of dividends, and making major purchases.

Shareholder Meeting. The shareholders are the owners of the corporation. By law, every corporation must have at least one annual meeting of the shareholders. The main purpose of the annual meeting is the election of Directors for appointment to the corporations Board.

Purchase or sale of a business and assets: advise on business purchases and sales, including stock purchase agreements or asset purchase agreements; handle negotiations, draft and review purchase agreements and sales contracts

Real estate purchase and sales agreements: represent businesses who want to purchase or sell real estate, including the acquisition of new facilities or the sale of commercial real estate

Commercial leasing: assist commercial landlords and commercial tenants with negotiations; draft lease agreements, review commercial leases; and handle lease disputes.