Articles Posted in Corporate-Business

DAOs have proven to be an effective way to build organizations without leaning on rigid hierarchical systems. However, the fact that they are somewhat uncharted territory means they may not receive the legal recognition that more traditional entities might enjoy. The result is increased scrutiny from governing bodies such as the SEC.

For this reason, sound governance practices are necessary when creating a DAO. Drawing on traditional models and adapting them to a decentralized entity can add legitimacy and stability to your organization while potentially decreasing liability.

1. Determine Your Purpose

Contracts between employers and employees are standard procedure for most businesses. In fact, they’re vital to making sure employees know their responsibilities while also holding employers to their legal obligations. In the event of a dispute, the employment contract becomes a point of reference for both parties moving forward.

Because of this, it’s important to make sure your employment contracts cover the important details of your relationship with your personnel. In this article, we’ll discuss some of the key items you need to include in an employment agreement.

Important Terms to Include in an Employment Contract

Starting a business is an exciting endeavor, but it can also be a complex process. There’s a lot you need to do to make sure your business can succeed, including in terms of legal challenges that may arise.

To navigate this process, a business lawyer is an absolute necessity. No matter how small your business is, legal support is more important than ever before. When it comes to hiring a business attorney, here are four items you should look for.

1. Extensive Experience with Your Industry

Illinois has various laws governing the payment of employees, including minimum wage and overtime laws. Employers within the state must abide by these laws or risk facing significant penalties. Four of the most important Illinois wage and overtime laws include those described here.

1. Illinois Minimum Wage Law

Under Illinois law, the minimum wage for workers age 18 and over is $11.00 per hour as of January 2021. If they’re tipped employees, you only have to pay 60% of that ($6.60 per hour), but only if you apply a tip credit for up to 40% of the current minimum wage.

Eventually, you’ll run into some kind of dispute while running your business, and that dispute can develop into a lawsuit if you don’t settle it promptly. Some of the most common causes of commercial litigation include the six items discussed below.

1. Breach of Contract

Over the course of running your business, you’ll make agreements with multiple parties, including vendors, licensees, employees, and other business partners. Occasionally, one party may breach the agreement. In other instances, there may be accusations of a breach where none truly occurred, or it might be unclear.

A fiduciary is defined as any person or party who acts on behalf of another party. As such, they have a duty—referred to as a fiduciary duty—to put their client’s interests above their own. Often, this involves the management of other people’s money, such as a shareholder’s investment in a company or the funds placed in a trust.

Role and Duties of a Fiduciary

Put simply, the duty of a fiduciary is to look after the best interests of their clients, even if that means putting the client’s interests above their own. For example, a trustee has a fiduciary responsibility toward the beneficiaries of the trust, and therefore must manage the trust in such a way that it benefits the estate beneficiaries rather than their own selves.
The Illinois Equal Pay Act (EPA) of 2003 prohibits unequal wages between men and women for performing substantially similar work. Compliance with the Illinois EPA is essential to keeping liability to a minimum.

What Is the Illinois Equal Pay Act?

The Illinois Equal Pay Act requires employers to pay male and female employees the same amount for the same job. Any disparities in pay should be based on factors other than gender, such as:

In many vehicle accidents, the matter of fault is more or less clear—the person who caused the accident is typically considered to be responsible for paying damages. However, that may not be the case if the accident involves a company vehicle.

If you were involved in an accident with someone driving a corporate vehicle, their employer may be held responsible for paying damages.

Determining Fault in Vehicle Accidents

The surging demand of ESG (environmental, social, and governance) criteria has made impact investing more common. At the same time, it creates more exacting standards for corporations and brokerage firms to comply with.

About Environmental, Social, and Governance (ESG) Criteria

ESG investing—also known as impact investing, sustainable investing, and socially responsible investing (SRI)—is the practice of investing in organizations that follow environmental, social, and governance criteria. These investors want to contribute their funds toward companies they feel act responsibly, and certain criteria are used to measure that.

Employing people carries its inherent risks. As much as you might try to minimize those risks during the hiring and training process, you may still find yourself facing liabilities down the road. Fortunately, there are many ways to avoid employment lawsuits. These include careful compliance, advance preparation, and generally taking good care of your employees.

Regulatory Compliance

It’s important to know what the rules are in all aspects of your business operations, but it’s especially important when it comes to working with employees. Laws ranging from workplace safety and health under OSHA to equal employment opportunity and discrimination should all be considered.

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