Articles Tagged with 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.
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:

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.

Corporate governance is an integral component of running a business, particularly when it comes to maintaining compliance with legal standards and keeping company leadership accountable. Employees are often affected by decisions made with respect to how a corporation is governed, but they typically don’t have much say in the matter.

Here, we’ll look into the role employees can have in corporate governance and how they can impact it in a positive way.

The Interest Employees Have in a Company’s Success

Most businesses carry with them a certain amount of legal risk, which is why implementing preventive law can yield a great deal of value. The process of implementing preventive law begins with choosing an attorney, and it requires a sound understanding of your business’s legal needs.

What Is Preventive Law?

To begin, let’s discuss the meaning of preventive law.

The Fair Labor and Standards Act (FLSA) applies to the vast majority of businesses. While some enterprises—particularly small ones—may be exempt from the FLSA, this is the exception rather than the rule.

What Is the FLSA?

The FLSA covers various areas of employment law, such as:

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