Startup Lawyers for Elgin, Illinois

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Meet some of our Elgin Startup Lawyers

Brett S. - Startup Lawyer in Elgin, Illinois
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5.0 (1)
Member Since:
September 15, 2023

Brett S.

Litigation and Contract Attorney
Free Consultation
Chicago, Illinois
8 Yrs Experience
Licensed in IL
University of Illinois

I attended the University of Illinois- College of Law on a full merit scholarship. While in law school, I was a 711 Attorney at the Lake County State's Attorney's Office, specializing in traffic and misdemeanor cases. After graduation, I served as in-house counsel for one of the largest insurance companies in the world, managing thousands of cases from initial intake to trial. Upon leaving this position, I accepted a role as Legal Counsel to the Illinois Senate Minority Leader. There, I advised Senators on legislative matters, labor and employment law, and complex constitutional questions. After leaving public service, I accepted a role at a mid-size Chicago-based law firm, where I practice insurance defense and litigation. In addition to this, I also serve as outside general counsel to a food brokerage business, where I handle all of their labor and employment matters.

Recent  ContractsCounsel Client  Review:
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Daniel K. - Startup Lawyer in Elgin, Illinois
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Member Since:
August 9, 2023

Daniel K.

Founder and Managing Partner
Free Consultation
Chicago
10 Yrs Experience
Licensed in IL NJ, PA
Drexel University Thomas R. Kline School of Law.

My practice focuses on business and commercial litigation. I have worked with companies of all sizes from sole member LLCs to those in the Fortune 500. I've advised clients on mergers, equity issuances, commercial transactions, joint ventures, employment issues, and non-competition. I've also drafted and negotiated the underlying agreements for these transactions and more.

Megan W. - Startup Lawyer in Elgin, Illinois
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Member Since:
July 5, 2023

Megan W.

Principal Attorney
Free Consultation
Aurora, IL
12 Yrs Experience
Licensed in IL
DePaul University College of Law

My solo attorney law office is focused heavily on Family Law, but I also do residential real estate, and prepare Wills & Trusts.

Karen H. - Startup Lawyer in Elgin, Illinois
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Member Since:
July 23, 2023

Karen H.

Former Division General Counsel
Free Consultation
Chicago
45 Yrs Experience
Licensed in IL
Loyola University Chicago School of Law

During my tenure as VP & Division General Counsel of PepsiCo Inc. in Chicago, I built upon my diverse career overseeing legal matters for both the domestic and international businesses of PepsiCo and The Quaker Oats Co. My extensive practice areas included M&A, contracts, competition, NDAs, regulatory compliance, consumer product & protection, environmental, patents, and advertising regulations. Throughout my professional journey, I navigated legal complexities associated with an eclectic range of products, spanning juices, sports drinks, cereals, snacks, needlepoint kits, canned goods, eyeglasses, men's suits, car seats and toys. For further information, see my LinkedIn: http://linkedin.com/in/karen-hunter-a700179

Charles M. - Startup Lawyer in Elgin, Illinois
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Member Since:
July 26, 2023

Charles M.

Attorney
Free Consultation
Chicago
23 Yrs Experience
Licensed in IL
DePaul University

Mr. McElvenny has extensive experience handling and developing strategy for complex commercial and real estate cases. He’s drafted hundreds of complaints ranging from simple breaches of contract to complex commercial claims including breach of fiduciary duty, constructive trusts and misappropriation of trade secrets. He has an excellent record in trial, arbitration and mediation. He also has significant experience in motion practice in both state and federal court. Through his work in corporate law, Mr. McElvenny has developed considerable experience with Limited Liability Company member disputes and general corporate governance. He’s drafted a number of industry-specific documents such as Operating Agreements (for Limited Liability Companies), commercial leases, settlement agreements and employment contracts. Mr. McElvenny has also represented criminal defendants in felony matters and assisted in the defense of civil matters arising from alleged SEC violations. He has represented individuals appearing before the Illinois Department of Professional Regulation as a result of SEC proceedings. After graduating with a B.A. in Philosophy, Mr. McElvenny proceeded from Loyola University-Chicago to DePaul University College of Law, receiving his JD from that institution in 2002. In 2010, he earned his Master’s of Science in Accounting from Loyola University-Chicago’s Graduate School of Business. Mr. McElvenny was selected to Illinois’ Super Lawyers Rising Stars in 2010, 2012 and 2013.

Timothy J. - Startup Lawyer in Elgin, Illinois
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Member Since:
August 1, 2023

Timothy J.

Corporate Counsel
Free Consultation
Fort Lauderdale, Florida
10 Yrs Experience
Licensed in IL FL, WI
Illinois Institute of Technology: Chicago-Kent College of Law

Financial Services, Business, Corporate, Personal Injury, and Healthcare. I've represented fortune 100 companies and defended individuals in personal debt litigation. Wide breadth of experience, ready to assist.

Dennis W. - Startup Lawyer in Elgin, Illinois
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Member Since:
August 2, 2023

Dennis W.

Attorney
Free Consultation
Chicago/Schaumburg
33 Yrs Experience
Licensed in IL
The John Marshall Law School

2008 - Present: Sole Practitioner – Dennis W. Winkler, P.C. Practice primarily in finance and business transactions, as well as commercial real estate transactions. Represent developers, investors, lenders, and businesses, in such matters as: corporate entity selection, drafting and negotiating complex asset purchase agreements, corporate mergers and sales, stock purchase agreements, and various other business contracts for closely related businesses. Involved in a variety of real estate developments, multi-family apartment buildings, construction and acquisition financing, commercial leasing, sophisticated workout transactions, joint ventures, and tax-deferred exchanges. Advise on tax and other savings incentives available to business owners and real estate owners in Illinois. Advise companies involved in related real estate activities such as sales, leasing, property management, brokerage, and construction. Tax experience that includes the representation of taxpayers in State and Federal controversies including: sales/excess tax disputes and responsible parties’ tax assessment protest. Additionally, Dennis has experience in the protest of real estate taxes of commercial and multi-family real estate. As a legal and business advisor, Dennis is committed to helping clients find, develop, and close deals that further their business objectives. Dennis regularly advises entrepreneurs and closely held businesses on matters incidental to their day-to-day business operations as well as their capital raising and start-up needs, corporate structure, private equity raises, and operating agreements. Much like general counsel, Dennis’s breadth of experience allows him to not only provide strategic planning and routine business transactional support to companies, but he also regularly advises on a number of unique issues facing companies by spotting issues and engaging specialists when needed, such as intellectual property, environmental, and bankruptcy counsel. As such, Dennis has been actively involved in sales and acquisitions of manufacturing companies, trucking companies, and logistics companies.

Ronald P. - Startup Lawyer in Elgin, Illinois
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Member Since:
August 10, 2023

Ronald P.

Associate General Counsel
Free Consultation
Woodridge, IL
45 Yrs Experience
Licensed in IL
Loyola University of Chicago Law School

Senior experienced contracts/transactions attorney in the Software Technology space. Also very versed in general corporate legal matters relating to business operations.

Andre T. - Startup Lawyer in Elgin, Illinois
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Member Since:
September 6, 2023
Nadir C. - Startup Lawyer in Elgin, Illinois
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Member Since:
September 6, 2023
Sarah P. - Startup Lawyer in Elgin, Illinois
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Member Since:
September 12, 2023

Sarah P.

Attorney
Free Consultation
Lemont, Illinois
12 Yrs Experience
Licensed in IL
University of Illinois Urbana-Champaign

Sarah graduated magna cum laude from the University of Illinois College of Law in 2013. Prior to opening her own practice, Sarah worked in a large law firm defending corporate clients. She then transitioned to a smaller firm where her longing to serve clients in the surrounding community became evident. With her prior experience, Sarah opened her own firm in 2016 and has since served Lemont and the surrounding areas.

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Startup Legal Questions and Answers

Startup

LLC

Illinois

Asked on Aug 8, 2023

LLC and management structure?

I am in the process of starting a business and am considering forming a Limited Liability Company (LLC). I want to understand the management structure of an LLC and how it works in practice. I am interested in how the management structure can help protect me from personal liability, and how it can provide a framework for decision-making and dispute resolution.

Talin H.

Answered Aug 25, 2023

Hi, congrats on starting a business! You're asking all of the right questions. The short answer is that your LLC operating agreement can spell out in as much detail as you want what decisions the Manager of the LLC is free to make on their own, and what decisions require a vote from the other Members. You can also elect to have a multi-manager LLC, in which each Manager is responsible for different aspects of the business, such as day-to-day operations versus overall business strategy versus capital raising. Again, each one of these Manager roles can specifically delineate what decisions and actions the Manager can take automatically, without other Members' prior approval. I specialize in business and corporate transactions and have drafted 100s of LLC operating agreements. I would be delighted to help you. Please reach out at talin@hitiklaw.com or call my office at (312)685-2292.

Read 1 attorney answer>

Startup

Convertible Note

Ohio

Asked on May 20, 2023

Convertible note interest rate?

I am a tech startup founder and am considering raising capital through a convertible note. I am interested in finding out what the typical interest rate is for these types of investments. I understand that the rate can vary, but I am looking for a general range of what I can expect.

Paul S.

Answered May 23, 2023

Generally the rate is pretty low - for example, 5% is what I've used over the years, with little pushback. Keep in mind, investors don't do convertible notes for the interest income, they do them for the upside from converting into preferred stock with liquidation preferences, anti-dilution protection, etc. If a potential investor is really focused on the interest rate, that tells you that the investor has little or no experience investing in startups. Also, regarding the interest in general, it typically just accrues, rather than being paid out each year. When interest accrues for more than a year, the startup can claim the amount of accrued interest as an expense on its P&L and taxes, and the investor should recognize the amount of accrued interest as interest income, even if it hasn't been paid out.

Read 1 attorney answer>

Startup

Founders' Agreement

Texas

Asked on Sep 12, 2021

Signing Founders Agreement as non-us resident?

I am from Ecuador and I am going to sign a Founder's Agreement with a person from Texas. I want to know in detail what are things I must take into consideration before signing this agreement.

Don G.

Answered Sep 17, 2021

I'm assuming the Founders Agreement is an agreement establishing owners, managers and ownership percentages. You should focus on: Terms regarding when your interest in the company vests; How your shares will be valued in the case you want to leave or are terminated; It should include some type of waiver of individual liability for acts taken on behalf of the company; and Voting rights - If there is only one founder that has a large percentage of ownership (like 75%), you need to make sure the terms give your vote power. This can be accomplished by each founder having 1 equal vote. If the largest owner of the company owns less than 50% interest and there are 3 or more members, there's no real fear of one person making all of the decisions. I'm sure there are other items to consider as every such agreement is unique. Best of luck!

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Startup

Convertible Note

California

Asked on Jul 30, 2023

Convertible note vs. equity financing?

I am an entrepreneur and I am in the process of raising capital for my startup. I am considering both convertible note and equity financing options and am trying to decide which one is best suited for my company. I need to understand the key differences between the two options to make an informed decision.

Thaddeus W.

Answered Sep 8, 2023

Good question. Convertible notes (as well as SAFE's, discussed below) differ from equity in several respects. The most fundamental difference is that a convertible note is debt. A second major difference is that, although the note is debt, its terms include the noteholder's right to acquire an equity position in the future; if a certain event later occurs (defined in the note, but typically the sale of preferred stock to a future investor (e.g. a venture capital firm), but also a sale of the company can have a similar effect), this will trigger the note to convert into equity and the note is "satisfied" ... that is, the debt is extinguished when the note converts and the holder thereby becomes an equity holder (typically coming to own shares of preferred stock very similar to that issued to the future investors in that triggering event). These two differences are related to a third. A convertible note is often issued without a valuation of the company. For example, when a startup business has no operating history, it is impossible for the startup founders or the investor to decide what the company is worth. Equity cannot be issued for a fair market value (FMV), since there is no basis to determine what the FMV is. A convertible note resolves that by giving the investor (the note holder) the right to convert the note into equity later on, when another investor and the company can agree on a company valuation. In other words, the convertible note allows the company to "kick the can (of valuation) down the road" to be dealt with at another time. But, since a convertible note is debt, is has a repayment provision, and normally carries interest. This means that the note is carried on the company's balance sheet as debt, and presents the company with the future obligation to repay the note if a conversion event has not happened before the note's maturity date. So, SAFE's are often used, especially now that they have become so familiar to investors. (SAFE stands for Simple Agreement for Future Equity). Essentially, as SAFE is a convertible note without the debt features. A SAFE carries no interest and does not have to be repaid. The investor in a SAFE will normally be sophisticated and able to assess the chances the company will do well enough for a conversion event (the issuance of preferred stock, or a sale of the company) to result in the investor's SAFE converting, and thus give the investor comfort that would otherwise be lacking in an instrument that has no repayment obligation. Like a convertible note, a SAFE kicks the can of valuation down the road, where a valuation can later be determined by the company and a future investor. Founders should exercise caution in issuing convertible notes or SAFE's. Among other reasons, founders commonly do not appreciate the impact that convertible notes or SAFE's can have on the founders' own ownership. Convertible notes and SAFE's often include a feature called a "valuation cap." This can result in surprising dilution, as well as the issuance of equity to the converting note or SAFE holder at what is effectively a very low price per share, costing the company far more than the founders may have expected. Also, notes and SAFE's with very similar, but different, terms can result in a complicated capitalization table, making negotiations with venture capital firms later on more difficult, an equity transaction more complex, and thus the process more time-consuming and (therefore) more expensive.

Read 1 attorney answer>

Startup

Software Agreement

Florida

Asked on Jun 9, 2023

Software agreement and maintenance?

I am an entrepreneur who is planning to launch a new software product. I am in the process of negotiating a software agreement with a potential partner, and I need to make sure that I understand my obligations regarding maintenance of the software. I have limited experience in this area and need to ensure that I have a comprehensive agreement that covers all of the necessary points.

Daniel D.

Answered Jul 18, 2023

Your maintenance obligations will largely depend on what is written into the software agreement between you and your partner. If you and your partner agree you can have a very broad or very limited obligation, but it should be clear so you avoid any disputes in the future. A comprehensive agreement can include any provisions you and your partner agree on as long as it does not violate State Law or Public Policy.

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