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Legal Issue Checklists

to help you run your business

To access these free resources, either click on the sub-page links above, or use the links below.

What paperwork does your business need to protect you and your company as it grows?

Paper to Protect Your Business

Do you know the forms you'll need to register a business entity whether as a partnership, LLC or some form of corporation?

Incorporation & Registration Forms

Business Law News

Illinois Supreme Court Allows Noncompetes

The case was Reliable Fire Equipment Company v. Arredondo. The case concerns covenants not to compete. The full text of the opinion is available at the Illinois courts website

The Court held that a covenant not to compete had to protect a legitimate business interest (such as trade secrets or permanent customer relationships, not nonsecret customer identities and short-term purchase interactions; had to be reasonable in time; and had to be reasonable in territorial extent, to be enforceable.

If you need review of your noncompete contracts, or your trade secrets protection policies and practices, please contact Bill Price, wprice@growthlaw.com.

Federal money for your deals?

What are SBICs and why should you
know about them?

The Small Business Administration (SBA) licenses and helps fund Small Business Investment Companies (SBICs) and Specialized Small Business Investment Companies (SSBICs). More than 400 such companies in business today total over $21 billion of funds under management. SBICs and SSBICs must confine their lending and investment to companies meeting the federal definition of a "small business." This capital can supplement the money your business brings to a deal, allowing the 1:1 debt-to-equity ratio banks require to make loans to small or newer businesses.

SBA 504 Program

The SBA guarantees long-term "504 loans," written through community development corporations (CDCs) that specialize in such lending, for machinery and equipment and for buildings. The 270 CDCs nationwide typically grant  loans on projects that include

• a loan secured with a senior lien from a private-sector lender to cover up to 50% of the project cost
• a loan secured with a junior lien from the CDC (backed by a 100% SBA-guaranteed debenture) covering up to 40 percent of the cost and
• a contribution of at least 10% equity from the small business being helped.

Using SBIC or other equity sources may reduce the amount of loans needed. 

SBA 7(a) Lenders

SBA lending divisions of national and regional banks, and/or SBA-certified local banks, are the primary initial contacts for companies seeking loans for business startup, operations, or expansion. Loans can be provided for up to $2 million, of which 75% would be government guaranteed. Other 7(a) program criteria must be met in applying for the SBA guarantee, in addition to any general requirements of the commercial lender.