Buying commercial real estate represents a smart investment for many business owners in Chicago, Illinois. However, obtaining financing for these purchases can be difficult, and choosing the wrong form of financing can place a significant burden on owners and their businesses. Business owners should make sure they understand the variables that influence loan offers and the available sources of funding before they begin looking for commercial real estate financing. Factors affecting … [Read more...]
Archives for 2014
How to protect your business with written agreements
Posted on June 6, 2014 //
Many Illinois business owners may rely on oral or implied arrangements when making deals with others. These business owners may think written business contracts are unnecessary or show a lack of trust. However, these contracts play an essential role in protecting the interests of a business. Written contracts clarify any confusion between both parties. They also act as binding proof of the agreement in the event that one party violates it. Business owners should always draw up written … [Read more...]
Avoid these common accounting errors
Posted on June 5, 2014 //
Good accounting information is essential for any business’ success. Accuracy, timeliness and integrity in financial management are vital because inaccuracies can lead to uninformed decisions made by those who manage the business’ operations and those who have invested capital in the company. Additionally, mistakes made in the accounting process can result in ethical, logistical and legal problems. Mistakes to avoid There are many common accounting mistakes business owners are prone to … [Read more...]
Home inspections in Illinois – how do they work?
Posted on June 4, 2014 //
Although a home may look relatively perfect during a walkthrough, it could be hiding potential problems. Unlike home appraisals, which only indicate a home’s monetary value, home inspections provide information about the home’s exterior and interior condition. An inspection should include an analysis of the home’s major components like the furnace and air conditioner, plumbing and electrical systems and an overall inspection of the roof. The main goal of a home inspection is to alert the … [Read more...]
Common mistakes real estate buyers in Illinois make
Posted on June 3, 2014 //
Buying a piece of property is a large transaction. For many purchasing real estate, whether it be a new home, piece of land or commercial location, this is one of the biggest purchases they will ever make. When purchasing real estate, buyers should beware of these common mistakes in order to ensure that the process resolves smoothly and in their favor. Preparing for purchase Many buyers mistakenly begin browsing through online listings, determining how many bathrooms they want and … [Read more...]
Is there a mechanic’s lien on the property you’re purchasing?
Posted on June 2, 2014 //
A number of unexpected difficulties may come up while purchasing property. One little-known problem that affects some buyers is the possibility of facing a mechanic’s lien. According to Illinois Legal Aid, more than 800 of these liens were filed last year in the Chicago area alone. This kind of lien can take many years to settle, creating serious legal difficulties for new property owners. What is a mechanic’s lien? When a construction company builds a home or business property, … [Read more...]
Understanding Illinois’ estate tax law
Posted on May 29, 2014 //
The estate tax is a tax placed on a deceased person’s right to transfer property after their death. The total amount of assets in the person’s estate is known was their gross estate. When determining what the estate tax will be, the fair market value of their assets, not what their value was when they were acquired, is used to determine the deceased’s gross e state. Once the amount in the gross estate is decided, certain deductions are permitted before arriving at the amount known as … [Read more...]
Placing safeguards for underage beneficiaries in Illinois
Posted on May 28, 2014 //
Having a child can complicate life in many ways, especially when it comes to estate planning. When parents have an underage child they should know that, there are several estate planning methods they can use to protect their child in the event that they should die unexpectedly. Property management In addition to naming a guardian who will take care of their child, parents should appoint someone to manage the property that their child inherits. If a property management representative for … [Read more...]
Illinois legislation seeks to amend property tax code for tool and manufacturing business property
Posted on May 27, 2014 //
Recently, Chicago Business announced that a manufacturing company has decided to relocate to Illinois from Indiana. The company is the latest business to move to Illinois and revealed that one of the deciding factors was the offer of a tax abatement in Munster. The tax abatement will eliminate property taxes for the manufacturer over the next 10 years, providing the company with a yearly relief of around $200,000. Property tax incentives are commonly used by states to attract more … [Read more...]
Settling a business dispute without litigation
Posted on May 26, 2014 //
Although companies hope that clearly defined contracts and strong business relationships will prevent disputes, disagreements are bound to happen from time to time. These disagreements can arise over employment contracts, differing views held by company owners, agreements made with suppliers or simple misunderstandings. Costs of litigation When disputes arise, it is usually in everyone’s interest to avoid litigation. This is because lawsuits tend to be long, drawn out and, most … [Read more...]
