Making the decision to close a business can be a difficult step to take. Whatever the reason behind the choice, business owners should take the time and effort to ensure that they close their businesses properly. When companies close, it is essential for business owners to create a plan that gives them and those closest to the company the greatest amount of protection possible. An Illinois business attorney understands that when businesses simply close their doors and ignore the rest, it can … [Read more...]
Archives for 2015
2015 brings 2 changes to estate tax law
Posted on March 5, 2015 //
Recently, the Internal Revenue Service announced what the gift and estate tax limits would be for the year 2015. These numbers, which are adjusted annually to account for inflation, matter to those who work with their estate planning attorney in Illinois to reduce their estates by gifting assets and money to family members or friends. The federal state tax exemption The federal estate tax exemption refers to the amount a person can leave to his or her heirs without needing to pay federal … [Read more...]
What is a Certificate of Zoning Compliance?
Posted on March 4, 2015 //
When those in Illinois work with their Chicago real estate lawyer to transfer ownership of or sell residential property, a Certificate of Zoning Compliance must be obtained. These certificates verify that the number of residential dwelling units contained in the property meet legal requirements under the Chicago Zoning Ordinance. However, the ownership or sale of cooperative buildings or condominiums do not have to comply with this requirement. The definition of a dwelling unit Under … [Read more...]
Should my business carry professional liability insurance?
Posted on March 3, 2015 //
A recent report from Chubb Corp. found that many privately held companies are critically underinsured. Only one-third of the survey participants had purchased professional liability insurance, which protects a business against a number of risks. As any Chicago business attorney knows, any company – public or private – can benefit from carrying such a policy. It is important for business owners in Illinois and across the country to understand what the insurance does and how it works. What … [Read more...]
I’m ready to hire employees: Now what?
Posted on March 2, 2015 //
According to the Illinois Department of Employment Security, there are roughly 6 million people employed in the state. Compared to a year ago, the data now reflects a nearly 1 percent increase in the number of jobs. As a business lawyer in Lake County knows, it is a good sign for the economy and for the business when hiring is on the rise. Yet as important as it is to get and maintain employees, it is crucial to follow the right process to bringing people on board. Doing otherwise could … [Read more...]
How does probate work in Illinois?
Posted on February 11, 2015 //
Probate is a process that occurs in court and is sometimes, but not always, required after a person passes away. The main purpose of the probate process is to make it clear who should inherit the deceased person’s assets and ensure taxes and other debts are paid. During this process, the estate’s executor, who is the person named in the deceased person’s estate planning documents with the help of an Illinois estate planning attorney, must have the estate’s assets appraised, identify and … [Read more...]
Keep taxes in mind when planning your estate
Posted on February 10, 2015 //
Estate tax is defined as the tax on a person’s right to transfer property after death. There are several strategies those who are in the midst of the estate planning process should consider implementing with the assistance of their estate planning lawyer in Illinois to ensure that their estate taxes are as minimal as possible once they pass away. Obtain a current asset valuation This step is particularly important for estates that include assets that are difficult to value, such as a … [Read more...]
Commercial real estate: 3 risks to consider
Posted on February 9, 2015 //
There are many benefits associated with renting commercial property and many advantages associated with purchasing it in Illinois. Business owners who are interested in purchasing commercial property with the assistance of their Illinois real estate lawyer and real estate agent should consider three important risk factors before they make the final decision to buy. The location may not always be beneficial When it comes to owning a business, location is everything. Those who are thinking … [Read more...]
Should you really buy the biggest house in the neighborhood?
Posted on February 8, 2015 //
When property buyers go to purchase a new home with the assistance of a real estate agent and a real estate lawyer in Illinois, they are often attracted to the largest home in the neighborhood where they want to live. While having enough room is beneficial, there are a few reasons why home buyers should avoid purchasing the biggest home they possibly can. Why the biggest house isn’t necessarily the best After purchasing the largest home in a neighborhood, homeowners may have a difficult … [Read more...]
Business costs: Evaluate large purchases before buying
Posted on February 7, 2015 //
For businesses, keeping operating costs low without limiting growth can be a struggle. A business lawyer in Illinois sees many companies who attempt to initially buy small and improve their systems later as business expands. However, this may end up costing more in the long run. To avoid such a situation, businesses should always evaluate their large purchases prior to committing to them. The evaluation should include a review of how flexible, scalable and manageable a purchase will be to … [Read more...]
