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June, 2014 Archives

Archives for June 2014

Choosing the right house to buy

Buying a home represents one of the largest financial commitments most people in Chicago, Illinois, will ever make. Choosing the right home is crucial, but many first-time buyers do not know exactly what to consider before making a final decision. Buyers can reduce the risk of making a mistake when purchasing residential real estate by taking time to appraise the following variables. Financial factors First, evaluating the full cost of a home is critical. Homeowners should be realistic … [Read more...]

Protecting intellectual property

A gaming company named Wizards of the Coast recently filed a lawsuit against Cryptozoic Entertainment, LLC, and Hex Entertainment, LLC. According to Game Informer, Wizards of the Coast claims a game created by the other two companies is the same as a card game it created years ago, and that the two companies are infringing its intellectual property rights on that game. The two companies have responded with a statement that the lawsuit does not have any merit, as their game is digital-based … [Read more...]

Regulations present challenges for commercial real estate

Anyone with experience in commercial real estate development knows the extensive regulations imposed by every level of government can be burdensome. In the present regulatory environment, keeping up with current requirements and ongoing changes can be especially difficult. Most developers in Chicago, Illinois, can benefit from working with an attorney experienced in real estate law to ensure legal compliance and mitigate the risk of costly mistakes. Regulatory concerns Before commercial … [Read more...]

Market research invaluable to business owners

Market research is an invaluable tool Illinois business owners can use, especially during the start-up phase of their company, to define and target consumers who may be interested in their products or services. Additionally, market research can help companies determine gaps in their current market and how they can alter their services to meet the demands of their customers. Often, this can result in enhanced operations and improved profitability. For example, before the airline company, … [Read more...]

Creating an effective business plan

The main purpose of a business plan is to communicate the vision of the company so that everyone who gets involved is on the same page. This includes potential partners, investors and vendors. It is an important element of business formation because it substantiates the initial idea of the business with a concrete plan of action. For both established and new businesses, the business plan sets the path for moving forward. A business plan maps out a company’s route to success, and its audience … [Read more...]

How does a living will work?

Many people in Chicago, Illinois, make a priority of setting their affairs in order by drafting a will. However, many people overlook the importance of creating a living will as well. A living will allows an individual to make his or her preferences regarding life-prolonging medical treatments known. If the individual ever becomes capacitated, his or her wishes as established in the will can be honored. Requirements and provisions  The terms of a living will can only be carried out if … [Read more...]

A long-term care plan can be an important part of estate planning

Many people in Chicago, Illinois, may view long-term care planning as unnecessary. Unfortunately, these people may be exposing themselves to significant financial risk. The interest group AARP reports 7 out of 10 Americans over age 65 will require long-term care, and 20 percent of people in the same age bracket need care for longer than 5 years. Individuals who consider long-term care plans during estate planning can avoid financial strain and ensure that providing care does not become a … [Read more...]

How to finance commercial real estate

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...]

How to protect your business with written agreements

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

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...]

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