Independent contractors work in many professions and their earnings vary widely. It can be difficult to pinpoint the thing that groups them together into a single category, apart from the fact that they bear full responsibility for paying income taxes. Since an increasing number of companies are taking on new workers as independent contractors, particularly in the information technology industry, it is important for people joining the workforce or considering a career change to understand the … [Read more...]
Archives for 2014
Tax registration for businesses in Illinois
Posted on May 24, 2014 //
Anyone who is setting up a business in Illinois must go through the steps required to complete tax registration. Sole proprietors, tax-exempt organizations and government agencies that deal with Illinois residents also need to register with the Illinois Department of Revenue to legally conduct business. Getting started Tax registration for businesses can be completed either electronically or by paper mail. To register electronically, a business owner can create an account with the Illinois … [Read more...]
Establishing a power of attorney in Illinois
Posted on May 23, 2014 //
Many people in Chicago, Illinois, worry about the possibility of becoming incapacitated and incapable of looking after their own affairs. One action that can bring individuals and their families peace of mind is establishing a power of attorney. A power of attorney is a legal document that allows an individual to appoint an agent to make decisions on his or her behalf in the event of incapacitation. … [Read more...]
Which legal structure is right for your business?
Posted on May 22, 2014 //
Among all of the choices made when a business is formed, legal structure is an important decision many people in Chicago, Illinois, overlook. Legal structure determines how a business is taxed, how much liability the owners take on and even how much paperwork owners must maintain. Choosing the wrong kind of business structure can have lasting consequences, which is why business owners should carefully research their options and consider seeking expert help. Basic structures Four … [Read more...]
About Illinois Business Formation part 3
Posted on May 22, 2014 //
How Does the Probate Process with a Will Differ from the Intestate Probate Process? If a decedent dies intestate (without a will), the property will be distributed to the beneficiaries according to state law. If there are no relatives, the property will go to the state. If minor children are impacted by the decedent’s death, a guardian ad litem will be appointed to determine guardianship issues. Additionally, intestate probate proceedings are public proceedings, with all information publicly … [Read more...]
Setting up the financial portion of your new business
Posted on May 21, 2014 //
For virtually every new business owner, managing business finances properly is a top concern. Poor accounting and bookkeeping can lead to problems ranging from financial loss to legal violations. Although professional guidance is essential for important decisions and unexpected snags, the owners of most Illinois small businesses can benefit from understanding the basic guidelines for setting up the financial portion of a business. Starting steps Opening a business bank account is … [Read more...]
Regardless of your age, you should have an estate plan
Posted on May 20, 2014 //
Most people, if not all, can benefit from having rules and parameters in place for others to follow at the time of their death. These rules are called estate plans. While creating such a plan may be an uncomfortable thing for many to attempt and deal with, it is a vital part of maintaining one’s assets and preparing for the future. Regardless of a person’s age or wealth, these plans can make a big difference in how their loved ones fare when they pass away. … [Read more...]
New rules for foreclosures in Illinois
Posted on May 17, 2014 //
New Illinois foreclosure rules which went into effect last year, were put in place to assist and protect those who face foreclosure on their residential property. Tens of thousands of homeowners in Illinois are still facing the possibility of losing their homes to foreclosure a full six years after the housing market crashed. … [Read more...]
Avoiding Zombie Title Pitfalls
Posted on May 16, 2014 //
According to a 2009 -RealtyTrac study, foreclosure filings increased by more than 81 percent in 2008. This means that just over 860,000 families lost their homes when they were unable to keep up their mortgage payments. In Illinois, 32,000 homes were trapped in a situation where ownership of the home (and bills associated with said ownership) was unclear. … [Read more...]
Tips on maintaining your estate plan
Posted on May 15, 2014 //
If you are one who understands the importance of having an estate plan, you may have already taken the first important step of meeting with an attorney. During this process, you most likely discussed and had and paperwork drawn up for a will, a power of attorney or perhaps a trust. … [Read more...]
