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March, 2015 Archives

Archives for March 2015

Should unmarried couples in Illinois establish an estate plan?

According to data from the U.S. Census Bureau, the number of people who are choosing to cohabitate rose by 25 percent between 2000 and 2010. Those in Illinois and across the country who don’t want to get married should know that the law is not necessarily on their side when it comes to taxes, property division and health care decisions. As a Cook County estate planning lawyer may have seen, it is possible for people in these situations to mistakenly disinherit each other. What’s more, not … [Read more...]

What kind of voting rights can I assign to shares in my business?

When investors hold shares of a privately held corporation, they are granted certain rights as partial owners of the company. While state corporation laws must be adhered to, private corporations’ articles of incorporation and bylaws can grant and govern many of these shareholder rights, including voting rights. A transportation attorney in Lake County understands that voting rights are shareholders’ greatest tool for creating change within a corporation. What are stock voting … [Read more...]

What are the potential liabilities if you rent out your half of a duplex?

For many property owners in Illinois, owning a duplex and renting out the other half of it is a beneficial arrangement. However, before embarking on the renting process with the assistance of a real estate lawyer in McHenry, those interested in becoming landlords should familiarize themselves with some of the potential liabilities they face. Property damage Not all tenants are as careful about maintaining their living space as others. In some situations, duplex owners may find that their … [Read more...]

Is there a benefit to outsourcing for small businesses?

Outsourcing is a business practice that has been around for decades. In order to save the costs associated with hiring skilled workers in certain areas, companies can send that work to other businesses that specialize in those areas. This, ideally, allows the work to get done by competent professionals while keeping more money within the business. Some small business owners may believe that outsourcing is out of their reach, or that it will end up costing them in the long run. However, a … [Read more...]

What 3 things should you consider when closing a business?

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...]

2015 brings 2 changes to estate tax law

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?

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?

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?

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...]

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