July, 2016 Archives

Archives for 2016

Lease Option vs Lease Purchase: Finding The Right Fit For Homebuyers

Almost a decade after the housing crisis of 2007-2008, banks are still using strict credit requirements to approve potential home buyers for a mortgage. Many home buyers explored other purchasing options with a Chicago real estate lawyer, including lease-option and lease-purchase agreements. Lease-Option A lease-option is the most flexible of the two alternative purchase arrangements. The potential buyer agrees to make monthly lease payments that are slightly higher than the going market … [Read more...]

Hard Money Loans: The Last Resort For Business Financing

Businesses and developers sometimes run into problems with finding much-needed capital, but hard money loans should be the last option that they consider. There are several reasons that hard money loans should be the financing source of last resort. These loans should not be used for anything other than short-term needs, and developers and business owners should pay them off as quickly as possible. A business transaction lawyer might assist clients with identifying better funding sources other … [Read more...]

The Commercial Lease: What You Should Know

Commercial leases differ from residential leases in ways that may impact business operations. A commercial attorney who is familiar with complex language and commercial lease terms can explain important differences. Commercial leases and residential leases are written differently, and those differences can impact business operations and success. Here are some important distinctions: Commercial leases have fewer consumer protection laws. Laws don't require caps on security deposits or … [Read more...]

Millenials inherit wealth at faster rate than previous generations

Millennials are set to inherit more wealth than any previous generation and, contrary to popular misconceptions, they are also the most likely to use it well. About a third of Americans under the age 32 with $1 million of available assets to invest inherited their money. That contrasts with less than a quarter of Baby Boomers and Gen X’ers. At first, this may seem worrisome after all Millennials are the generation that grew up with an “everyone gets a trophy attitude” and who don’t understand … [Read more...]

Your Rights as a Commercial Tenant In Illinois

When entering into a commercial lease in Illinois, understanding the terms of the lease agreement is essential to protect tenant rights. As a business transaction lawyer knows, a commercial landlord must uphold the contractual duties outlined in the lease, but landlord liabilities are not always clearly outlined. According to Illinois laws, basic tenant rights in a commercial lease differ from those in a residential lease. The most basic statutory landlord duties are not automatically … [Read more...]

The Benefits of a Living Trust

Estate planning is a careful mixture of planning for present and future needs. People who put too much of their assets away in a trust may lose the ability to support their lifestyle. People who don’t plan sufficiently may end up paying significant sums in taxes. Living trusts are an estate planning tool that is critical to ensuring that future planning does not detract from present needs. Estate Planning Generally There are two tools that people use to plan their estate the will and the … [Read more...]

The Presumption of Revocation in Illinois

As the world progresses through the digital era, an increasing number of files and important documents are being copied and stored paperlessly. While this might seem like a more organized, safer and more efficient means of preserving paperwork, providing a digital copy may not be legally sufficient for estate documents- namely wills. In fact, an Illinois probate attorney cannot stress enough the importance of properly storing all original estate planning documents. Unfortunately, original … [Read more...]

Environmental Regulations Impact Small Businesses

Illinois small business owners are required to comply with certain environmental regulations and failure to do so can lead to fines and legal action. Unfortunately, not all small business owners are aware of or understand the regulations that they are responsible for complying with. Small Businesses and Environmental Regulations It’s not only businesses that provide automotive, agricultural chemical services that should be aware of federal and state environmental regulations. Small businesses … [Read more...]

Independent Contractors & the Law

The number of independent contractors in America will continue to increase as businesses seek ways to streamline operations and remain competitive. In 2006, the Department of Labor stated that 42.6 million of Americans, or 30% of the workforce were classified as independent contractors. It is estimated by that 2020, nearly 60 million people, or 40% of Americans will be classified as independent contractors. However, a business must be careful not to mischaracterize a worker as an … [Read more...]

What Businesses Should Know About the Three Day Right to Cancel Law

Business owners in Illinois should understand which transactions consumers have the right to cancel within three days. What Business Owners Need to Know Starting a business in Illinois requires owners to navigate their way through a series of complex paperwork. Many people are aware of the three-day right to cancel laws, but not everyone understands that it does not apply to all transactions. In fact, it only applies to the following: Door-to-Door Transactions In Illinois, the … [Read more...]

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