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?
Posted on June 9, 2014 //
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
Posted on June 8, 2014 //
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
Posted on June 7, 2014 //
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
Posted on June 6, 2014 //
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
Posted on June 5, 2014 //
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...]
Home inspections in Illinois – how do they work?
Posted on June 4, 2014 //
Although a home may look relatively perfect during a walkthrough, it could be hiding potential problems. Unlike home appraisals, which only indicate a home’s monetary value, home inspections provide information about the home’s exterior and interior condition. An inspection should include an analysis of the home’s major components like the furnace and air conditioner, plumbing and electrical systems and an overall inspection of the roof. The main goal of a home inspection is to alert the … [Read more...]
Common mistakes real estate buyers in Illinois make
Posted on June 3, 2014 //
Buying a piece of property is a large transaction. For many purchasing real estate, whether it be a new home, piece of land or commercial location, this is one of the biggest purchases they will ever make. When purchasing real estate, buyers should beware of these common mistakes in order to ensure that the process resolves smoothly and in their favor. Preparing for purchase Many buyers mistakenly begin browsing through online listings, determining how many bathrooms they want and … [Read more...]
Is there a mechanic’s lien on the property you’re purchasing?
Posted on June 2, 2014 //
A number of unexpected difficulties may come up while purchasing property. One little-known problem that affects some buyers is the possibility of facing a mechanic’s lien. According to Illinois Legal Aid, more than 800 of these liens were filed last year in the Chicago area alone. This kind of lien can take many years to settle, creating serious legal difficulties for new property owners. What is a mechanic’s lien? When a construction company builds a home or business property, … [Read more...]
Understanding Illinois’ estate tax law
Posted on May 29, 2014 //
The estate tax is a tax placed on a deceased person’s right to transfer property after their death. The total amount of assets in the person’s estate is known was their gross estate. When determining what the estate tax will be, the fair market value of their assets, not what their value was when they were acquired, is used to determine the deceased’s gross e state. Once the amount in the gross estate is decided, certain deductions are permitted before arriving at the amount known as … [Read more...]
