Your Corporate Shield: Guidelines for Small Businesses

Forming a corporate entity (either a limited liability company or corporation) is the first step for any small business owner to minimize personal liability for the financial risks of the company. Absent a corporate shield, entrepreneurs face liability for the debts and liabilities of their small business. Corporation vs. Partnership Originally, there were only two types of businesses: corporations and partnerships. Corporations were separate legal entities that could own property, sue and be … [Read more...]

Should a Family Limited Partnership Be Part of Your Estate Plan?

Family limited partnerships (FLPs), legal devices used to move wealth from one generation to the next while minimizing tax exposure, are a critical part of any estate plan. FLPs pool a family’s money to execute a business venture. The FLP has two types of partners: general and limited. The general partners manage the assets of the FLP while the limited partners possess equity interest but are unable to engage in the day-to-day management of the assets. However, in exchange for reduced … [Read more...]

What to Expect at Closing

Closing costs include fees paid to third parties that facilitate the sale of the property and can include inspections, attorneys’ fees, and brokerage fees. Closing costs are typically paid once the sale is closed but some are paid before (i.e. home inspection fees). Closing costs range from two to seven percent of the purchase price. The method used to calculate closing costs dramatically changes the closing costs imposed because buyers and sellers respectively do not share in the costs … [Read more...]

A Revocable Living Gun Trust May Be Right On Target

Firearms, including automatic weapons and gun collections, that are to be passed down to beneficiaries require special consideration and creating a revocable living gun trust may help avoid unintended consequences in the future. A gun trust is a way to legally provide for the disposition of guns to intended beneficiaries while complying with the National Firearms Act (NFA) and any applicable state laws. What Is a Revocable Gun Trust? When a revocable gun trust is established, the owner of the … [Read more...]

Finding the Best Business Attorney in Illinois

Finding the right business attorney depends on reaching out to a personal network, leveraging online tools, and applying discerning inquiries to weed out unqualified candidates. A business attorney can work as a force multiplier for small, medium, and big enterprises by empowering the company to expand into new business opportunities, increase hiring, and sign an extended lease. However, selecting the wrong attorney can be a drag on a company’s growth just as it is poised to expand … [Read more...]

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