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...]
