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...]
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...]
Placing safeguards for underage beneficiaries in Illinois
Posted on May 28, 2014 //
Having a child can complicate life in many ways, especially when it comes to estate planning. When parents have an underage child they should know that, there are several estate planning methods they can use to protect their child in the event that they should die unexpectedly. Property management In addition to naming a guardian who will take care of their child, parents should appoint someone to manage the property that their child inherits. If a property management representative for … [Read more...]
Illinois legislation seeks to amend property tax code for tool and manufacturing business property
Posted on May 27, 2014 //
Recently, Chicago Business announced that a manufacturing company has decided to relocate to Illinois from Indiana. The company is the latest business to move to Illinois and revealed that one of the deciding factors was the offer of a tax abatement in Munster. The tax abatement will eliminate property taxes for the manufacturer over the next 10 years, providing the company with a yearly relief of around $200,000. Property tax incentives are commonly used by states to attract more … [Read more...]
Tax registration for businesses in Illinois
Posted on May 24, 2014 //
Anyone who is setting up a business in Illinois must go through the steps required to complete tax registration. Sole proprietors, tax-exempt organizations and government agencies that deal with Illinois residents also need to register with the Illinois Department of Revenue to legally conduct business. Getting started Tax registration for businesses can be completed either electronically or by paper mail. To register electronically, a business owner can create an account with the Illinois … [Read more...]
Establishing a power of attorney in Illinois
Posted on May 23, 2014 //
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...]
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...]
The advantages of setting up a trust
Posted on May 14, 2014 //
Many people in Chicago, Illinois, may think creating a will is enough to set their affairs in order. Although a will represents an essential starting point, people with significant assets or complicated circumstances should also consider setting up a trust. A trust is an arrangement that allows one party to hold assets on behalf of beneficiaries. A person who places his or her assets in a trust can protect the value of those assets and control precisely how they are distributed. … [Read more...]
