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June, 2014 Archives

Creating an effective business plan

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...]

Tips on avoiding truck overloading

It can be tempting to cut down on hours and payroll costs by overloading trucks, but this dangerous practice leads to many fatalities and injuries on the road. According to the Illinois Department of Transportation, 466 Illinois truck drivers were killed on the job in 2012. Many of these deaths were caused by overloading. When a trucking company chooses to overload its vehicles, it breaks transportation law and creates a potentially deadly hazard. These tips can help truckers avoid the danger … [Read more...]

Trucking companies and hazardous loads in Illinois

The Illinois Department of Transportation reports a slow but steady increase in the number of serious accidents including large trucks, with 874 crashes taking place in 2012 alone. Many of these trucking accidents involve hazardous cargo. Every Illinois trucking company and employee should be aware of the dangers posed by transporting hazardous loads. Risks are compounded by transporting hazardous goods Driving an 18-wheeler is a dangerous job even in the best conditions. When hazardous … [Read more...]

Understanding Illinois’ estate tax law

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

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

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

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

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...]

Adhering to The Illinois Vehicle Code for commercial vehicles

In 2010, The University of Illinois at Chicago released its annual report on traffic stops in Illinois. The report stated that over 2.3 million traffic stops were made in the state. About 20 percent of those stops were for equipment issues such as a non-working taillight, window tint that was too dark or the vehicle was in violation of the state’s code. For owners of commercial fleets, an equipment violation could mean thousands of dollars in fines, the necessity of pulling the vehicle … [Read more...]

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