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Becoming a business owner can be a major endeavor, regardless if you are launching your own start-up or purchasing a franchise company. For those looking to start their own business, a franchise with proven systems and processes in place can provide an extra sense of security. Research shows that franchises have a better success rate than start-ups; however, embarking on a franchise business can still pose risks. That is why it is important to consult with a skilled attorney who is well-versed in Illinois business law before you decide if opening a franchise is right for you.

What Benefits Does a Franchise Offer?

Most franchises have been around for a long time, meaning they have a successful business model that enabled them to expand and open other branches or locations. One of the main advantages of a franchise is the collaboration and network that comes with a corporate entity. In addition, a franchise can offer the following benefits:

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After a couple finalizes a divorce, they can often go their own separate ways, never having to see each other again. However, if children are involved, they will be co-parenting together. This can be difficult under any circumstances, but even more so during a global health crisis like COVID-19. In an effort to stop the spread of the contagious virus, many non-essential businesses have been closed, while students have been learning remotely and parents working from their homes. Navigating this new normal presents different challenges for co-parents. This means some divorced parents may need to modify their existing co-parenting arrangements or  parenting time orders.

Co-Parenting and Parenting Time Schedules

In Illinois divorces, parents must create a parenting plan that outlines how parental responsibilities (child custody) and parenting time (visitation) will be shared or divided. If spouses cannot agree to the terms of this plan before their divorce is finalized, the court will become involved. In these cases, a judge will make decisions on what is in the best interest of the children. Arrangements can be tailored to fit parents’ work schedules as well as children’s school schedules. Sharing may be in the form of one parent having the kids stay with him or her for one week, then the other parent having the kids the next week. In other situations, one parent may have the majority of parenting time with the co-parent only having the children every other weekend and one night a week.

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The coronavirus health crisis has also caused an economic downturn in 2020. Many people are struggling to pay their bills after being laid off or furloughed. President Trump signed a new relief bill into law just after Christmas, with another $900 billion in stimulus funds allocated in an effort to help individuals, families, and businesses struggling because of the COVID-19 pandemic. In addition to containing money to fund government operations, the spending package also includes emergency relief money for a new round of stimulus checks, unemployment aid, and small business assistance. These funds may be able to help Illinois landlords and tenants who are facing eviction or foreclosure. Learn if this bill applies to you by contacting an experienced real estate attorney.

Eviction Moratoriums

Over the past year, local, state, and federal agencies have issued orders to stop or slow the spread of the highly contagious virus. These orders included closing non-essential businesses and requiring masks to be worn in public places while also limiting the number of people in gatherings. Some orders even included prohibiting tenants from being evicted from their homes if they were behind on rent payments. However, these executive orders do not extend to situations where a tenant poses a direct threat to the health and safety of other tenants, an immediate and severe risk to property, or a violation of building code, health ordinance, or similar regulations. The Illinois eviction moratorium was extended again, and it prohibits the filing of residential eviction actions and the enforcement of residential evictions until January 9, 2021.

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Even though it is the season for giving, this year has been difficult for many people due to the COVID-19 pandemic. Coronavirus has resulted in not only a global health crisis but an economic downturn as well. Numerous individuals across the country may have felt the impact, whether it is a pay cut or a job loss. Many people may be contemplating their financial future, regardless of their job status. Tax issues can be complex, but there are various ways to reduce estate and inheritance taxes. For instance, Illinois tax laws provide tax benefits if retirement funds are left to designated individuals, and certain kinds of trusts can reduce estate and inheritance taxes that an individual has to pay. There are valuable tools that can be utilized in the estate planning process, and an experienced attorney can assist you in creating a comprehensive estate plan.

Monetary Gifts at the End of the Year

These days, many individuals are now doing their Christmas shopping online as a result of COVID-19. Stores all over the country are temporarily closed in an effort to stop the spread of the contagious virus. For those who have a difficult time picking out the perfect gift, a good alternative is to give money. That way, the recipient can buy whatever he or she likes. Giving money to family members or friends this Christmas can also be a smart tax planning move. Gifting cash now can help you reduce or even avoid estate taxes after you die.

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Becoming a business owner takes tenacity and fortitude. Regardless if you run a small or a large company, it takes a lot of time and effort. In addition, societal changes can impact the success of any type of business. The COVID-19 pandemic has resulted in not only a global health crisis but an economic downturn as well. With many Illinois establishments forced to close their doors, business owners may be taking a long, hard look at their losses and whether or not they can afford to stay in business. For those considering dissolving their Illinois business, it can be a very emotional decision, and there are also many legal aspects to be aware of. A skilled business law attorney can help protect your rights while you navigate the steps of the dissolution of your company.

Illinois Business Laws

Under Illinois law, businesses may be dissolved involuntarily by court order as a result of a lawsuit by creditors, or by the Illinois Secretary of State for failing to file an annual report or pay annual fees. They may also be dissolved voluntarily by shareholder consent.

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