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Recent Blog Posts
What You Need to Know When Buying a Business
While many entrepreneurs are able to succeed by developing an idea for a business and taking steps to start a new company, there are multiple other options available. For some people, buying an existing business can provide a number of benefits, such as avoiding the costs and complications of the business formation process and being able to take advantage of a company’s existing procedures, personnel, and customer base. If you are considering the purchase of a business, either as a new business venture or as an acquisition that will provide additional value to an existing company, it is important to understand the steps you can take to protect your financial interests and ensure that you will be able to achieve your goals.
Issues to Consider When Acquiring a Business
As a prospective business owner, you will want to be sure to understand your goals as you begin the process of identifying a business to purchase. In addition to considering the financial benefits, including the expected return on investment, you will want to make sure a business aligns with your values, your familiarity with a particular industry, and your knowledge of business practices. This will help you identify the right business that will allow you to succeed in the years to come.
When Will Spousal Maintenance Be a Factor in an Illinois Divorce?
Ending a marriage through divorce will involve multiple types of legal and financial issues. A couple will need to separate multiple different aspects of their lives that have become intertwined while they were married. As they make decisions about how to divide the property they own and the debts they owe, each spouse will want to take steps to make sure they will be able to support themselves and live comfortably once their marriage has ended. However, this can sometimes be difficult for those who rely on a spouse’s income or who do not have significant financial resources. In some cases, a person may be able to receive ongoing financial support from their spouse that will help them meet their needs. By understanding when this form of support (which is known as spousal maintenance, spousal support, or alimony) may be appropriate, spouses can make sure they will be able to address this issue correctly during the divorce process.
Understanding Different Types of Real Estate Construction Contracts
There are multiple different situations where construction may be performed on real estate property. Homeowners may plan to make improvements or renovations to their homes, or a person may plan to build a new home after a residential real estate purchase. Real estate developers may plan construction on commercial real estate property, either by making improvements to existing buildings or adding new buildings that can be leased to commercial tenants. Construction projects can be complicated, and the parties involved in these projects will need to make sure they understand their rights and obligations as they enter into construction contracts. By understanding the types of contracts that may be used in these projects, property owners, developers, and contractors can determine the best options that will protect their rights and interests.
What Are the Benefits of a Revocable Living Trust?
There are a variety of estate planning tools available to families that will allow them to protect their assets, use these assets to provide for themselves and their loved ones, and determine how matters should be handled after a person’s death. While most people are familiar with wills, they may not be fully aware of the role that trusts can play in an estate plan. Revocable living trusts can be especially beneficial, and understanding how these trusts may be used will ensure that a family will be fully prepared for the future.
What Is a Revocable Living Trust?
Trusts are legal instruments that will allow a person’s assets to be managed by a trustee, who will follow specific instructions for how assets should be distributed to a person’s beneficiaries. When a trust is created, ownership of assets will be transferred to the trust itself. This can ensure that certain assets will be protected, and it will also make sure these assets will be used correctly. If a trust is revocable, the person who created the trust can update its terms at any time.
What Types of Terms Can a Prenuptial Agreement Include?
There are many reasons why a couple may want to create a prenuptial agreement before they get married. If either party owns significant assets, or if one party earns a higher income, they may want to take steps to protect themselves financially in the case of a divorce. A prenup may also be used to ensure that children from a previous relationship will have the financial resources they need. This type of agreement can help a couple avoid uncertainty in the future, and by making decisions about how matters will be handled if they choose to get a divorce, they may be able to minimize potential conflict. For those who are considering a prenup, it is important to understand what types of decisions an agreement can and cannot include.
Issues That Can Be Addressed in a Prenup
A prenuptial agreement will generally be limited to addressing issues related to a couple’s property and finances. The terms of a prenup may include:
How Have Changes to Illinois Law Affected Non-Compete Agreements?
Many businesses rely on non-compete agreements to ensure that employees or former employees cannot use a company’s trade secrets or other protected information to engage in unfair competition. These agreements may be included in employment contracts, severance agreements, or other types of contracts, and they may prohibit a person from working for a direct competitor, starting a competing business, or engaging in other competitive activities within a certain geographical area and during a specific time period. However, a recent change to the laws in Illinois may affect a business’s ability to use non-compete agreements in the future. To ensure that they are following the applicable laws, a company can work with a business law attorney to create valid and enforceable non-compete agreements whenever appropriate.
Restrictions on New Non-Compete Agreements
The Illinois Freedom to Work Act was amended in 2021, and the changes went into effect on January 1, 2022. Certain restrictions will apply to non-compete agreements that are created or updated after this date. These restrictions include:
How Do Contingencies Affect Residential Real Estate Transactions?
Buying or selling a home is a complex financial transaction. There are a number of issues that can affect a sale, and the parties will need to make sure their interests will be protected as they proceed with the home closing process. The contingencies that will be included in a residential real estate purchase contract can play a significant role in a home sale, and it is important for buyers and sellers to understand the types of terms that may be included and how these issues will affect them.
Common Contingencies in Purchase Agreements
After a buyer makes an offer to purchase a home, and this offer is accepted by the seller, a purchase agreement will be created that will outline the details of the transaction, including the closing date and the requirements that each party will need to meet. A contract will include multiple types of contingencies, which are provisions that state that certain requirements will need to be met in order for the transaction to proceed. These terms may allow either party to terminate the transaction based on certain factors, including situations that would place them in a difficult financial position.
When Can a Last Will and Testament Be Contested?
Following a person’s death, the terms of their last will and testament will detail how their assets should be distributed to their family members or other beneficiaries. However, there are some situations where a person’s heirs or those who expect to inherit property may be unhappy about the decisions made in a will. During the probate process, certain parties may be able to contest a person’s will. For those who wish to challenge a will or executors who need to respond to this type of challenge, it is important to understand when and how a will may be contested.
Grounds for Contesting a Will
To contest a will, a person must be an “interested party,” meaning that they are a beneficiary named in the will or a person who would be eligible to inherit property if a person did not have a valid will in place. Will contests must be filed within six months after a will was filed in probate court.
What Are the Advantages of Creating an LLC?
Business owners have a number of options for structuring and managing a business. Determining the ideal structure can sometimes be difficult, and different types of business entities can provide certain advantages and drawbacks. In many cases, structuring a business as a limited liability company (LLC) is the best option. If you are starting a new business, bringing new partners into an existing business, or looking to change the way your business is structured, you will want to consider whether an LLC is the right choice for you.
Benefits Provided by LLCs
When a business is a sole proprietorship or general partnership, this may provide owners or partners with flexibility, but they may be personally liable for business debts. On the other end of the spectrum, a corporation may provide protections from liability, but owners or shareholders will need to meet a variety of complex requirements when operating this type of business. A limited liability company can offer a middle ground between these options, and it may provide a number of advantages, including:
When Can Child Custody or Child Support Orders Be Modified?
When married parents get divorced, their divorce decree will function as a legal court order that details how they will share child custody, and in most cases, one parent will be required to pay child support to the other. Child custody and child support orders may also be created in cases where parents are unmarried. These court orders will remain in effect until children reach adulthood. However, there may be some situations where one or both parents may wish to make changes to these orders. In these cases, it is important to understand what types of modifications can be made, when a parent can request changes and the procedures that will need to be followed to put modifications in place.
Modifications Based on Changed Circumstances
There are a variety of reasons why a parent may request changes to child custody. Parental relocation, in which a parent with primary or equal custody of children wishes to move to a new home, is one of the most common reasons for a modification. However, parents may also request modifications based on a desire for more parenting time with their children or because they are concerned about issues that affect children’s health and safety when they are in the care of the other parent.
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