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Selling a Business in Illinois
Building and running a business requires an immense amount of time and effort. The financial and emotional toll successfully operating a business takes, makes selling that business a very difficult decision. However, when the time comes, it is important to have a full understanding of what this sale will entail and how to prepare yourself and your business appropriately. Before you look for buyers, there are two significant decisions you will need to consider. First, why do you want to sell your company? And second, how should you value the business?.
Why Do You Want to Sell Your Business?
Selling a business can be a complex and burdensome decision. One of the most important questions you will be asked during the selling process is, “Why are you selling your business?” and it is crucial that you have a prepared, well-thought-out answer. If your only reason for selling is financial struggles, you may want to consider speaking with a professional to make sure that the decision is right for you, as selling your business can lead to more expenses in the long run.
What Are the Legal Requirements for a Last Will and Testament?
Writing your own will can seem like an intimidating process. Before starting, it is important to be fully aware of the purpose of the will, the will’s consequences, and the legal requirements that must be met. Take some time to study the needed steps required to fulfill your wishes after death and make the best decisions for yourself.
What Is the Purpose of a Will?
After death, a will allows you to control the distribution of your assets. Included in the will is the nomination of a trusted executor who will carry this distribution task out for you. Among other duties, this executor will also appoint a guardian to any minor children you may have. In essence, wills are designed to protect your family and your property. The Illinois state “intestacy” laws will come into effect if you do not create a will before you pass. Intestacy laws distribute your assets to your closest relatives.
How to File a Mechanic's Lien in Illinois
Everyone deserves to get paid for the jobs they perform. While many industries provide their employees with payment for their time and effort on a biweekly basis, other industries are contract-based and wages are accrued on a much more irregular schedule. This irregularity coupled with potentially unfulfilled contracts, forces some contractors to face risk in receiving their due wages. Because of this, a safety net called mechanic’s lien has been created to ensure appropriate payment.
Mechanic’s lien has very specific deadlines and criteria that must be met to make a successful claim. It is important that you take all opportunities to protect yourself in your line of work to ensure that you can provide for yourself. A DuPage County real estate attorney can help make sure that you are properly compensated for your labor.
What Are the Requirements for a Mechanic’s Lien Claim?
A mechanics lien claim is typically filed by contractors, subcontractors, or suppliers. The claims are made due to lack of payment received after completing a project or providing materials. The work completed is usually on someone’s house, land, or other property. The lien process can vary greatly from state to state so it is important to look into your area’s practices.
Getting an Annulment in Illinois
While annulment and divorce are often categorized together, both processes have their own distinct criteria and need to be considered separately. Divorce is the end of a valid marriage, whereas annulment ends the marriage due to its lack of validity. Contrary to popular belief, annulments are not easily acquired and require specific criteria to obtain. A DuPage County family law attorney can make this process much smoother and represent your annulment case.
Annulment is a challenging process with strict deadlines, however, it will help spouses avoid difficult proceedings such as property division and shared marital debt. Additionally, the judgment leans toward returning to the lives of both parties prior to marriage.
Grounds for Annulment in Illinois
In the state of Illinois, the annulment process is referred to as a judgment of invalidity. There are four ways in which you can be granted this type of judgment in Illinois.
What Are the Risks and Benefits of Buying a Home at Auction?
When an individual falls behind on his or her mortgage payments, the lender may foreclose on the home and the home may be sold at auction. If you are interested in buying a home, you may be interested in participating in one of these foreclosure auctions. The process of buying a home at an auction is much more complicated than it may seem. It is important for anyone considering this option to fully evaluate the possible risks and benefits associated with buying a home at auction.
You May Not Be Able to See the Home Before You Buy It
One of the biggest risks associated with buying a house at auction is that potential buyers often have little information to go off of. The auction notice may offer some property information. However, there is no way to know exactly what type of condition the property is in. Potential buyers cannot have the home inspected. In most cases, they are not even allowed to walk through the home to evaluate the interior of the house. Many enthusiastic buyers have been shocked to realize that a home they thought was a great deal actually needs tens of thousands of dollars of cleaning and repairs. Because you cannot see the condition of the home, it is very difficult to accurately estimate the value of the home and offer a reasonable bid.
Understanding the Laws Surrounding Probate in Illinois
At some point, we will all have someone in our lives that passes away. When you have a close friend or family member pass away, you may be the person responsible for managing their affairs after they are gone. All of the things that they left behind are part of their estate, which must be settled after they pass away. Many people believe that probate is a long and tedious process. While it is true that it can be complicated, the probate process can also be simplified with help from a skilled Illinois probate attorney.
What Is the Probate Process?
When a person dies, someone will be responsible for settling that person’s estate. One of the ways that this can happen is through the probate process. Probate is a legal process that some assets must go through in order to settle a person’s estate. In the simplest terms, probate is the process that the court uses to confirm that a person’s estate is being distributed as intended in their will.
Issues You Should Address When Negotiating Severance Agreements in Illinois
Being laid off or fired is disappointing and may even be confusing - Was it something that you did? Was it something that you did not do? Especially in cases when an employee has done nothing wrong, employers often opt to have the employee sign a severance agreement before they sever ties. A severance agreement is a legal contract that employers use to maintain some sort of post-employment control and to prevent the employee from suing. Because Illinois is an at-will state - meaning as an employer, you can fire an employee at any time, and an employee can quit at any time - severance agreements are most commonly used when a contract was signed prior to employment. Before you give the agreement to your employee, you should have an experienced attorney look over the contract and pay special attention to specific clauses.
Severance Pay or Money the Employer Owes
Sometimes, due to an existing employment contract or company policy, your employee is already entitled to severance pay, so a clause included in the severance agreement is not necessary. If you owe your employee any money, such as for unreimbursed job expenses, it should be noted in the agreement, along with a date by which you will pay.
When Can Illinois Courts Revoke a Person’s Parenting Rights?
When it comes to children, the court’s job is to make sure that the children’s best interests are protected at all times. In some cases, this may mean that a parent loses custody of his or her children for a while, but in some cases, a person may lose their parental rights altogether. A parent can only lose their rights to their child if they are considered to be an “unfit” parent by the court’s standards. Unfortunately, this can be the outcome of many situations when custody is contested or when couples get divorced.
What Makes a Parent “Unfit?”
Unlike years ago, most people believe that a child grows up happiest and healthiest when they have a relationship with both their mother and father. In most cases, the goal of the court is to make sure that the child has a relationship with both parents by any means necessary. If a parent’s actions are of concern to the court, they may choose to restrict the amount of time that they spend with the child or restrict some of the decision-making responsibilities that they have.
What Are Closing Costs Used For in Illinois Real Estate Transactions?
When you are a first-time homebuyer, the experience of shopping for your home can be confusing and overwhelming. While you are probably excited to find a place that you can make your home, you are also likely to be very cognizant of the financial side of things. Things such as the interest rate of your mortgage, taxes on the property, and the cost of the home itself can all affect how much you can expect to pay for your home. However, there are also other costs that many people forget about during the home buying process - closing costs. Understanding what your closing costs are and what the funds are used for is an important step toward purchasing a home.
What Are Closing Costs?
When you purchase a home, there are certain fees associated with the closing, or finalization, of the purchase. These costs together are typically referred to as closing costs and include a variety of fees and charges. In general, closing costs usually total to be around 2 to 5 percent of the total purchase price of the home, though the final costs largely depend on the location you are purchasing the home and other factors.
Important Elements You Need in Any Solid Business Contract
There are several reasons why contracts are used in business. Contracts are commonly used when a business is formed, when it is sold or purchased, when it buys supplies and goods from other vendors, and when it sells its own goods or services to its customers. A contract spells out what each party should expect to give and to get in a certain situation. For a contract to be enforceable and upheld, it must be valid. There are certain specific elements that a contract must contain in order for it to be considered valid, which is why consulting with a business lawyer is a smart idea when forming or signing a contract.
Elements of a Contract
In the business world, a contract can appear for a variety of reasons. However, not all contracts are enforceable or even valid. When you do business, you should be sure that your contracts are clear and unambiguous to avoid any misunderstandings or confusion. When creating a contract for any reason, the contract should contain:
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