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IL business lawyerBusiness partnerships can be very beneficial, allowing multiple people to contribute capital to a company, share ownership, and work together to manage the business. However, it is very important to make sure all partners fully understand the terms of the partnership, their rights and duties, and how they can resolve any disagreements or other issues that may arise. A well-drafted partnership agreement is one of the most important types of contracts that may affect a business, and partners can work with an experienced business law attorney to make sure their agreement will meet their company’s needs.

Partnership Agreement Terms

At a minimum, a partnership agreement should detail the name and address of the business, information about all of the partners, the purpose of the partnership, and the date the partnership began. An agreement should also address issues such as:

  • Ownership stakes - Each partner’s percentage of ownership in the business should be fully defined. These decisions may be based on the capital that each partner has invested in the business or other contributions that they will be making to the company.
  • Management responsibilities - An agreement may fully define each partner’s role in the company, including the areas of the business they will oversee and their day-to-day duties.
  • Compensation and division of profits and losses - Depending on the partners’ roles, they may receive a salary or other forms of compensation. A partnership agreement should also detail how partners will divide profits earned by the business, when they can draw from business funds, and how they will share in business losses.
  • Decision-making and dispute resolution - Partners will need to decide on both the long-term strategy for a business and how to address regular, day-to-day issues. An agreement may specify whether partners will hold regular meetings and vote on decisions or whether they may be required to reach a consensus. It may also detail the methods that may be used to resolve disputes between partners, such as mediation.
  • Binding power - A partnership agreement should detail whether a partner will have the authority to enter into contracts or take out loans on behalf of the business.
  • Partnership changes - Partners will need to understand the procedures for bringing new partners into the business, including the level of authority that new partners will have and whether they will participate in certain business decisions. A partnership agreement can also address how matters will be handled if a partner leaves the business or other situations where the partnership may be dissolved.

Contact Our DuPage County Partnership Agreement Lawyers

At Stock, Carlson & Asso. LLC, we can help you and your partners create an agreement that will meet your company’s needs. We will help you understand what terms should be included, and we will advise you on how you protect the interests of your business and make sure it will be able to continue operating successfully in the years to come. Contact our Wheaton business law attorneys today at 630-665-2500 to learn how we can help with your legal needs.

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IL probate lawyerThere are many cases where a person may wish to help provide for the needs of loved ones who have special needs. Since people with physical disabilities, mental impairments, or other conditions may be unable to work and earn an income, they may struggle to provide for themselves. To ensure that a person’s ongoing needs will be met, family members may wish to step in and provide financial assistance. However, they may not realize that giving money to a person, buying items for them to use, or otherwise providing them with financial support may disqualify them from receiving government aid. To preserve a person’s right to receive public benefits, family members may create a special needs trust. Setting up this type of trust can be an important part of the estate planning process.

Why Should I Use a Special Needs Trust?

People who suffer from disabilities that affect their ability to maintain gainful employment may qualify for multiple types of benefits. However, to receive these types of benefits, they will usually need to show that they have limited financial resources. For example, to qualify for Supplemental Security Income (SSI) through Social Security, a person’s financial resources must be under $2,000. Because of this, a family member who gifts a significant amount of money or property to a person with special needs may cause the person to be ineligible for SSI or other benefits.

To prevent the possibility of jeopardizing a person’s public benefits, a family member can create a special needs trust and name the disabled person as the beneficiary. In these cases, the assets a person wishes to use to help their loved one will be owned by the trust rather than the person with a disability. Distributions from the trust may be provided to the beneficiary to help them meet their ongoing needs while also ensuring that they will be able to receive ongoing government benefits.

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IL real estate lawyerThere are many different legal and financial issues that may play a role in a residential real estate transaction. Before a home can be sold, any encumbrances against the property must be cleared. In many cases, these encumbrances take the form of liens or debts that the current property owner owes to another party. Mechanic’s liens are one type of encumbrance that many people may not be aware of, and by understanding these types of liens, property owners can be sure they are prepared to address them properly and avoid any issues that may affect their ability to sell their home.

What Is a Mechanic’s Lien?

When work is performed on a home or property, a contractor has the right to seek repayment for this work. If a homeowner or property owner does not fully pay for work, the contractor may place a mechanic’s lien on the property to recover what is owed. Subcontractors or suppliers may also use mechanic’s liens to recover money that was not paid to them by a general contractor, meaning that in some cases, homeowners may be responsible for paying these amounts, even if they paid their contractor in full.

A contractor must generally file a mechanic’s lien within four months after completing work. Mechanic’s liens may also be filed within two years after the completion of work, but other liens or encumbrances against the property will take priority over liens filed outside of the four-month window. Liens must be filed with the Recorder of Deeds in the county where the property in question is located. To protect the rights of the homeowner, a general contractor must provide them with a sworn statement listing all subcontractors and suppliers before receiving their first payment.

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IL family lawyerThere are a variety of situations where parents may become involved in child custody disputes. When married parents get divorced, there is usually no question as to the identity of a child’s parents. However, when parents are unmarried, the child’s presumed father may not necessarily have legal parental rights toward the child. Matters involving child custody may become more complicated in these situations, and to ensure that parents’ and children’s rights will be protected, it may be necessary to establish paternity.

When Will Paternity Need to Be Established?

If a mother was married at the time of her child’s birth, or if she was in a marriage that ended within 300 days before the child was born, her spouse or former spouse is presumed to be the child’s legal parent. However, if a mother is unmarried when a child is born, the other biological parent will not be considered the child’s legal parent until paternity is established.

The easiest and most straightforward way to establish paternity is for the parents to sign a Voluntary Acknowledgment of Paternity (VAP) form. This can be done if both parents are in agreement about the identity of the child’s father, and a VAP can be completed at any time after the child is born.

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wheaton business lawyerStaying ahead of the competition is a critical factor in a company’s success. While some companies train their employees in unique and strategic manners, others have gained distinct intellectual property. When employees, especially those familiar with these unique properties, leave a company, the business may be subjected to subterfuge. To avoid risking this level of vulnerability, a company may require their employees to sign a covenant to not compete

Defining Covenants to Not Compete

Covenants to Not Compete, more commonly known as Non-Compete Agreements, act as a form of protection for businesses. The agreements prohibit employees from taking a job with a direct competitor within a given amount of time, thus, reducing the chances of the competitor learning of the business’s advantageous practices, including trade secrets and client lists. 

It is not uncommon for non-compete agreements to accompany an employment contract. While requiring new employees to sign such agreements is fairly common in today’s competitive landscape, courts have the authority to invalidate the agreement and leave the employer vulnerable. Collaborating with a business law attorney can help companies ensure that their agreements are both enforceable and adequately protective. 

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