If your life or the law has changed since you signed your last will and testament (will) or trust agreement, you need to update your document. You can make updates to a revocable living trust by way of an amendment or a complete restatement of the trust agreement. An amendment updates a specific part of the trust whereas a restatement …
As we all prepare for the holidays and a new year, it is important that we wrap up any loose strings. Before entering into the new year, here are some things that need to be on your end of year checklist: Make Sure Your Estate Planning is Up To Date Will or Trusts Now that the federal estate tax exemption …
Going through a divorce is complicated, even more so when children are involved. Once you have finally arrived at a judicially-mandated order or approved agreement with respect to the custody and visitation rights of each parent, it can be devastating for your ex-spouse to repeatedly violate that order or agreement. In this blog, I discuss the relief available when your …
A balance sheet is a financial statement that provides a snapshot of a company’s financials at a specific time. Also known as a statement of financial position, a balance sheet shows what the company owns that can be converted to cash (assets), its debts and financial obligations (liabilities), and its net worth (owner’s equity or shareholder’s equity). By knowing the …
Some of us remember when, to sign a document, it was necessary to print out the form, physically sign it, scan the signed document, and then send it as an email attachment. Electronic signatures have made this process all but obsolete. Nowadays, for most transactions that require us to sign our name, we can apply a digital signature that satisfies …
Some entrepreneurs love the challenge of starting a new business and creating everything from scratch. However, that may not be the best approach for everyone. Buying an existing business can eliminate the initial legwork of establishing a customer base, training employees, and securing start-up funding, but it is not without its own challenges. As a prospective business buyer, part of …
When hiring a new worker, companies have two choices: bring a new employee on board or hire an independent contractor. One of the main benefits of having employees is that you have much more control over the work they do. You can train them how you want, specify the hours they work, and require them to work only for you. …
Small businesses have more ways than ever to reach their audience. Social media, websites and blogs, video campaigns, webinars, and podcasts are just a few of the marketing strategies that you may leverage to drive sales. And while it is good to experiment with new ways of communicating your message, you should not overlook tried-and-true strategies like email marketing. Email …
The topics of misinformation and disinformation frequently arise in conversations about news coverage. But the question of truth is not just relevant to the media we consume. It is also a significant issue to consider for a business’s advertisements. Truth in advertising is regulated by the Federal Trade Commission (FTC). Regardless of where an advertisement appears—internet, radio, TV, billboard, or …
It is a long-held capitalist axiom that businesses exist solely to make a profit. Typical for-profit corporations are legally required to act in the best interests of their shareholders, which means maximizing profits—often at the expense of other considerations. In fact, failure to focus strictly on profits can expose corporate leadership to shareholder litigation. But this exclusive focus on profits, …
For years you and your tenant farmer have been working under an oral agreement regarding the farming of your real property. Now, for whatever reason, you need to terminate that agreement. How do you do this? Under Illinois law, farmland leases are subject to very specific rule. Whether leased on a crop share, livestock share, cash rent, or hybrid basis, …
On average, 4 million new businesses are started each year in the United States. Many of those businesses are organized as limited liability companies (LLCs). Combining the benefits of a corporation and a partnership, an LLC protects its members’ personal assets from business liabilities, avoids double taxation, and provides flexibility regarding its operations, management, and financial and voting rights. While …