Determining whether to start a business is a major life decision. For small business owners, deciding when and how to sell the business is arguably even more consequential. Before selling a business, the owner is likely to spend many hours and even days worrying and considering the options: Is the market right? What price should I set for my business, …
A business owner may relocate a business to another state for a variety of reasons, including increased real estate costs, property taxes, business taxes, or business regulations in the old location; changes in the target market; or even personal or family reasons. Relocating your residence from one state to another requires that you complete several tasks, such as changing your …
Most people understand that having some sort of an estate plan is a good thing. However, many of us do not take the first steps to get that estate plan in place because we do not understand the nuances between a will and trust – and dying without either. Here is what will generally happen if you die, intestate (without …
Despite the friendly and innocuous name, divorce and family law can be complex, and at times cut-throat. Thankfully for all parties involved, an experienced Champaign divorce mediation attorney can unquestionably help to address any legal conflicts and protect the interests of their clients. Family law is a broad area. It involves many different potential disputes, all of which can be …
The COVID pandemic has forever changed how we do business in the legal industry. Virtual mediations are now becoming the norm and will probably be used for the long run. Learn how to prepare for your virtual Zoom mediation. Prepare in Advance When you are trying a new platform for the first time or are having to find new ways …
Companies grow by investing time and money in various resources, including their employees. Yet business owners are often anxious about losing their investment, i.e., the time they spend training new hires and the confidential information they share with their new employees. Once confidential information is shared, there is a risk that an employee will leak the company’s trade secrets to …
Congratulations! Your business has grown and you are ready to hire your first employee. Where do you begin? What will the employee’s schedule be and how much will the employee get paid? Will your new hire be an employee or an independent contractor—and what is the difference? Did the employee sign an employment agreement? Before your new hire begins, there …
If you live in or near Champaign, Illinois, and are looking to plan an estate and ensure the financial future of your family, you’re in luck. Estate planning isn’t tremendously difficult, but it does require some time to gather the appropriate materials and make plans with your family. At the end of the day, you’ll want to call an experienced …
The key to a successful business is having the right people, financial knowledge, effective processes, and a well-researched business plan. According to the Bureau of Labor Statistics, approximately 20 percent of businesses fail in their first year, and 50 percent fail by their fifth year. Forming and running a business is hard regardless of whether the business provides products or …
If you are a business owner, you probably worry about your bottom line, employee retention, and health insurance premiums, but have you also considered what will happen to your business if you are in an accident? What if your business partner gets divorced and your partner’s ex-spouse is awarded part ownership of the business and wants to make decisions affecting …
Hiring workers is an important step for a business. A business owner is faced with a chicken-and-egg dilemma: Is it better to hire employees anticipating that the business will grow, or wait until the business has grown and then hire employees? When a business is starting out, a full-time employee may not be needed. Business owners may instead consider hiring …
Although leaving your hard-earned assets outright to your children, grandchildren, or other beneficiaries after you die may seem like the easiest and most desired form of distribution, this scheme will make their inheritance easy prey for creditors, predators, and divorcing spouses. Instead, consider using discretionary trusts for the benefit of each of your beneficiaries. What is a Discretionary Trust? A …