How can the property and finances be split if a succession plan is Not in place? If you don’t have a plan in writing with a Last Will and Testament, Trust and/or business formation documents (e.g., Operating Agreement or Bylaws) then the law will decide for you. Everybody has an estate plan- it’s what the “default rules” are in your …
When parents get divorced, child custody is one of the most contentious issues. Parenting plans may be established only after many hours of negotiation and several painful compromises. Still, these parenting plans can be quite successful, until something unprecedented occurs. This is the situation that divorced parents across Champaign County are dealing with this year. With cases of COVID-19 on …
Business owners are notorious for engrossing themselves in the day-to-day management and functions of their businesses. As a business owner, you are likely the heart and soul of the company you lead. Your clients love you, and you have built unique relationships with your contractors and suppliers. Suppose, however, that tragedy strikes: You, as the business owner, are in a …
As a business owner, it is almost guaranteed that you will encounter some variation of the following scenario: You engaged a client and completed fantastic work. The products the client desired were delivered on time with practically no issues. To request the money the client agreed to pay you, you send an invoice or a bill. Unfortunately, your invoice is …
Many people who have suffered domestic abuse look to the Shelby County courts to help them. Frequently, this consists of filing a restraining order, which often is called an order of protection. What Is an Order of Protection? These orders may be available to people who have suffered physical abuse, harassment, intimidation, interference with personal liberty, or willful deprivation at …
There are many essential tasks to complete if you are thinking of forming a new business. An important but often overlooked step is obtaining an Employer Identification Number (EIN). An EIN is a nine-digit federal tax identification number obtained from the Internal Revenue Service (IRS). It uniquely identifies a business entity and serves many purposes for a new company. The …
Since the COVID-19 pandemic began, courts have been looking for ways to cope. One of the ways that they are coping is through virtual hearings. While these hearings may be conducted by telephone, most of them are held via Zoom or a similar web-based service. This enables the judge, the parties, and their attorneys to see and hear each other …
For individuals who own real estate, it is important to consider the best way to structure your ownership. When you are just starting out as an investor in real estate, you may hold title to the real estate personally, but that may not be the most advantageous method of ownership. Another option is to create a limited liability company (LLC) …
Congratulations! You have decided to form a limited liability company (LLC) to run your business. After completing your state formation process, your LLC needs to have the right documentation in place. An operating agreement, sometimes called a company agreement, is a legal document that describes and outlines how an LLC will run, and is an essential document for owning and …
When you create a limited liability company (LLC) or a corporation, the concept of limited liability is one of the key rationales for those entity choices. Limited liability is typically available when you create distinct legal entities that separate your personal assets from your business assets, thereby limiting exposure to liability on both fronts. Even though this is a foundational …