Limited liability companies (LLCs) are one of the most popular types of business entities. The LLC’s flexible taxation options are one reason it is preferred; LLC members can, for the most part, choose how they would like to be taxed. The LLC enjoys this flexibility because the Internal Revenue Service (IRS) does not recognize it as a distinct entity for …
As a divorce attorney, I get a lot of questions about Consolidated Omnibus Budget Reconciliation Act (“COBRA”). More specific information relating to your family’s health insurance should be investigated by you and your spouse via the applicable employer. Generally speaking, COBRA is governed by the Employee Retirement Income Security Act (“ERISA”) and applies to covered employees, their spouses, their former …
A recent Champaign County case was decided concerning the division of property concerning pets in a divorce. In the case of IRMO Montgomery v. Montgomery, a childless couple had two Shih Tzu dogs together that were about one year apart in age. Both proved to be fit owners and the Husband had both dogs when the Wife moved out. Later, …
I was recently interviewed by Illinois Farmer on farm estate planning, which remains a hot topic in agriculture. I’m passionate about getting estate and succession planning on your “to do” list and to treat it like any other deadline in your life. Read the full article here. Share this Article
For most business owners, employees, vendors, and customers are essential to keeping your business successful. When someone with inside knowledge about your vendors, employees, and customers leaves your company, your business becomes vulnerable to losing these critical assets to competitors. To protect your company from such risks, consider using a nonsolicitation agreement. What Is a Nonsolicitation Agreement? A nonsolicitation agreement …
One of the first decisions to make when starting a business is what type of business entity to form. The limited liability company (LLC) is one of the most popular business structures because it offers a level of flexibility and legal protection that is attractive to many people who are starting their own businesses. The following six steps will help …
For a small business to grow, it is often necessary to borrow money. In fact, the Small Business Administration reports that the inability to obtain funding is one of the main obstacles that prevents small businesses from expanding their operations. To increase your business’s chances of obtaining much-needed funding, it is important to understand and establish business credit. What is …
As if there are not enough things to think about when beginning the divorce process, it is imperative that parties preserve evidence, even when merely the prospect of divorce litigation is present. Thus, the duty to preserve evidence is triggered when there is probable, likely or reasonably anticipated litigation. See Shimanovsky v. General Motors Corp. 181 Ill.2d 112, 121 (1998) …
People demand readily available information in all aspects of their lives. So, it is no surprise that consumers demand that same level of information when it comes to their food. Food labels are one of the avenues consumers get information about the food they choose to purchase. Therefore, it is important to understand these labels, what they mean and who …
A very common thought when the divorce process begins is: what if my spouse empties or our bank account? Different states have different statues regarding what restraints are “automatic” when a divorce litigation ensues. Some have very ridged and extensive “automatic orders” or “automatic temporary restraining orders” (a/k/a/ “ATRO’s”), while others do not. Illinois does have an automatic stay for: …
If you have decided to start a business and are researching the available business entity types, you may repeatedly come across the terms “limited liability company” and “LLC,” but you might not understand what this type of entity is or whether it is right for you. A limited liability company (LLC) is a business entity that protects its owners, referred …