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 …
After the seminal case of the Marriage of Enders, in 750 ILCS 503(n), Illinois law established the allocation of pet responsibility in divorces. Here are a few of the factors that a court may consider: Who owns the companion animal; Who pays for the companion animal’s needs; Who takes care of the companion animal’s daily needs; Who walks/plays with the …
Small businesses make a huge contribution to the U.S. economy. Nevertheless, starting a new business is risky. Lenders view loans to small businesses, particularly start-ups, as among the riskiest they make, particularly when there is little or no credit history or business revenue on which to base their decision. In an effort to lessen their risk, lenders frequently require small …
Unfortunately, most businesses must deal with non-paying customers at least occasionally. You can safeguard the time and money you have invested in your small business by taking several steps, both to lessen the likelihood of nonpayment and to obtain the amount owed once a customer has failed to make a timely payment. Be Proactive Screen potential customers in advance. Particularly …
There is no legal requirement for businesses to offer paid or unpaid vacation time to employees, but it is common knowledge (and common sense) that employees who occasionally take time off are more productive and engaged when they return to work. If you decide to offer vacation time to your employees, a well-drafted vacation policy will help to ensure that …