A friend or relative makes a bequest to a disabled person in their will, hoping to make his life easier, but without proper legal advice that gift may have to be rejected by the recipient to avoid financial loss. A simple modification of the donor’s will could...
One of the major reasons to incorporate your business is to provide your family with the benefit of limited liability; that is, debts of your business do not become your debts or those of your family. But, even if your business is properly incorporated, your failure...
When opening an account, acquiring property, purchasing life insurance or even buying a house, little thought is often given to the method of holding title. Usually it first comes up when the signature card or title papers are presented. Then, with little...
Many employers have been counseled by human resource professionals to create and provide employee handbooks. While the use of employee handbooks may provide substantial benefits for employers, they should also provide maximum flexibility for the employer in the...
In the life of almost any business there comes a time when its founder or owners want to sell. While there are a myriad of ways and combinations to effectuate the sale, some of the key driving factors include tax treatment, continued liability, type and nature of...
No business is too big or to small to be immune from the risk of fraud being perpetrated by employees, contractors, vendors, customers, officers, directors and others. Every business is also subject to the potential liabilities that could arise as a result of...
The ease of conducting business in multiple states not only exposes your business to new markets, customers and suppliers, but the obligation to comply with other states’ laws and answer lawsuits in other states. Neither your lack of knowledge of local laws nor your...
The American Taxpayer Relief Act of 2012 enacted on December 31, 2012 was publicized as reducing income tax rates for all but the most wealthy Americans, but surprisingly the main provisions of the federal estate tax survived intact. As of January 1, 2013, the federal...
With the speed of business communications and transactions, an e-mail can create or negate a binding contract. With this in mind, and the casual way many e-mails are drafted and sent, you should take steps to protect your business from an errant or unintended e-mail...
Protecting the information and relationships that give your business a competitive edge requires more than just reliance on the Illinois Trade Secret Act. Some of the steps you should consider include: Analyze Your Need. Determine what is protectable and how to...
Condominium and homeowners associations were once heralded as an expression of grass roots democracy, allowing neighbors with common interests to act in a democratic way to protect their property values and maintain their chosen lifestyles. More recently, due to the...
The conventional wisdom is that when you buy the assets of another business you are insulated from the seller’s liabilities. The basis of this “wisdom” is rapidly eroding. Recent statutory and case law developments blur the difference between buying assets and buying...