Like death and taxes, a third truth is that eventually you will become unable or unwilling to operate your business. Your failure to plan for this eventuality could leave your family, estate and business at risk. A business succession plan is merely writing down your...
The terms used to describe statutory and operational positions in businesses often cause confusion and raise issues regarding corporate governance. Before operating your business, joining a board of directors, or serving as an officer, you should have a fundamental...
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...
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...
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...
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...
When your business comes to an end, how you handle its closure is important to your personal assets, as well as its employees, creditors and others. Most states provide a quick and inexpensive method to close your business, terminate many personal liabilities and pay...
As the complexity and cost of federal bankruptcy grows, more financially distressed businesses look to state law remedies to address creditors, reorganize, or liquidate. State law insolvency proceedings, such as receiverships, asset sales and assignments for benefit...
