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Recent Blog Posts
What Is Intellectual Property and Why Should You Protect It?
Over the years, with the digitalization of nearly everything — from music and movies to books, newspapers, and magazines — you have probably heard the term “intellectual property” or “IP” mentioned countless times. As we all know, especially in the earlier stages of this digital age, it was a lot easier to steal products and even ideas in their digital forms. However, as time has passed, companies and their brands have sought to protect their intellectual properties through the legal system, safeguarding it from being copied, stolen, or otherwise plagiarized. Here is a brief overview of intellectual property and why you should protect it as a business owner.
Intellectual Property: Definition
In its simplest terms, intellectual property represents the intangible creations of the human mind. The word “intangible” here seems to challenge businesses since their entire existence, including bottom lines and team interactions — even their products or services, are based on tangible, physical things that exist in reality and derive financial benefit. However, creations of the intellect are just as valuable, if not more valuable, than physical, tangible objects. In fact, in many cases, physical creations are the manifestation of these intellectual properties or, at the least, the IP serves as an inspiration for something more tangible.
What Are the Benefits of a Special Needs Trust in Illinois?
A special needs trust is typically established by parents for a disabled child, or for disabled adults who are eligible for aid that will be lost if there are assets in their parent or guardian’s names only. It is a legal and fiduciary arrangement that allows a physically or mentally disabled person to receive income without interrupting or interfering with his or her eligibility for the public assistance disability benefits provided by Social Security, Supplemental Security Income, Medicare, or Medicaid. For disabled beneficiaries, this financial support can make their lives more enjoyable and fulfilling. Also known as a supplemental needs trust, this kind of trust may be a necessary part of your Illinois estate plan. An experienced estate planning attorney can help you draft this essential legal document to protect your family member.
Protecting Your Loved One
According to Illinois law, two types of supplemental needs trusts can be established: third party supplemental needs trusts and supplemental needs payback trusts. Both trusts provide the disabled beneficiary with the ability to improve his or her quality of life through services or assistive equipment that he or she would not receive with government assistance programs.
What to Know About New Construction Contracts in Illinois
Buying a house is likely the biggest purchase you will make in your lifetime, next to purchasing a business or company. Depending on your wish list and budget, you may consider an older home or new construction. Besides being brand-new, one of the benefits of new construction is getting to pick out all the appliances, tile, flooring, fixtures, and more. However, it is also important to understand the legal details of your construction contract to make sure your rights are protected and you are not taken advantage of as a new homeowner. An experienced real estate attorney can guide you through this major endeavor so you can build the house of your dreams.
Reading the Fine Print
New residential construction contracts are legal documents that typically have been prepared by the builder. They will include many details of the agreement between the builder and the buyer, such as tax information, blueprints and specifications, warranties covering materials and workmanship, zoning ordinances, closing date, and more.
What Is Involved in the Dissolution of an Illinois Business?
Becoming a business owner takes tenacity and fortitude. Regardless if you run a small or a large company, it takes a lot of time and effort. In addition, societal changes can impact the success of any type of business. The COVID-19 pandemic has resulted in not only a global health crisis but an economic downturn as well. With many Illinois establishments forced to close their doors, business owners may be taking a long, hard look at their losses and whether or not they can afford to stay in business. For those considering dissolving their Illinois business, it can be a very emotional decision, and there are also many legal aspects to be aware of. A skilled business law attorney can help protect your rights while you navigate the steps of the dissolution of your company.
Illinois Business Laws
Under Illinois law, businesses may be dissolved involuntarily by court order as a result of a lawsuit by creditors, or by the Illinois Secretary of State for failing to file an annual report or pay annual fees. They may also be dissolved voluntarily by shareholder consent.
How Can the New COVID-19 Stimulus Relief Bill Help Landlords?
The coronavirus health crisis has also caused an economic downturn in 2020. Many people are struggling to pay their bills after being laid off or furloughed. President Trump signed a new relief bill into law just after Christmas, with another $900 billion in stimulus funds allocated in an effort to help individuals, families, and businesses struggling because of the COVID-19 pandemic. In addition to containing money to fund government operations, the spending package also includes emergency relief money for a new round of stimulus checks, unemployment aid, and small business assistance. These funds may be able to help Illinois landlords and tenants who are facing eviction or foreclosure. Learn if this bill applies to you by contacting an experienced real estate attorney.
Eviction Moratoriums
Over the past year, local, state, and federal agencies have issued orders to stop or slow the spread of the highly contagious virus. These orders included closing non-essential businesses and requiring masks to be worn in public places while also limiting the number of people in gatherings. Some orders even included prohibiting tenants from being evicted from their homes if they were behind on rent payments. However, these executive orders do not extend to situations where a tenant poses a direct threat to the health and safety of other tenants, an immediate and severe risk to property, or a violation of building code, health ordinance, or similar regulations. The Illinois eviction moratorium was extended again, and it prohibits the filing of residential eviction actions and the enforcement of residential evictions until January 9, 2021.
The Pros and Cons of Purchasing a Franchise Business in Illinois
Becoming a business owner can be a major endeavor, regardless if you are launching your own start-up or purchasing a franchise company. For those looking to start their own business, a franchise with proven systems and processes in place can provide an extra sense of security. Research shows that franchises have a better success rate than start-ups; however, embarking on a franchise business can still pose risks. That is why it is important to consult with a skilled attorney who is well-versed in Illinois business law before you decide if opening a franchise is right for you.
What Benefits Does a Franchise Offer?
Most franchises have been around for a long time, meaning they have a successful business model that enabled them to expand and open other branches or locations. One of the main advantages of a franchise is the collaboration and network that comes with a corporate entity. In addition, a franchise can offer the following benefits:
How is Child Support Calculated in an Illinois Divorce?
When a married couple with children divorces, child support is typically ordered to help the parents share child-rearing costs. If you are considering divorce, you may wonder which parent will be the recipient and which parent will be the payor of child support. You may also want to know how much these child support payments will be. In Illinois, child support is calculated using the income shares model. Each parents’ income and other information is used to determine a child support payment amount that is fair, reasonable, and provides for the child’s needs.
Income Shares Model for Calculating Child Support
Prior to 2017, child support payments were calculated based solely on the paying spouse’s net income. Now, both parents’ net incomes are used to determine child support. Illinois adopted the Income Shares model for child support in order to hold both parents accountable for financially supporting their child. The new calculation method largely bases child support on the difference between the parents’ income. The closer the parents’ incomes are, the less the support payments will be.
What Are My Options for Ending a Marriage in Illinois
When you imagine ending your marriage, the term divorce likely pops into your mind. You may be thinking of how your marital property will be divided, where your children will live, and whether or not you will receive alimony payments from your former spouse. However, filing for divorce does not necessarily have to be your first step if you would like to end your marriage. Maybe you are not ready to divorce just yet or you have reason to believe that your marriage may be considered invalid. Regardless of the reasoning, you should know your options before taking legal action.
Legal Separation
Many couples separate before making the decision to file for divorce. This allows them to test out living apart and reevaluate their feelings for their spouse by taking a step away from the relationship. Though the couple may be living separately, they may not have a legal agreement dictating their arrangement. Being legally separated means creating a separation agreement with your spouse and a family lawyer. Similar to a divorce agreement, a legal separation agreement outlines the terms of child custody matters, possible alimony payments, and more. They also may address the length of the separation before each partner must reevaluate their situation. Some couples may remain legally separated and never file for divorce so that they continue to qualify for the benefits allotted to married couples, such as shared insurance and taxes. However, without getting divorced, you are unable to remarry and are still financially tied.
What Can You Include in a Prenuptial Agreement in Illinois?
It may be awkward to bring up the possibility of a prenuptial agreement with your partner, as it can be uncomfortable to think about divorce before the marriage even begins. However, a prenuptial agreement can be more than just a safeguard for your assets in the event of a divorce. It can also be an opportunity for you and your spouse to have an open discussion about your finances and help you remain aware of each other’s needs and priorities throughout your marriage.
Items to Address in a Prenuptial Agreement
Couples can choose to address a variety of issues in their discussions and prenuptial agreements, primarily related to their financial and property interests. Some important topics include:
- Division of assets: A prenuptial agreement can clearly specify which spouse has the rights to certain kinds of property and assets acquired before or during the marriage, as well as who will receive the property in the event of a divorce.
Does It Matter Who Files for Divorce First in Illinois?
The decision to get divorced is never easy, but once you have made that decision, the real work begins. You and your soon-to-be ex-spouse must now decide how you will divide your marital property, share the responsibilities of parenting your children, and build your respective lives after the divorce. One of you must also initiate the formal divorce process by filing the petition for divorce at your county courthouse. At our firm, we are often asked about this, and many clients are curious to know does it matter which spouse files for divorce first.
What Does the Law Saw?
The Illinois Marriage and Dissolution of Marriage, or IMDMA, is a collection of laws that essentially govern the entire process of divorce in the state of Illinois. According to the law, a divorce is, at its most basic, a legal proceeding through which the marital contract between two parties is officially dissolved. Technically, a divorce has a plaintiff and a defendant, but the application of the terms is much less important during a divorce than in other types of legal proceedings, such as criminal or personal injury cases. As a matter of fact, the IMDMA references the parties in a divorce as the plaintiff or defendant in just a single paragraph.
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