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Recent Blog Posts
How Do I Know How Much My Illinois Business is Worth?
As any business owner can tell you, running a business means constantly having a lot on your plate. From paying employees to making sure contracts get completed on time, to running inventory and making helpful community connections, the life of a business owner rarely involves downtime. In the hustle and bustle of everyday commerce, it can be easy to lose track of exactly how much a business is worth. How do you know your business’s worth, anyway? Will it depend on who you ask and which method of valuation you use? An Illinois business law attorney can help you answer these questions while ensuring that you have the legal representation you need.
Methods of Valuing Businesses
There are many ways to determine a business’s value. The right one for you will depend on the type of business you own and your goals. For example, determining a business’s value for the sake of securing a loan may be done differently than determining the value for the sake of getting a divorce. The three primary methods of business valuation are:
Are You Allowed to Get an Annulment in Illinois?
People usually envision their wedding day as being a moment full of hope and joy. And while for many couples it is exactly that, the days and months following the wedding may be equally full of surprises and disappointments. It can be hard to know someone without living with them, and even then, people can be surprisingly good at covering up important information when it suits their purposes. In times like these, it can be useful to know when it may be possible to declare your marriage invalid. Also known as getting a marriage annulled, a declaration of invalidity of marriage can end your relationship without going through the hassle of a divorce.
When Can Someone Get an Annulment?
Not everyone who gets married and quickly regrets it can get an annulment. Unlike a divorce, in which someone does not need to declare grounds at all, there are only four grounds for annulment in Illinois. These are:
Can We Sue Someone For Backing Out of Our Illinois Home Buyer’s Agreement?
Selling a home can be a stressful, chaotic experience. On top of making expensive changes to a home to make it more attractive, sellers are typically also busy looking for a new residence, negotiating with both the potential new homeowner and the owner of the home they wish to buy, and managing kids, careers, and more. While both the homeowner and a prospective buyer have time to request changes, negotiate the price, and make up their minds once and for all, once a purchase agreement is signed, things get real.
But what happens if a buyer suddenly pulls out of a deal, leaving the seller scrambling to clean up the mess? If you are in this situation, it is important to act quickly. Read on to learn more about what you can do, and then contact an Illinois real estate law attorney.
What Happens if a Buyer Backs Out of a Residential Real Estate Contract?
Whether a buyer can face legal consequences for backing out of a home buying contract will depend on several factors. For example, buyers can back out of real estate contracts if either the seller or buyer did not meet the contingencies in the contract, such as a satisfactory home inspection, financing terms, or required repairs.
Can a Special Needs Trust Benefit My Disabled Adult Child?
Parents of children with disabling special needs must navigate a complex array of Illinois laws to ensure their children are taken care of as part of their estate plan. In addition to managing the financial resources a family can provide for their disabled loved one, government assistance may also be available to support a disabled adult. A family that can set up the right special needs trust can maximize their options for providing a stable, reliable source of income for their loved one that combines available government support with family assets.
How Do Special Needs Trusts Work?
A special needs trust is part of an overall estate plan that allows parents of children with disabilities to give their child money while still allowing the child to receive government benefits like social security. There are three kinds of special needs trust that vary slightly in certain respects. They are:
Do I Need to Sign a Non-Compete Agreement in Illinois?
A bill called the Illinois Freedom to Work Act was amended last year and the new changes took effect on January 1, 2022. The amendment addressed several common issues involved in non-compete agreements, including setting minimum salary thresholds for when such agreements are legal, parameters to ensure they are fair, and conditions to protect employees laid off, fired, or furloughed for Covid-19-related situations.
Non-compete contracts can be highly restrictive and it may be in your best interests to negotiate or dispute them. If you are considering signing a non-compete clause, speak with an experienced Illinois business law attorney first. If you have already signed a non-compete clause, a business law attorney may still be able to help you challenge an unfair or illegal contract.
What is a Non-Compete Clause or Agreement?
Depending on the type of agreement, a non-compete clause can restrict an employee from working for another employer in a similar capacity, working in a specific geographic area, or working at all for a specific period of time. These clauses often contain vague language around when the clause can kick in, including being fired or laid off for any reason. Violating the terms of a non-compete agreement can result in serious financial consequences for the employee.
Four Things to Discuss Before You Get Married in Illinois
The last thing most engaged couples are interested in talking about is how they will treat each other if their relationship ends. In the excitement of wedding planning and the blush of early love, the idea that a relationship could end in divorce seems impossible and deeply unromantic to discuss. Yet considering the statistics about divorce, couples would be wise to plan ahead and discuss the most important issues they will face. Doing so presents great opportunities for intimate conversations and may even prevent an ill-fated marriage from happening in the first place. Before you tie the knot, talk about these four things - and then approach a skilled prenuptial agreement attorney to create a great premarital contract that protects your priorities.
Children
Not everybody wants children, yet couples with mismatched priorities get married all the time. An individual’s preference for children is highly unlikely to change over time, and when a partner who wants children is coupled with a partner who does not, divorce is often the inevitable outcome. In addition to discussing simply wanting children, engaged couples should discuss how many children they want and their parenting philosophy when it comes to discipline, which parent may need to make career sacrifices, and how major expenses like college will be paid for.
What Are My Rights as a Landlord in Illinois?
Being a landlord is an extremely challenging job - especially during these challenging times. Many people are unable or unwilling to make their rent payments on time. When landlords take the legal steps needed to evict tenants who do not pay, they can find themselves involved in a contentious, complicated legal dispute. Every landlord must fully understand his or her rights and responsibilities. However, even the most knowledgeable landlord can find himself or herself involved in a dispute. If you are experiencing a landlord-tenant problem, contact a real estate lawyer for help.
Illinois Landlord and Tenant Laws
Both tenants and landlords are protected by Illinois state and federal laws. As a landlord, it is crucial that you understand what to expect from tenants as well as what your tenants expect of you. The best way to avoid tenant problems is to provide a detailed written lease that describes both parties’ expectations. However, this is not always enough to ensure that tenants comply with the terms of the lease.
How to Use Non-Disclosure Agreements To Protect Your Illinois Small Business
Business owners pour their hearts and souls into their businesses. If you own a business or hope to become a business owner soon, it is crucial that you understand how to protect the results of your hard work.
Non-disclosure agreements (NDAs) are business contracts that prohibit parties from divulging confidential business information. NDAs can be powerful legal tools for protecting trade secrets, client information, and proprietary business practices or methods. However, these contracts must be executed properly to be legally enforceable.
Confidentiality Agreements Have a Range of Uses
Non-disclosure agreements or confidentiality agreements are used for many different purposes. When businesses seek new investors, they share substantial information about their business ideas, inventions, and strategies. What is stopping a potential investor from using this information to start a competing business or selling it to another party? This is why many businesses ask potential investors, partners, or buyers to sign NDAs.
Tips for Choosing a Power of Attorney for Health Care or Property
Estate planning is one of those responsibilities that many people put off for as long as possible. However, proper estate planning is crucial to ensuring your wishes are followed if you become incapacitated or pass away. An important part of your estate planning process is choosing a power of attorney (POA). Your POA will have the authority to make decisions on your behalf if you are unable to make or express your wishes. It is important to choose someone you trust who can handle this vital responsibility.
The Main Types of Power of Attorney in Illinois
There are two main types of power of attorney. A power of attorney for health care gives someone else the authority to make medical decisions on your behalf. A health care POA will be expected to make decisions about the types of medical treatment you do and do not receive if you are incapacitated by illness or injury.
3 Questions About Parenting Time in Illinois Child Custody Cases
In July of 2017, new laws went into effect changing the way Illinois courts handle child custody matters. Although the term child custody is still sometimes used informally, the law now describes child custody in terms of parenting time and parental responsibilities. Parenting time is the time that the child is in a parent’s physical custody.
If you are getting divorced or you are unmarried and your relationship is ending, it is important to understand your rights and responsibilities regarding parenting time.
How Is Parenting Time Divided Between the Parents?
Illinois parents are encouraged to work out an arrangement for sharing parenting time and formalize their decisions in their Parenting Plan. The court usually upholds Parenting Plans unless there is some aspect of the plan that is not in the child’s best interests. If the parents cannot reach an agreement, the court will determine an appropriate parenting time schedule for the parents based on factors including but not limited to:
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