Some wills and trusts include instructions for a named heir to take over a business after its owner dies. Unless an individual dies intestate, Illinois law does not require family ventures to pass on to a surviving spouse and children. When owners prefer to have their...
Nearly all businesses need to think about a succession plan at some point. This could involve a large corporation looking forward to having the right leaders for the future, or it could refer to a small dental practice that will sell its assets upon the retirement of...
When you are getting started with your business, one of the first things you need to do is decide what structure you would like your business to have. Every structure comes with its own set of potential benefits, as well as drawbacks you want to consider. LLCs are a...
It can be uncomfortable to think about aging, but we need to do so at some point. Unfortunately, old age can incapacitate us, and we will need someone to take care of us if we reach that stage. That is why powers of attorney exist. One type of power of attorney is the...
Many Illinois residents put off creating estate plans, and they often do so because they feel as if creating one would take time they may not have. If you count yourself among those who do not currently have an estate plan in place, you may want to reconsider. Not...
As a business owner, you will inevitably come across potential disagreements and other business tangles in your time. While many may think they need to turn to litigation right away, that is not always the case. In many instances, you could and should take a look at...
Succession planning enables you to maintain some control over your business even if you reach a point of incapacitation. Because building a business requires sacrifice, you will want to do everything in your power to protect your hard work. Identifying potential...
When doing business succession planning, you should go beyond setting up the legal transfer of the business. If you really wish for your heirs to be successful once they take over the business, you should also include a business operations manual as part of your...
When it comes to planning your estate, you want it to be as smooth as possible. For this to happen, you need to prepare your estate plan properly. According to MetLife, some mistakes can cause confusion and stress after you die. Fighting amongst family members Your...
Turning your passion into a business has driven you. You have the ideas and investors lined up. With a vision and understanding of the market, you are nearly ready. However, you also understand that your company has a better chance of success when welcoming a business...
