Rockford Illinois Business Law and Estate Planning Legal Blog
Private business sales and valuations
Regardless of an entrepreneur's plans for a new company, the potential for the business to eventually be sold should be considered from the outset. Owners who are starting a company that they wish to eventually pass on to a family member may be wise to outline the...
Do you still need an estate plan if you have no heirs?
When you have children, it is easy to imagine how you would like your estate to be dispersed after you are gone. Most people leave all or a portion of their wealth to children and the surviving spouse, along with other family members or close friends. However, not...
What to know about a trust protector
When you create a trust, choosing a trustee is one of the most crucial decisions you can make. You want someone who is trustworthy and competent, a person who will serve your best interests and anyone else who will benefit from the trust. But some people still want to...
Do I need a license to start a business?
Entrepreneurs in Illinois continue to start businesses throughout the state. Depending on the type of business you start, you may need certain qualifications, licenses and permits. All businesses regardless of industry need to register their company with the state....
What are common business succession mistakes?
If you own a small business, it is essential that you have a plan in place for what happens when you will no longer be able to run the business. Having a business succession plan in place gives you a peace of mind while also ensuring that you will not leave your...
Do I need a sole proprietorship or a single member LLC?
Many solo entrepreneurs in Illinois choose to operate their businesses as sole proprietorships. Others decide to register a company with the Secretary of State. Both methods are valuable. While a sole proprietorship can be simpler to manage, an LLC can offer you more...
Business succession may involve multiple successors
Many business owners focus on finding the right person to succeed them once they resign or pass away. Picking a new owner is a crucial decision that can make or break a company once the original owner no longer has control of the operation. However, a business...
The point of a noncompete agreement
When starting a business, you may not realize the full breadth of the task. You may begin with what you believe is the fundamental knowledge you need to get the company up and running. As your business begins to take off and expand, new challenges may arise. These may...
What should I know about succession planning for a small business?
If you own a small business in Illinois, then you likely put your everything into making sure it is a success. However, the time will come when you are no longer able to run the business. Do you have a plan in place for how to handle that, or do you expect the...
Why is a business succession plan important?
You are not alone if you have put off the thought of planning your will, creating an advance directive and taking other steps to address your eventual death. Especially when they are younger and healthy, many Illinois residents feel it is not important to address...
SERVING NORTHERN ILLINOIS FOR DECADES
SERVING NORTHERN ILLINOIS FOR DECADES
