Asset protection for business owners can be complex, especially when business activities may put personal property at risk. Fortunately, there are many strategies business owners can use to protect personal and business property.

Advantages and Drawbacks of an LLC

One of the most effective asset protection strategies is the limited liability company. LLCs separate the owners’ personal assets from those owned by the business, so if the company comes under fire, the owners’ personal belongings are kept safe from seizure.

The Illinois Workers’ Compensation Commission (IWCC) handles workers’ comp claim denials, typically through an arbitrator. Those who appeal the arbitrator’s decision must appeal to the IWCC directly. After the IWCC, the only option is to go to court.

The process can be difficult, but it may be possible in some situations. Here, we’ll discuss the appeals process and how to best appeal an IWCC decision.

The Appeals Process

Regulations, business trends, and socioeconomic factors can all impact the way corporations are run. As those factors change, so too will corporate governance best practices. In 2020, some of the major trends that corporations will need to account for are:

  • Increased digitization
  • Shifts in workplace culture

Your business’s intellectual property is among its most valuable assets, and it’s important to protect it. However, there may be instances where it is advantageous to let other entities make use of your patents, trademarks, and other IP.

Licensing your intellectual property can yield various benefits to your business, but it does come with its risks as well.

Advantages of Licensing

A car accident case can be challenging enough when you have just one other driver involved. When there are two, three, four, or more drivers involved in a wreck, it can complicate things even further. In some cases, liability may not be completely clear, and there may be mitigating factors involved as well.

The end result is a much more challenging personal injury case. Following are some of the challenges of multi-car accidents when it comes to personal injury claims.

Multiple Possible Defendants

One way to raise capital for your business is to issue stock. There are many advantages to doing so, but also some drawbacks that are worth remembering. Because of those drawbacks, there are a few items to keep in mind when issuing stock.

Reasons to Issue Stock

Issuing stock can be beneficial for your business in the following ways:

A work injury may lead to a long-term disability, in some cases permanently limiting one’s ability to work. In Illinois, disability benefits are available under workers’ compensation, though there is one other option available as well—Social Security disability insurance (SSDI). These two types of benefits work in different ways, and it’s important to know which will benefit you most in the event of a job-related injury.

Workers’ Compensation

The ultimate purpose of workers’ compensation is to cover your expenses in the event of a work-related injury. In Illinois, that typically means medical expenses and related costs, though it can cover lost wages, job rehabilitation, and long-term disability, especially if an injury leaves you permanently crippled.

Running a hospital or medical practice involves more than just treating diseases or fixing broken bones. Numerous laws and regulations affect how doctors should handle patient information, bill insurers, refer patients, and so forth.

7 Laws to Keep in Mind

Among the most prominent laws doctors should keep in mind are the following:

Farmers tend to be cash poor and asset rich. The worth of your farmland and related assets may exceed estate tax exemption amounts, leading to a hefty tax being assessed on your property once you pass on. Additional complications may further drive up expenses. Often, families find themselves selling land—or even the farm as a whole—to generate cash to cover these expenses.

Preventing that from happening is a key part of your estate plan.

Estate Taxes

Sometimes, your business might need a little more time beyond the deadline to prepare its tax return. Fortunately, filing an extension is fairly simple as long as you keep a few important items in mind.

Reasons to File a Business Tax Extension

There are a number of reasons why you might file a business tax extension. These include:

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