Articles Tagged with attorney

The amount of commitment involved in a business acquisition is substantial, and it’s important to know what you’re getting yourself into in advance. Thorough due diligence is vital, but at the same time, it needs to be focused on information that’s relevant to the transaction. Anything beyond that is ultimately a waste that could prevent the transaction from ever closing.

Here, we’ll discuss the most important information to ask for prior to completing a business acquisition.

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A will can be a valuable component of any estate plan since it helps expedite the probate process. By making your last wishes known, you’ll make it easier for the court to make sure your property is divided appropriately. However, there are some items that really don’t belong on your will, either because they’d complicate the disposition of your estate or because it’s simply unnecessary to mention them.

Here, we’ll look at a number of items that you typically should not put on your will.

Anything with a Named Beneficiary

If you work remotely, you may be covered by workers’ compensation, even though your job duties don’t take you onto your employer’s premises. However, there are a number of factors that could impact your claim should you be injured on the job while working from home.

Remote Employee Vs. Independent Contractor

First of all, it’s important to distinguish whether you’re actually an employee. If you’re a freelancer or independent contractor, then you don’t qualify for workers’ compensation coverage.

Spinal cord injuries can be catastrophic, often resulting in severe lifelong disability. If one of these injuries results from negligence on the part of another party, it may be worth a significant amount in damages.

Typical Damages for Spinal Cord Injuries

For extreme spinal cord injuries resulting in lifetime tetraplegia (loss of use of all four limbs), the average lifetime medical costs are estimated to be over $5 million by The National Spinal Cord Injury Statistical Center. However, many spinal cord injuries only result in a partial loss of mobility, such as paraplegia (lost use of the legs and lower body).

Owning a multifamily rental property can be a profitable investment, but it also presents a significant liability if it’s mismanaged. It’s important to adhere to all applicable laws, including those pertaining to the rights of your tenants. By following best practices, you can not only protect yourself from losing lawsuits, but avoid most of them entirely.

1. Set Up Recordkeeping from the Start

First of all, it’s important to keep thorough records on the financial and practical aspects of your property. Some of the documents that either you or a designated property manager should keep up to date include:

High-risk transactions often require the use of paymaster and escrow services. People often have questions about escrow and related services, the most common of which will be addressed here.

Who Pays Escrow Fees?

When it comes to escrow fees, there is no set rule or law that dictates who should pay them. As such, it ultimately comes down to the terms of the purchase contract. Often, escrow fees are split evenly between the buyer and the seller, but there may be instances where one party may be able to negotiate for having the other party pay them in full.

If you’re a small business with an invention, process, formula, or similar type of intellectual property, you may balk at the cost of patenting it. In some cases, keeping it as a trade secret may be a preferable option to filing for a patent.

Difference between Trade Secrets and Patents

Patents are official government licenses that give you exclusive rights to profit off of your inventions for a set period of time. It covers such items as manufacturing, reverse engineering, or selling your invention.

Under Illinois law, the vast majority of employers must provide workers’ compensation coverage for their employees. As such, employers in the state can’t usually “opt out” of providing coverage or carrying workers’ comp insurance, though there may be some cases where an employer may elect not to provide coverage.

Industries that Must Provide Workers’ Compensation

The Illinois Workers’ Compensation Act allows employers to provide workers’ compensation coverage in exchange for being free from liability for workplace accidents (meaning employees usually can’t sue them for injuries sustained on the job). In some industries, this coverage is mandatory. The Workers’ Compensation Act is considered to automatically apply to industries involving:

Protecting your company’s intellectual property is a top priority, but finding the best way to do so may be a challenge. When it comes to safeguarding inventions, one of the available options is to file for a patent.

Patents are granted through the US Patent and Trademark Office (USPTO) in order to allow you the exclusive right to produce, make, use, or sell an invention. They last for 20 years, during which those exclusive rights are legally enforceable.

Advantages of Patents

Some types of intellectual property have limits on how long they can be covered by IP protection laws. The length of time these protections last depends on the type of IP, such as whether it’s copyrighted material, patented inventions, or trademarks. The steps you take to protect them may also come into play.

Here, we’ll look at how long IP protections last for most types of intellectual property.

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