Articles Tagged with Illinois

When it comes to resolving disputes, arbitration has often been touted as more cost-effective than litigation, and it’s generally true—at least as long as it’s handled properly. To get the most out of arbitration, consider the following tips and tactics.

Have a Clear Arbitration Cause

First of all, a clear arbitration clause is a vital aspect of keeping arbitration as cost-effective as possible. By establishing the details of how arbitration will be carried out in advance, you can prevent a lot of the back-and-forth that may occur if those details were left up in the air.

At a certain point in your business’s growth, there may come the ideal time to form a corporation. To incorporate in the state of Illinois, you’ll need to follow some fairly specific steps.

Reasons to Incorporate

Forming a corporation has many potential benefits. Some of the main reasons it’s beneficial to incorporate include the following:

When a property owner fails to pay property taxes, the county in which the property is located creates a lien on it for the amount owed. Tax liens are sold in order to recoup losses from unpaid taxes, and the buyers of those liens get the benefit of investing in a piece of real estate.

What Is a Property Tax Lien?

A property tax lien is a claim on a piece of property for an amount owed in unpaid taxes. It is generated when the owner fails to pay their property taxes, and the lien itself may be sold to the highest bidder to recover that amount.

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.

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:

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.

Copyrights

Every year, nearly 13,000 people are injured by fireworks. Most of those fireworks are legal, though injuries may result from the negligent actions of another person. In those cases, there may be grounds for a personal injury lawsuit.

Calculating the Worth of Firework-Related Injuries

Personal injury lawsuits resulting from fireworks include various types of damages. As such, if you’ve been injured by negligent use of fireworks, or if the fireworks used were defective, you may be entitled to the following:

In the course of real estate transactions, funds are held in escrow in order to keep them secure and to protect the interests of the parties involved in the transaction. The process itself is governed by many rules, but it can be broken down into some basic steps.

What Is Escrow?

In it’s most basic sense, “escrow” refers to money being held by a third party (i.e. someone apart from the buyer and the seller) during a transaction. When someone buys a property, they place funds in an escrow account, and those funds are held there until the terms of the purchase agreement are completely finalized. Funds are released and the title to the property is transferred once the parties in the transaction fulfill the terms of the agreement.

Many of the various reliefs and incentives put out by the government are intended to help ease the burdens of individuals and businesses alike. Whether you’re a high net worth individual with a complex financial scenario or a small business owner trying to make ends meet during an economic lull, the pandemic will likely impact your tax situation.

Tax Deadlines Postponed

One of the reliefs extended by the IRS is an extension on tax deadlines. Taxes and returns that were due in April are now due by July 15th. If more time is still needed, individuals and businesses are able to extend that deadline further by filing an extension.

The pandemic has prompted various companies to donate patents to research facilities and similar organizations in order to help combat the coronavirus. While donating patents to research organizations and universities can accomplish something truly good for society, it needs to be done responsibly.

A Chance to Do Something Good – If Done Wisely

Often, businesses will hold patents for inventions that they aren’t currently using or developing. They may not find it worthwhile to maintain these patents themselves, in which case they have the option of donating them to nonprofit organizations.

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