Establishing a Business in Illinois – What Entrepreneurs and Small Business Owners Need to Know

Wheaton small business attorneysFew things in life are as satisfying as running your own company and being your own boss, but such a privilege requires a lot of hard work and dedication. There are also multiple steps – some strategic, some legal – to starting your own company. Learn more about establishing a business in Illinois, discover what resources are available to you, and obtain detailed information on how a seasoned business law attorney can ease the process and help to ensure your business is protected in the years to come. 

Preparing for Business – The Initial Steps

Ideally, business owners would start preparing for business long before they plan to open their doors. They would have a complete a market analysis and have an in-depth business plan, and they would have already started to engage with people on social media to ensure they have a solid customer base before opening their doors for business.The world is not perfect, however, and sometimes business owners jump in, head-first, without really knowing what it takes to be successful in today’s digital world.

Thankfully, even if this occurs, there are ways to recover. There are also numerous resources at the business owner’s disposal, such as the Small Business Association (SBA), which offers detailed information on how to create a business plan. Entrepreneurs can also outsource some of the work, like social media engagement and website creation, to ensure they have more time to focus on other tasks, such as:

  • Conducting a market analysis;
  • Choosing and protecting your business name;
  • Developing a marketing plan;
  • Finding financing for your business;
  • Opening a bank account;
  • Hiring your first employees (if applicable);
  • Choosing a location for your business; and
  • Speaking with an attorney to ensure all the legalities of opening a business are covered.

The Legal Aspects of Opening a Business 

In addition to ensuring that your business has a solid customer base, creating a marketing plan, and setting up the company’s financials, business owners must comply with state and federal laws, including those relating to taxes and employment. These laws require that entrepreneurs: 

  • Decide on and create a business entity;
  • Register the business name;
  • Obtain a federal employment identification number, or EIN, (if applicable);
  • Register for local and state taxes;
  • Obtain any required business licenses or permits; and
  • Ensuring you meet all state and federal employment laws (if applicable).

Many of these aspects of opening a business contain multiple steps and complex processes. To reduce the chances of a mistake or missed element, business owners can seek the aid of a seasoned and competent business law attorney. 

Contact Our Wheaton Small Business Lawyers

As a small business ourselves, Stock, Carlson, Oldfield & McGrath, LLC understands the challenges and obstacles that entrepreneurs face when opening their own businesses. We aid in all ways possible, and we can even help protect your business from litigation and other legal issues in the future. Schedule a personalized consultation with our DuPage County small business attorneys to get started. Call 630-665-2500 today. 

Sources:

https://www.sba.gov/business-guide/

https://www2.illinois.gov/business/registration-licenses-permits

 

Millennials Focus on Dog-Friendly Properties When Renting – What This Could Mean for Your Real Estate Portfolio

Illinois real estate lawyersIf you want to win over the millennial generation and expand your real estate portfolio, it may be time to let your properties go to the dogs – literally. Recent surveys indicate that this generation is  not looking for design features or your typical amenities when deciding where to rent or buy. Instead, they are focused on finding a home that caters to their furry friends. Learn how you can better cater to this generation by adding more dog-friendly amenities, and discover how a seasoned real estate lawyer can help you to further expand your real estate portfolio to secure a better, healthier financial future. 

Real Estate Has Gone to the Dogs

The millennial generation has finally reached the age where they are not just renting, but also purchasing homes. The reason is not to start a family, however. Instead, millennials are looking to give their dogs the best life possible. In fact, one survey found that 33 percent of the millennials who purchased a home did so because of their pets, which outranked marriage (25 percent) and the possibility of a child (19 percent). Another 42 percent of millennials who do not yet own homes say they are planning to eventually purchase one to accommodate a dog.

Amenities for their pets, such as a fence or room to roam (such as at a nearby dog park) are also some of the biggest factors that millennials use to determine which home they will rent or buy. Millennials are also far more likely to purchase a home with “luxury” pet features, such as a dog washing station or a nearby, upscale dog park, than other generations. 

Winning Over the Millennial Generation in Real Estate

Dog-owning millennials have to think about more than just location and amenities when purchasing or renting a home. Homeowner associations (HOAs), renters’ and homeowners’ insurance restrictions, and other aspects of renting and home ownership can also limit where they live. As such, developers are highly encouraged to do more than just offer amenities to pet owners; understand what sort of policies that your potential buyers or renters might be facing and try to mitigate them whenever possible. For example, if your rental property’s insurance does not cover certain dog breeds, you might consider shopping around for other policies that are less restrictive so that you can open your home to more renters in the millennial generation. 

Contact Our Wheaton Real Estate Lawyers

Whether you are looking to purchase a new property, upgrade your existing one, or simply want to know more about expanding your portfolio so that it appeals more to the millennial generation, contact Stock, Carlson, Oldfield & McGrath, LLC for help. Committed to being the law firm you can trust, our DuPage County real estate lawyers have over 40 years of experience, and we will protect your interests at every turn. Call 630-665-2500 to schedule your consultation.

Sources:

https://www.cnbc.com/video/2018/08/31/millennials-and-dog-driven-real-estate.html

https://www.nbcnews.com/business/real-estate/one-big-reason-millennials-are-buying-homes-their-dogs-n790921

Estate Planning for Your Pet – What Pet Owners Should Know Before Writing Their Will

Wheaton will and trust attorneysWhen creating an estate plan, most people ensure their children and spouse are covered. Sadly, few people consider how their death could impact their furry family members. In fact, statistics indicate that only about 18 percent of pet owners have considered making provisions for their pet in their will. This oversight, which may be partially attributed to the fact that not everyone knows you can estate plan for a pet, often results in a poor outcome for beloved animals. Learn how you can prevent such a fate for your family pet using a pet trust or comprehensive estate plan, and discover how a seasoned estate planning lawyer can assist you with the estate planning process. 

Why Include Your Pet in an Estate Plan? 

In most states (including Illinois), pets are considered property. That means, if a pet owner dies, the animal is distributed like any other asset. Unfortunately, because a pet holds no financial benefit for the inheriting heir, it may be abandoned, surrendered, or neglected due to a lack of funds or desire to care for the animal. An estate plan can reduce the risk of such an issue occurring – and not just because the guarantor usually speaks with the inheriting party to ensure there is a desire to care for the pet, but because it often allows the pet owner to set up a fund that ensures the pet is well cared for, long after they are gone. Pet owners can also elect to set up alternate or subsequent guardians for their pet, just in case something should happen to the primary heir of the animal, such as a death, the birth of a child, or the development of allergies. 

How to Estate Plan for Your Pet

Creating an estate plan for an animal is a lot like making provisions for a child, but there are many special conditions and limitations that must be considered. For example, pet owners may be able to find a life insurance policy that can be left to the pet heir to ensure proper care of the animal, but these can be both difficult to find and costly – especially for older pet owners. Alternatively, the pet owner can set up a trust for the animal that covers the expected cost of vet bills, food, and grooming for the life of the pet. In either case, it is critical to ensure that the person receiving the money is interested not just in inheriting the funds, but also caring for the animal for the rest of its natural life. As such, it is highly recommended that pet owners take the time to discuss their wishes and desires with a potential pet heir to ensure they are both willing and able to accept the responsibility that comes with caring for a beloved pet. 

Contact Our Seasoned DuPage County Estate Planning Lawyers

At Stock, Carlson, Oldfield & McGrath, LLC, we prioritize the wishes and desires of our clients. Seasoned and experienced, our Wheaton estate planning attorneys can help you develop a comprehensive estate plan that covers all your family members – even the furry ones. Schedule a personalized consultation by calling 630-665-2500 today. 

Source:

https://www.petmd.com/dog/care/estate-planning-pets-why-you-should-do-it