What is Business Law?

Business law serves two main purposes. The first is to protect a business from both internal and external factors like intellectual property theft, competitors in the marketplace, and many other possible issues. The second is to make sure that a business, like all companies, is following proper regulations in terms of employment, tax codes, and more. Correctly following the channels of business law can save business owners both time and money. Above all, a lawyer’s role is to make sure a company is in line with and protected by business law.

There are many types of business laws that serve the complex dynamics of starting and/or running a business. A qualified business lawyer can help businesses at any stage. These stages range from business formation to intellectual property protection, to defense against a lawsuit.

What are the types of corporate law?

There are many ways that corporate law can protect a company and keep the marketplace one of fair and equal opportunity for all. In other words, the multiple facets of corporate law ensure compliance with important state and federal regulations. These regulations include taxes, employee rights, binding contracts, and financial transactions.

Commercial law, or corporate law, aids in the formation and operation of a business. There are many avenues of corporate law. For example:

Employment Law
Contract Law (drafting, negotiation, litigation, etc.)
Immigration Law
Tax Law
Antitrust Law
Intellectual Property Law
Bankruptcy Law
Financial Transaction & Consumer Goods Sales
And more

This list is not exhaustive. However, it does cover the basics of the types of business law. Therefore, consulting with a lawyer can help you and your lawyer understand the best way to address your business’ needs.

Our team at Fausett Law is prepared to ensure compliance and provide defense against a wide range of legal business formations, issues, disputes, or dissolutions. For more information on our qualified team, visit our attorneys’ page.

The list of business laws every company should know

The above discusses the types of business law. However, there is also a list of business laws every company should know. Nonetheless, it’s still important to consult with your lawyer after reviewing this list. It is impossible to anticipate every need a business could face in a single list.

Employment and Labor laws
Business Licensing
Insurance laws
Taxes relevant to your business and/or industry and location
Employee privacy
Bankruptcy
Intellectual Property Rights – such as patents, trademarks, copyrights, etc.
Data Security
Antitrust laws
Advertising and Email Marketing laws
And more

For a consultation that addresses your business’ specific needs, please give us a call or fill out our form to get started.

Important Branches of Commercial Law

The branches of commercial law that are most important to a business will depend on the industry, location, and overall operation of that business. Identifying the main areas of products or services that your company specializes in can help you and your lawyer narrow the scope of relevant business laws to focus on.

At the Law Offices of Lora Matthews Fausett, P.C., our team is dedicated to identifying business laws your company should be aware of. We can ensure compliance with all relevant regulations, and defend your business against litigation or intellectual property theft. We specialize in entrepreneurs, investors, and small and midsized companies throughout the Chicagoland area in a wide array of business law matters.

View our practice areas!

Disclaimer

Advertising Material: To the extent that individuals interpret the information on this Facebook profile page as attorney advertising according to the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Illinois Supreme Court Rules prohibit specialization claims. Likewise, we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. Therefore, individuals should not construe any of the included content as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.

How is COVID-19 affecting the Illinois real estate industry?

Whether you are a renter, landlord, or realtor, you may wonder, how is coronavirus affecting real estate?

As 2020 comes to a close, we’ve seen some interesting trends. House sales in October were up 34% in comparison to 2019. Additionally, there was an increase in the median home price. But there’s more to Illinois’ morphing real estate industry than home prices.

COVID-19 has changed the way real estate operates. At Fausett Law, we’re here to help individuals navigate the changing real estate industry through COVID-19. We have guidance for tenants and businesses.

The State of Illinois has taken several measures to protect both tenants and businesses. Individuals can find updates on assistance programs, FAQ’s, and updated protocols for navigating the real estate industry in Illinois at illinoisrealtors.org.

If you, your family, or your business need real estate legal assistance during these unprecedented times, please call the Law Offices of Lora Matthews Fausett, P.C. at (630) 858 0090.

Our firm has put together helpful governmental and community resources. These resources are here to help answer questions and get you in touch with the best contacts.

What is the rental relief program in Illinois?

Governor Pritzker issued an Executive Order on December 11, 2020. This order aims to protect renters from eviction and/or removal through January 9, 2021. To qualify for this relief assistance, individuals must have experienced economic hardship as a result of COVID-19. Individuals must also fall under the income of $99,000 filing taxes as single/$198,000 filing taxes jointly for the 2020 calendar year. This information needs to be certified in a declaration by tenants to their landlords. You can find more information on the rental relief program in Illinois here.

COVID-19 Related Orders for Illinois Realtors: What you need to know

Working as a real estate agent in the State of Illinois during COVID-19 comes with a unique set of challenges. Providing superior customer service under different – and often changing – guidelines can be stressful. In order to navigate the changes in a way that protects your business and satisfies your customers, it’s crucial to stay up-to-date on Executive Orders and best practices for sanitation and limiting contact.

Illinois is currently under Phase 3 of the Restore Illinois plan. This phase carries fewer restrictions on showing both open houses and properties occupied by tenants during COVID-19. However, it is vital that realtors remain cautious and take all the necessary steps. We suggest consulting a legal opinion to thoroughly protect yourself, your clients, and your agency from both COVID-19 and potential liability.

At the Law Offices of Lora Matthews Fausett, P.C., we’re here to guide realtors through the shifting terrain of operating a real estate business in Illinois during COVID-19. We’re ready to discuss legal requirements for realtors and how to protect yourself best.

There’s no doubt that coronavirus has affected real estate in Illinois. We see these effects from the plummeting prices in May to the robust market in October. As a result, we know that specific measures are necessary to protect your rights as a renter or liability vulnerabilities as a business. You’ll find our comprehensive list of areas of practice here.

For more information on our services at Fausett Law, please give us a call at (630) 858-0090 or visit our resources page. Our team can help you protect yourself and maneuver the shifting real estate landscape during COVID-19.

Disclaimer

Probate: attorney help for navigating the system

Probate is the legal process that determines who gets what after a person’s death. When someone close to you passes away, you want to know that their wishes are respected and protected and that your loved one’s intent is carried out. Due to a number of circumstances, however, these desires can become difficult to deal with as family members try to navigate their way through the courts.

Resolving issues among and between beneficiaries and heirs, addressing will contests– the issues of a lack of a will or an invalid one, letters of office, administration bonds, or the complications of Illinois probate law, make it hard to maneuver through the system.

If the deceased has a will, the process begins when the executor nominated by the decedent in the will, presents the will for probate in a courthouse in the county where the decedent lived or owned property. If there is no will, someone must ask the court to appoint an administrator of the estate, usually the spouse or an adult child of the decedent.

The purpose of probate is to prevent fraud after someone’s death. Probate is also a public notice of death and lets creditors file claims against an estate. After any creditors are paid, the remainder of the estate goes to the beneficiaries.

If there is not a will, the court will decide how to distribute the property. This is why it is so important to have a will.

Laws will vary by state and not all assets or estates need to go through probate. Some assets can transfer automatically at the death of an owner with no probate required.

If you decide to avoid probate, some assets can automatically escape probate and be paid directly to the beneficiary you have named. These include insurance policies, IRAs, retirement plans and some bank accounts.

One reason to avoid probate is because it is a long process that can take six months to a year or more to settle with the state.

The best solution is to speak with a trusted attorney who can help you craft a solution for your personal situation.

Advertising Material: To the extent that the information on this Facebook profile page is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules, and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.

Estate planning: end of life planning

Estate planning is important… if you don’t plan for what happens to your estate upon your death, the government and/or a judge will make those decisions for you. When you are ready to plan for end of life, here are some tips:

Seek professional help

It might seem outside of your comfort zone, but seeking the help of a mental health professional for guidance could be helpful to you. It could also help your family as well.

Get financial documents in a single place

It’s important to begin getting your financial documents together. We recommend you gather them all in a single place and put them together in an easy to get to a location such as a three-ring binder.

This will save your relatives the struggle of trying to find all the information they need.

Start by getting your will. If you don’t have one, make a list of your assets: financial accounts, real estate, and any retirement accounts.

A will is the best way to ensure your assets get distributed to the person you want them to. Without specifying your wishes, there can be family disputes and even court cases. Property distribution is best spelled out in a will

Choose your beneficiary

One of your first tasks should be designating your beneficiaries on your financial accounts.

It may be basic but it is more powerful than a will. It can save time and money for your assets going through probate.

Your brokerage will let you attach transfer-on-death instructions to your non-retirement account. Transfer-on-death deeds can also be used in real estate in Illinois.

After you have designated beneficiaries, detail your liabilities, for example, mortgage, loans, credit card debt, and insurance policies for health, home, and vehicles.

Create a contact list of people your family can reach out to for help. This should include your lawyer, accountant, insurance agent and financial advisor. Write down the name and contact information of everyone who needs to be involved.

Even if you’ve already done estate planning , it is a good idea to consult with an attorney experienced in estate planning. In the time since you made your estate plan, laws may have changed or even your financial goals or beneficiaries.

Decrease the tax burden

There are ways that you can decrease the tax burden on your beneficiaries.

One way to leave money to heirs is through a Roth individual retirement account.

Another is a brokerage account because any capital gains tax will be wiped out due to the step-up in basis on the original price paid.

Here is how this works: If the owner sells a stock that has gained in value, they would have to pay capital gains based on that higher price. If the owner leaves that stock to an heir, the new owner receives the stock at the new price. They will only have to pay taxes on any gains in price after that point, not the original price.

If some asset has dipped significantly in value, though, you might consider selling the stock, mutual fund or ETF. As the original owner, you can deduct the losses by selling and deducting the loss. Your heirs are not able to take this step-down since they’d inherit the stock at a new, lower basis.

If you are older than 70½, take any required minimum distribution from your retirement accounts. Heirs may not know to do this, and there is a significant penalty for not taking it.

Another way to minimize taxes for your inheritors is through charitable donations. While your heirs would have to pay tax on the money in a retirement account, a charity would not.

Paying off a mortgage

Many people consider paying off a home mortgage, but because individual circumstances vary greatly, this is not always the best course.

Consider the amount of funds available, the current tax bracket and the size of the mortgage balance. It would be a good idea to have a financial planner run several scenarios to see how you can minimize the tax hit from withdrawing a large sum from a traditional IRA or 401(k) plan – or if you should leave it as a loan to be transferred to your heirs.

Have a record of password for your heirs

Collect all of your passwords in your binder with your financial records. Include a copy of the previous year’s tax return. When a final tax return is prepared, there might be some carryover items, such as long-term alternative minimum tax or long-term gains buildup.

List all service agreements, such as landscaping, utilities, cleaning and insurance, and auto payments. Arrange for their continuation or cancellation.

Keep track of your pension and Social Security benefits, since there could be survivor benefits that flow from those.

Other areas to consider in your binder: arrangements for your pets and talking to the financial aid office if you have a child in college. You’ll want to inform them of your change in financial status.

Contact an Experienced Estate Planning Lawyer Today!

Attorney for real estate: along for changes in practice

Working with an attorney for real estate in Illinois is a unique experience right now. Illinois has not followed some other states in moving the process for in-person closings online for a purchase that involves a mortgage loan, as it requires that borrowers verify their identities with a notary as a witness.

For title companies and those involved, this has created changes in practice. An attorney for real estate and the homeowners may have identical documents, but in cars parked next to each other. Title companies have found this to be a common occurrence, noting that the attorney and the buyers may be the only attendees during a closing.

Our lawyers assist buyers and sellers in the negotiation and closing of real estate purchases and sales involving residential and commercial properties and businesses of all kinds. Your health, personal goals, and business goals matter.

For Information Call 630-858-0090

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modifications, buying and selling legal assistance, short sales and deeds in lieu, mortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPage, Cook, Kane, Will, and Kendall Counties.