All the responsibilities and risks of starting or running a business, things like contracts for employees, leases for property, taxes, and insurance fall to the owner. Hiring an excellent attorney is essential. Bell & Shah, LLC can help.
How to Keep Your Business Safe
Protecting a business starts with choosing the right business structure. Whether it is a sole proprietorship, a partnership, a limited liability company, a type of corporation, a nonprofit, or a cooperative the business structure determines your taxes, paperwork, and liability. The nuances do matter though.
Entire books have been written on transaction laws. Consulting with Bell Shah Law, LLC provides an attention to the details in laws surrounding your business. Entrepreneurs and companies in the Chicago area seek our dedication and focus needed to maximize growth.
For real estate, the purchase is a legal process and an investment. We will represent clients for the entire process. Drafting and reviewing contracts, handling changes to contracts, tracking deadlines, preparing to close, and attending the close with or on behalf of the client are just some of the ways we can assist. Let us handle these complex issues so you can focus on other aspects of the business.
Protecting business transactions is a top priority for our team. This means creating and reviewing employment contracts, independent contractor agreements, executive compensation agreements, noncompete agreements. We also oversee complex mergers and acquisitions.
Our attorneys can also provide guidance and assist in small business formation. Once the business is established consultations can continue. With ongoing consultation for small businesses tax and liability risks are greatly reduced. Legal matters can be handled as they arise as well.
We Are Committed to Helping All Business Owners Around Chicagoland
With guidance from our attorneys who focus on a higher level of service your business can thrive. While growth is very positive it also carries some risks. Check out some tips we have on how to grow your business while still keeping it protected.
Our experts are happy represent our clients throughout the entire process of starting your business to protecting it all. Reduce the risks with Bell & Shah, LLC. Call us now to manage your current and future business transactions.
Bell & Shah Law, LLC understands the nuances of estate planning. Leaving your hard-earned assets to your loved ones does not have to be complicated. We can assist in protecting finances that can be subjected to taxation providing the maximum value for your children and grandchildren. There are some things to consider leaving assets to your children or grandchildren.
There is a generation skipping tax in addition to estate and gift taxes. A generation skipping trust can negate this tax. Paying for education can help some tax liability. There are a few account types to do this. A 529 plan, Uniform Gifts to Minors Act, and Uniform Transfers to Minors act. Our attorneys can help select the best plan for you and your family.
What are the circumstances?
You will have to analyze this to figure out where to start. What does your family need and does one person need more assistance than another? The recipient needs evaluated as well. How young is the person? Leaving a substantial amount to a young adult may have the opposite effect you intend. Consider a trust to set conditions for the assets to be released.
Talk with your children or grandchildren.
Adapt the plan to your, and your beneficiaries, circumstance. Inform them as to how the money should be used whether for housing, or education, or a vehicle for example. If they know you want them to use the funds productively and you are sure they will consider gifting money. You can gift up to $15,000 per year per person. This is the IRS take on gifting money.
Is there a retirement plan?
If the children or grandchildren are listed as beneficiaries, they receive required minimum distributions soon after your death and will be required to pay taxes on this money. IRAs do not have conditions for naming grandchildren as beneficiaries there are options.
Who distributes the assets?
Planning for our death is not pleasant. When we have finances or property that need to be distributed it is important to cover all the bases and ensure the least amount of stress to our loved ones. An unfortunate truth is these things can cause problems among your surviving relatives. Bell & Shah Law, LLC help you create a plan with a focus on your grandchildren or children so they can focus on healthy coping.
Even young people should consider how to handle their assets after a life changing event. Your estate includes vehicles, homes, and anything of value. But it is also for life changing events.
Estate planning is one of the most important things you can do for your family.
When you factor in a potential retirement account, life insurance, and bank accounts the importance of creating a proper plan is clear. Poor preparation leads to poor performance as the saying goes.
There are few things to accomplish before and when you meet with an estate attorney. This will expedite the process and ensure your investments are protected after serious injury or death.
- This can provide an income replacement for loved ones, help expenses related to terminal illness, and pay for estate taxes.
- You will need bank statements and brokerage statements. Make a list of insurance policies and debt.
- This is a list of everything of value. Figuring out how much stuff you have is step one in protecting it. This is the value of your home, cars, jewelry, and other material things of value.
Power of attorneys
- Medical power attorney will make healthcare decisions. Financial power of attorneys decides what happens with retirement and bank accounts.
- This is where you decide how your assets are distributed to your loved ones. Provide instruction for debt, fees, family living expenses, and other affairs.
- If you need to manage assets for a dependent, reduce estate tax, or reduce delay in distribution of assets and a trust can hold all your assets decide if you need a trust.
- Life changing events like marriage or childbirth, home buying, or other large purchase should be added into your plan.
An experienced and dedicated estate planning attorney can assist with the most important plan of your life. When you plan for your future you should plan for the whole thing. We understand what goes into planning. Call us at Bell & Shah Law, LLC today.
Many careers require you to obtain a license.
- Accountants, auctioneers, and auction firms
- Physicians, dentists, and nurses
- Mortgage and real estate brokers
- Architects or engineers
- Construction and building trades.
This shows vast knowledge or specialized skills for a specific job. Licenses take hard work to acquire and maintain but gives you a legal authority to work in the occupation. Many licenses will require an ongoing education. A license not only verifies your credentials it brings trust to a client. It gives you value and allows more responsibilities from your employer.
You May Also Be Required to Have a Business License
It depends on the business to. Bars have wildly different requirements to salons. Social workers will have different requirements than a nurse. It also varies by state, county, and city. Without a license you could be fined, or your business could be shut down. Add in building, fire, and occupancy permits it gets complicated fast. Do not risk your business to license errors.
Protect Your Professional Career
If an inquiry is file with Illinois Department of Financial and Professional Regulation, it needs addressed as soon as possible. From the initial inquiry through disciplinary hearings, we can help guide you through licensing boards. We serve clients who are reapplying for a license or been denied licensure. Experience working with IDFPR allows us to understand department processes and rulings. A professional approach developed positive outcomes for our clients.
Attention to Details
When navigating the license board there will be deadlines and strict rules. Simple mistakes can have heavy consequences. Our team has the knowledge to aggressively defend your license and our goal is avoiding discipline. Facing fines, suspension, probation, penalties, or revocation our goal is your best outcome.
It can be helpful to have experience, knowledge, and compassion at your side. At we have a team of dedicated attorneys that can assist through many problems you and your license may be facing. Call us during a difficult time in your career and we will be advocates throughout the process. It is hard enough to run a business but Bell Shah, LLC is here to help.
If you have declared bankruptcy in recent years, you may be concerned about your ability to purchase a home. While it is true that bankruptcies will stay on your credit report for up to ten years, they don’t necessarily make it impossible to get a mortgage. In fact, bankruptcies are designed to help you get your finances under control so you can repair your credit in order to qualify for mortgages and other loans. Here are some of the ways a real estate attorney can help you deal with your bankruptcy.
They Can Offer Reassurance
The first, and many might even same the most important, thing a real estate attorney can do is to reassure you that your bankruptcy isn’t going to stand in your way of homeownership. If you provide your lawyer with information regarding your finances, assets, and credit history, they will be able to determine how likely it is you will be able to secure the mortgage for the home you want at the terms you want. While the myth is that a bankruptcy makes getting a mortgage impossible, the truth is that it truly depends on your unique financial situation. A legal expert who understands real estateand lending laws can walk you through your finances and offer reassurance.
They Can Point You Towards the Right Resources
There are a number of mortgage companies and other programs out there that will work with those who have bankruptcies. Some of these programs will assist you with rebuilding your credit. Some lenders will even work with you to get the best rate or may offer options such as a two-year adjustable rate mortgage that can later be converted over to a conventional loan if your finances remain strong. If you’ve built your credit up enough, you may even be able to qualify for a prime rate mortgage now. FHA and VA loans, for example, can often be secured in as little as a year after your bankruptcy is finalized.
Looking for a real estate attorney who can help you secure financing for your dream home? Contact Bell & Shah Law today.