Posted on February 01, 2023 in Real Estate

Shorewood Commercial Real Estate Attorney Serving Buyers and Sellers of Commercial Real Estate Properties in Shorewood, Joliet, and Plainfield

Investing in large apartment buildings requires precision and patience. Investing in multi-unit apartment buildings requires an experienced group of business and legal advisors. We will discuss real estate tips for purchasing and selling multi-unit apartment complexes.

A. Researching the Market is Important

Multi-unit real estate investing requires market research to lower one's risk profile. A significant goal of a commercial real estate investor is quality tenants and low occupancy rates. Negative cash flow creates unnecessary risks, which cause substantial financial strife. Negative cash flow occurs when one's expenses exceed their revenue. Your research methods should include the following:

• Economic Research. Research economic and job trends, including whether the area is stable or upcoming.

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 Posted on January 30, 2023 in Business Law

What is an LLC?

An LLC is a company that combines the personal asset protection of a corporation with the tax advantages of a partnership. Its members own an LLC (think shareholders in a corporation), and LLCs may be Member-managed or manager-managed. In a Member-managed LLC, the Members (or owners) of the company control the day-to-day activities of the company. 

Manager-Managed LLCs in Illinois

According to 805 ILCS 180/15-1, an LLC is Member-managed unless the Articles of Organization or Operating Agreement specifically state otherwise. Therefore, if an individual or member wants to create a manager-managed LLC, they must state their management preference in their Operating Agreement. At Gateville Law Firm, we are Kendall County LLC Attorneys for start-up companies and established business enterprises.

Members of an LLC

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 Posted on January 30, 2023 in Estate Planning

African-Americans need real estate asset protection planning in Oswego and Kendall counties to secure, transfer wealth, and empower future generations. 

Introduction

African-Americans are one of the most critical racial minorities today in the United States. The life, wealth, prestige, and success that the American society enjoys today were built on the shoulders of slavery, a burden borne singlehandedly by the forebears of the African-American racial minority. So, it is grossly unfair that even in the 21st century, African Americans continue to be shortchanged and lag in accessing/maximizing the resources for wealth building. While much of the blame can be placed on the socioeconomic and political doorsteps of a highly racist system in the past, a cultural lack of estate planning initiatives among African-Americans is a significant barrier hindering socioeconomic empowerment across successive generations.

But I Don’t Have an Estate: The Meaning of Estate Planning

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 Posted on January 26, 2023 in Asset Protection & Wealth Preservation

Asset protection in Oswego is only possible if business owners engage the right Oswego estate planning attorney to protect their estate and assets. 

A Case for Asset Protection and Estate Planning

Every human being tend to have an estate. Your estate includes everything you own: be it your businesses, investments, your home or other form of real estate, furniture, a car, personal belongings, life insurance, savings, and checking accounts; just name it. We all have an estate, no matter how small or large, old or new. And one thing is certain—you can't take it with you when death calls.

That is where asset protection and estate planning come in.  

What is Asset Protection and Estate planning?

Asset protection and estate planning are proactive steps people take to protect their estate and control how the possessions constituting their estate would be shared among their loved ones (or designated organizations) after their death or when they become incapacitated, as the case might be.

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 Posted on January 26, 2023 in Business Law

Yorkville Joint Venture Attorney

A joint venture is a business agreement where two or more persons enter a business relationship to invest in a real estate project or investment. The goal of the joint venture is to make profits and losses on a project. The general idea of a joint venture is to reduce the risks of the parties because the parties pool resources, expertise, and investment resources. One of the major benefits of a joint venture is the ability to finance larger real estate ventures and maximize one’s resources by investing with other members or owners.

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 Posted on January 25, 2023 in Business Law

Entrepreneurship and business start involve preparation, dedication, and precision. Attorney Sean Robertson is a serial entrepreneur, business advisor, and high-growth coach that assists Sandwich Start-Ups and Small Businesses with their growth, tax planning, and business asset protection goals. Building a successful business is risky and the smartest business owners surround themselves with experienced, entrepreneurial business advisors and lawyers.

Sandwich Business Growth Lawyers: Business Structure and Asset Protection Planning

Our entrepreneurial entrepreneurs are dedicated to our Sandwich business owners, franchise, owners, and entrepreneurs. As serial entrepreneurs and business growth attorneys, we understand the legal risks involved with setting up and operating a business in Sandwich, Illinois. Wisdom is obtained through trials and tribulations, which involve great pain and sacrifice. Smart entrepreneurs understand that their success often requires them to surround themselves with successful and smart entrepreneurial advisors. Wisdom is acquired by mistakes, which produce pain and agony. The pain and agony resulting from mistakes often result in thousands of dollars in lost revenue and opportunities. Eventually, these trials and tribulations produce wisdom and understanding. 

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 Posted on January 24, 2023 in Business Law

Plano, Illinois Purchase and Sale of Business Attorney

Many considerations need to be made before choosing the best method for the purchase or sale of a business. Both parties want to make sure they have as few headaches as possible. To make this happen, it is crucial to know the make-up of the business and whether the Buyer is looking to purchase the whole business or only particular assets. Based on these answers, the Buyer and Seller can choose the best method to ensure the sale goes through smoothly. Three different methods can be used for the purchase and sale of a business. These three methods are a Merger, an Asset Purchase, and a Stock Purchase. Here, at Gateville Law Firm, we are Plano Il LLC and Business Attorneys assisting entrepreneurs, business owners, and franchise owners with their legal needs.

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 Posted on January 24, 2023 in Asset Protection & Wealth Preservation

The prenuptial agreement is frequently known as a "prenup" because provides two individuals to enter into marriage a predictable agreement. A prenup is a legal contract, which includes provisions concerning property division, spousal maintenance, and other financial agreements in case of a divorce. The prenup is intended to protect asset protection in case of a divorce or separation, which will minimize the financial pain and drama typically caused by divorces.

In Illinois, prenuptial agreements are often considered for middle-aged to older couples or otherwise known as "gray divorce" couples. Prenuptial agreements provide clarity and define each person's roles and responsibilities in case of a divorce. The prenuptial agreement outlines each person's assets, liabilities, and division in case of a divorce. The prenuptial agreement also should define what is non-marital and marital property and define how retirement security, real estate, real estate investments, and other financial assets will be divided in case of a divorce.

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 Posted on January 23, 2023 in Estate Planning

Yorkville Living Trust Lawyer: What is Needed to Sell Property in a Trust?

The process of selling property held in a living trust is the same as selling real estate in your personal name, with a few exceptions. The trustee of the living trust is selling property versus the living trust. A living trust is also referred to as a “revocable living trust” because it may be amended or revoked during the settlor or trustor’s lifetime. A settlor or trustor is a person or couple (or entity) that created a living trust. The trustor or settlor appoints a Trustee (or Co-Trustee) to administer and supervise the administration of the trust. While a person is alive and able to make their own decisions, the trustee or co-trustee is normally the person or couple that created the living trust. Upon the death or incapacity of the trustee, then a successor trustee will be named and appointed to spearhead the administration of the living trust.

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 Posted on January 23, 2023 in Business Law

What is the First Step in the Sale and Purchase of a Franchise?

The purchase or sale of a franchise is a major investment transaction. The process is complex and requires varying different legal documents. Documents prepared involved in the purchase or sale of a franchise require meticulous preparation.

Letter of Intent

Creation of the letter of intent is the first step in the purchase or sale process involving a franchise. The first step is creating the letter of intent (also known as “LOI”). The letter of intent declares the buyer’s intention to purchase a seller’s franchise. It summarizes several aspects of the deal including the parties involved in the transaction, the deposit amount, and the purchase price, and specifies key terms such as how the deal is going to be financed and determining a buyer due diligence period. 

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