Posted on March 28, 2023 in Business Law

Oswego Professional LLC Attorney

Limited Liability Company vs. Professional Limited Liability Company?

Limited Liability Company (LLC)

A Limited Liability Company is also known as an "LLC," a popular business entity that incorporates the flexibility and limited liability protection of a Corporation. Essentially, an LLC combines a partnership and a corporation, which includes the primary benefit of limited liability protection. A weakness of a partnership is it lacks limited liability protection. A drawback of a Corporation is its' rigid corporate structure. The LLC incorporates the best features of a Partnership and the best parts of a Corporation.

LLC Structure

The formation of an LLC is the most popular business entity and cost-effective in Illinois. The LLC provides limited liability protection meaning that the owners of an LLC are not responsible for the debts of the LLC. Owners of an LLC are called "members." Generally, an LLC member is not personally liable for the company's bills and liabilities. However, there are circumstances where a member may be personally responsible for the debts of an LLC. Seeking an experienced business counsel is vital to help you structure your business enterprise. An accountant is inexperienced in business law and is not suitably qualified to assist in legal matters. People falsely assume that the formation of an LLC is simple. The structure and formation of an LLC are simple, but other factors must be considered when forming an LLC for a client. An accountant is ill-equipped to understand these factors. These factors may include providing strategies to protect one's assets and house in case of a lawsuit. Business ownership is risky, and the legal perils are real. Similarly, an LLC benefits from limited liability protection like a Corporation. 

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 Posted on March 28, 2023 in Real Estate Transactions

Kendall County Real Estate Lawyer

At Gateville Law Firm, we specialize in residential real estate transactions for sellers and buyers of real estate in Oswego, Plano, Newark, Leland, Boulder Hill, Aurora, and nearby areas of Kendall County. If you are considering selling or purchasing a home, this article will discuss the real estate closing process in Kendall County and the nearby regions. Three significant factors impact the home sale process in Illinois.

A. Attorney Review and Home Inspection Periods

The first factor involves the attorney review and home inspection periods. The attorney review and home inspection periods are significant during a residential closing. The attorney review period is established under the Multi-Board Residential Real Estate Contract 7.0 ("Purchase Agreement") and is the standard real estate contract used in Kendall County and surrounding Chicago suburbs. 

The Purchase Agreement outlines the typical real estate terms and conditions of selling residential property in Illinois. The commercial sales agreement utilizes a separate agreement. The Purchase Agreement includes the following provisions:

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 Posted on March 27, 2023 in Estate Planning

Yorkville Illinois Probate Attorney: Probate Primer in Kendall County, Illinois

Probate is the legal process, which happens after a person dies, and the family petitions the "probate court" to determine who is the appropriate beneficiary of one's inheritance upon their death. Probate can be an emotional process, especially when dealing with the end of a loved one and a complex court process. Probate distributes a person's assets upon their death according to their will or their following family members. The Probate court will also ensure the deceased person's debts are paid.

Unfortunately, many people are unaware that a last will must undergo a court process called "probate" to be effective. The last will be filed with the local courthouse where the person is deceased. People often need to be made aware that a last will must undergo probate court before a last will is effective and valid. Generally, a person names an executor in their will responsible for the court administration process. Alternative estate planning solutions can spare loved ones the hassle of dealing with probate court after one's passing. A Living Trust is an estate planning strategy that can assist people in avoiding the complexity of the court system. In addition, we have various articles on our blog that discuss varying estate planning strategies designed to avoid probate court.

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 Posted on March 27, 2023 in Uncategorized

A quit claim deed is a legal instrument in Illinois that transfers real estate ownership from one party to another. The reasons for using a quit claim deed include transferring property interest in a former marital residence or between family members. Gateville Law Firm specializes in real estate and quit claim deed preparation, with attorneys and support staff with extensive experience in these areas.

One significant reason for using a quit claim deed is to transfer ownership in a former marital residence, often required by a divorce decree or marriage settlement agreement. Another reason is to transfer property ownership among family members or to remove someone from real property. Preparing a quit claim deed is a complicated process that requires precision and expertise.

At Gateville Law Firm, our attorneys and former title insurance employees have prepared thousands of quit claim deeds over the years. This experience gives us a breadth of knowledge and qualifications, which is uncustomary for real estate attorneys. We understand that ill-prepared quit claim deeds cause title issues, which are costly legal problems. Often, lay people mistakenly attempt to prepare their quitclaim deeds. This results in cases that may only be found later. At that point, these legal issues can be costly and much more challenging to fix. These title issues can impact one's ability to refinance or sell a property. People often find out about these decisions when attempting to refinance or sell their property. At Gateville Law Firm, our documents are accurate and prepared correctly.

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 Posted on March 27, 2023 in Asset Protection & Wealth Preservation

LLCs and Series LLCs

An LLC, or limited liability company, is owned by one or more members. Forming an LLC provides a variety of benefits, including the following:

• Limited Liability for Managers and Members (owners)

Simply put, this means that members are not personally liable. Additionally, forming an LLC prevents double taxation, which is common among other corporations such as C corporations. A Series LLC is a type of LLC that offers asset protection across all "series" within the LLC. Each series is protected from any liability that may arise from any of the other series. A holding company, on the other hand, is a company that segregates assets and minimizes weaknesses. Holding companies are used for oversight, supervision, and control of subsidiaries but not for day-to-day decisions.

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 Posted on March 27, 2023 in Real Estate

Plano Commercial Real Estate Attorney Assisting Sellers & Buyers in the Kendall County areas, including Yorkville, Oswego, Newark, and Bristol

Real estate investing in large multi-unit buildings requires wisdom, precision, and patience. Smart real estate investors surround themselves with savvy, experienced business and legal advisors. This article will discuss real estate advice for purchasing and selling multi-unit buildings.

1. Surrounding Yourself with the Right Real Estate Professionals

Successful real estate investors and commercial property owners surround themselves with a solid real estate team of experienced and savvy advisors, including the following:

• Commercial Real Estate Brokers

• Financing Professionals, including retail, bank, and business lenders.

• Commercial Real Estate Lawyers

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 Posted on March 24, 2023 in Real Estate Transactions

Transferring Real Estate After Death: Yorkville and Kendall County Real Estate Transfer Attorneys

Transferring real estate after death is a complicated mixture of real estate, estate planning, and probate law. Covid-19 has changed the nature of business and emphasized the importance of estate planning and real estate. Baby boomers are the generation that was born after World War II. As a result, birth rates skyrocketed, referred to as "the baby boom.”

Baby boomers and their adult children are preparing and passing their real estate and wealth to their children and grandchildren. As a result, this period resulted in substantial wealth transferred from one generation to the next. 

Baby boomers and their families are ill-prepared to transfer their assets after death. There are eight types of property ownership in Illinois:

• Sole Property Ownership

• Tenancy by the Entirety

• Joint Tenants

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 Posted on March 24, 2023 in Estate Planning

Yorkville Estate Planning Lawyer for Small Business Estate Planning

Owners of small to medium-sized enterprises and their families, especially those which generate high income and have a high net worth, need estate planning, known as Business Estate Planning. It is vital for households in Yorkville, Oswego, Plainfield and other nearby Kendall County, Illinois, regions.

Asset management and thorough estate planning create a solid legal foundation for protecting against death and incapacity and safeguarding personal and company assets against potential threats.

Estate Planning Factors for Yorkville Business Owners

Steps for planning 

Creating an estate plan for you as a business owner necessitates careful evaluation and preparation of various things, including assets, goals, and even your family structure, and how that may give rise to possible conflicts. Therefore, attorneys must examine multiple factors when creating an estate plan.

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 Posted on March 24, 2023 in Real Estate

Commercial real estate is crucial to building wealth, especially since "going green" is the new way to advance. Wealth building, be it through commercial real estate or otherwise, is a financial empowerment. Today, where you grow up, and the quality of your education play a big part in your future success and job prospects. Despite the country's shortcomings, people succeed daily, although they are frequently the minority. The dollar has the same worth for everyone, regardless of skin complexion or race.

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 Posted on March 24, 2023 in Estate Planning

Regardless of age, it is essential to think ahead regarding estate planning. In addition, it is crucial to ensure that your affairs are in order in the case of your passing or incapacity. There are several aspects to effective estate planning, including A living trust, a pour-over will, property/healthcare power of attorney, and designated beneficiaries. This article will cover the basics of effective estate planning in Plainfield, Illinois. 

Living Trust

A living trust, also called a revocable living trust, is an essential document in estate planning. A living trust is like a will in that it states where your assets will be distributed after your passing; however, it provides far more benefits to you than a will. By drafting a living trust, your beneficiaries will avoid probate court. A probate court is a type of court that distributes your assets after your passing; it is legally required if you decide to draft a will. Probate can be extremely lengthy, costly, and overall unpleasant. A living trust will also administer your assets immediately upon your death/incapacity, making it very timely. A living trust also protects your assets against creditor claims meaning your loved ones will receive the exact amount you intended. Unlike a will, a living trust not only takes effect upon one's passing but will also be put into effect in the case of one’s incapacity. A living trust can be referred to as "revocable" because one may change their mind about certain aspects of the trust and amend it in their lifetime. 

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