A case decided recently, in March of 2012, is a complicated, though fascinating, study in corporate law. Shredding away the layers, it exposes a lesson to be learned for anyone who has incorporated a business. The risk is most acute for small corporate businesses. A primary reason people use the corporate form of business is…
Details
There is no such thing as an iPad Last Will App, but a judge in Ohio ruled recently that a Will written on a Samsung Galaxy Tablet, because no paper was allegedly available, is a valid Will. That ruling naturally raises the spectre of Will apps for iPhones, iPads, Andriod devices, and the sky is…
DetailsInternships have long presented opportunities for students and recent graduates to obtain practical education in their chosen professions and valuable experience to enhance their resumes. Employers have long benefitted from the unpaid help of those same interns. In the headlines is the story of a New York State Court case just decided that may change…
Details
There is nothing like a real-life story to drive home a point. What you are about to read are the real mistakes of real people. The names and details have been changed to protect the erstwhile entrepreneurs. Entrepreneurial people tend to have a lot of confidence in their own abilities and positive motivation. Those are…
Details
An agent pursuant to a power of attorney owes a fiduciary duty to the creator of the power of attorney (the “principal”) and is obligated to carry out the terms of the power of attorney with the highest degree of fidelity and good faith according to Illinois law. This fiduciary duty of power of attorney…
Details
There are many reasons why people do not do Wills. There will be time to do one later. I don’t have many assets. I am not ready to think about those things. I am not sure what is involved – and many other reasons. We try to focus on the positives: so here are five reasons…
DetailsBusiness owners are a hopeful, positive and adventuresome group. The strong character traits that propel people into commercial enterprise, however, may also reveal areas of weakness that may lead to difficulty and even disaster down the road. Business owners are not shy about entering into contracts, but sometimes they are big picture people and do…
Details
To many it seems that estate planning is like a mysterious woodland creature. There are sightings, but descriptions of the animal do not all jive, and an accurate picture of the real thing remains illusive. Dispelling some myths about estate planning is a good start in gaining an accurate understanding of the elusive creature. Once you begin…
DetailsWe all know intuitively that there is risk to business enterprise. We have watched restaurants come and go. We have heard the statistics: 50% of all businesses fail in the first year, and 95% do not survive the five year mark. Fortunately, those statistics are just urban legend (or a little exaggeration to make a…
DetailsI am going to step out on a limb, and likely ire my fellow attorneys, to say that LegalZoom is a cheap alternative to hiring an attorney to draft estate planning documents for you. Allow me to let you in on a secret: attorneys use forms that they buy! Anyone can create his/her own Will.…
Details