Documenting Loans: A Best Practice

Many people have or will lend money to other people in their lifetimes.  Often parents lend money to children.  Sometimes friends lend money to friends.  Businesspeople lend money to other businesspeople.  There are many contexts in which one person loans money to another person.  Shareholders of the corporation borrow money from their corporations, or the…

New UCC Forms Notice from the Illinois Secretary of State

The Uniform Commercial Code (UCC) forms have changed for perfecting UCC liens. If you make UCC filings in Illinois, be sure you are using the new forms required as of July 1, 2013.  The following notice is posted on the Secretary of State’s Business Services website: Effective July 1, 2013, Public Act 97-1034 amends the…

Lessons in Business: Mistakes that Can Be Avoided, the Story of John Doe

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 innocent entrepreneurs. Entrepreneurial people tend to have positive motivation, hope and confidence in the future.  Those are essential characteristics for budding…