Godfrey Illinois Law Blog

Some of the most rewarding parts of operating your company in Illinois will be the invaluable opportunities you have to network with and form agreements with other successful entities that may enable you to access an entirely new level of success. Developing contracts to sustain and support these agreements is critical in laying a foundation for a relationship that is bound by trust and follow-through. At Farrell, Hamilton & Julian, P.C., we are committed to helping companies protect their assets in the world of business. 

When you are presented with an opportunity to collaborate with another organization and potentially form a long-lasting agreement, first you must articulate a contract that details each party's responsibility and lays ground rules for the function of the relationship. According to the American Express Company, developing consistency within your brand imaging is important to align social media campaigns, messaging and the culture of your company to effectively define your service promise to your customers and employees. Another valuable step you can take is to create a capability statement that defines the areas that make you stand out as an organization. 

A financial power of attorney can be a very beneficial component of an estate plan. However, it is important to be aware of some problems other people have experienced with their power of attorney documents, so you can avoid those common problems.

Act early

According to Illinois Policy, businesses with less than 50 employees created the vast majority of new jobs in the state of Illinois, accounting for 83 percent of new job growth in 2017. In fact, small businesses, which generated nearly 130,000 new jobs between 2011 and 2017, are the primary reason for the state's recovery from the most recent depression. That is more than 60 percent of all new jobs created in the state. Because of its reliance on small business, one might think that the state would thank mom and pop shops via tax incentives and small business-friendly legislature. Unfortunately, the opposite seems to be happening. 

Though Illinois is so reliant on small business for revenue, the small business climate in the Land of Lincoln is far from healthy. In fact, in August of 2018, entrepreneurs and small business owners gave Illinois a failing grade in terms of small business friendliness. The state ranked last in the nation. This is due to many reasons, but the most significant is the increasing number of tax hikes.

You are preparing to buy a property in Illinois and are anticipating signing a contract reasonably soon. Now, you are wondering if there are specific terms that you should better understand before you sit down with the contract in front of you. Familiarizing yourself with some common terms can help you to more confidently understand each clause before you agree to them when you sign your name on the dotted line. 

A good rule of thumb is to have someone you trust and who is experienced in reading contracts, review and read the documents with you. They may be able to provide clarification on parts and give you a better understanding of what is being said. According to Realtor.com, some of the terms you may notice include the following:

• Inspection: This process involves a third-party coming in to assess the condition of your property to determine that it is compliant with legal requirements. 
• Appraisal: This process also involves a third-party coming in to establish a fair estimate on your property so the new buyer's lender can be sure they are not going to be taken advantage of.
• Contingencies: These requirements will need to be accomplished by either you or the buyer before the real estate transaction can be completed. 
• Title search: This process verifies that you are, indeed, the owner of the property and have all of the rights on the title.