Those planning to start a new business in Illinois have to make many important decisions, including what type of business entity to establish. Formal business structures offer legal protection and sometimes even tax benefits to entrepreneurs. Many people with plans...
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Godfrey Illinois Law Blog
5 mistakes to avoid in the first 24 hours after being served in Illinois
Someone just handed you legal papers, and now your mind is racing through what this means and what you’re supposed to do next. Before you react, it helps to know what can hurt you early on. Here are five mistakes you want to avoid right away. Ignoring the papers and...
What is an estate bank account and how to open one in Illinois?
When someone passes away, their financial matters do not simply stop. Bills may still need to be paid, refunds or final income may come in and assets may need to be distributed to beneficiaries. One of the first practical steps during estate administration is opening...
Which business structure is right for you: LLC vs Corporation
Choosing the right business structure can feel like a big decision. Your choice affects taxes, personal liability, how you run your business and future growth. If you are starting a business in Illinois, it helps to understand the differences between a limited...
Why estate planning matters for young families in Illinois
When you’re raising children, your days are packed with work, school and daily routines. But it’s just as important to plan for your kids’ future. If something unexpected happened tomorrow, who would care for your children? And would it be someone you trust? Creating...
Why would someone contest a will?
Wills hold significant importance as they express a person's final wishes regarding their estate. However, people sometimes contest these wills, raising the question: why challenge a will? Here are some key reasons why someone might contest a will. Minimum age...
Having Difficulty Contacting the IRS to Resolve an Issue?
It can be extremely frustrating and even frightening to receive a notice from the IRS that there’s an issue with your tax return from a previous year, or maybe multiple years, that needs resolution. The notice may say that you need to provide additional documentation...
BOI reporting is still on hold
As of February 2025, the status of Business Ownership Information (BOI) reporting is on hold due to ongoing legal proceedings. A federal court order has suspended the requirement for businesses to file BOI reports with the Financial Crimes Enforcement Network...
Do cryptocurrency transactions get taxed?
There is no doubt that cryptocurrency has taken the financial world by storm. From Bitcoin to Ethereum, these modern currencies have become a popular choice not just for investments but even as a mode of payment. So, how is our tax system adjusting to this seismic...
Does your online business need a physical location?
Starting an online business is a great way to get into entrepreneurship while minimizing operational costs. After all, there’s no need to worry about renting or buying a commercial space. State and local governments don’t require a physical office or storefront if you...