Business Formation

The sole proprietorship requires no formalities, no documents to execute, and no separate bank accounts or tax returns. Many new business owners think about choosing to operate as a sole proprietor because it’s easy to get started. But since there is no separate legal identity from its owner, the sole proprietor will be personally liable for many things that can happen in the business, even if the business no longer exists. Now we’ll look at General Partnership. A General Partnership is an association of two or more persons or entities that conduct a business as co-owners. The partners invest capital and share in the profits and losses of the partnership. The partners are agents for each other, which means that if a partner enters into an agreement, it binds the other partner as well. The partnership is a separate legal entity, but partners can be liable on the partnership level and in some situations, on the individual level. Just as a note, limited partnerships allow one partner to have less liability and responsibility than the other.

A more complex option is a Corporation. Corporations allow the business owner to create a separate legal entity to conduct business. The corporation can raise money for the business by issuing and selling shares of stock that are owned by the corporation. The purchasers of the shares then become shareholders in the corporation but are not personally responsible for the corporation’s liabilities. The corporate form protects the business owner by shielding their personal assets from liability.

Finally, let’s discuss the Limited Liability Company. The LLC blends elements of the corporation and a partnership. LLC’s are very flexible and business owners can spell out virtually all aspects of the company’s management structure in its operating agreement. The profits and losses flow through to the personal tax return of the members of the LLC. Many start-up or small businesses today, choose the LLC because of its flexibility, limitation of liability, and reduced formalities.

There are many types of for profit and non for-profit business entities. The kind of business entity that you choose, and the people you choose to go into business with, are very important decisions to make. For more information on forming your for profit or non-profit business entity, please call The Evans Williams Law Group to schedule a consultation. We look forward to doing business with you.

Allocation of Parenting Responsibilities

In 2016, Illinois did away with the term “custody” and replaced it with “allocation of parental responsibilities.” Essentially, what this means is that the state took all of the parental responsibility issues commonly dealt with in a child custody case, and assigned responsibility to either or both parents.

According to the statute, the court considers parental responsibility to include two factors:

  1. Decision-making responsibilities; and
  2. Parenting time

 

As it relates to decision making responsibilities, the court separates them into four major areas of a child’s life:

  1. Education
  2. Health
  3. Religion
  4. Extracurricular activities

 

In determining who gets to make the decisions for the child, the court will do what it thinks is in the best interest of the child. There are 15 specific factors considered by the court. I won’t state all of them now, but some include:

  1. The wishes of the child,
  2. The wishes of the parents;
  3. The child’s needs;

 

With respect to parenting time, the court will also do what is in the best interest of the child. However, in addition to the factors used to determine parental responsibilities, the courts also consider three more factors in determining parenting time:

  1. The amount of time each parent has spent taking care of the child over the past two years;
  2. The relationship of the child with his or her parents or siblings or anyone else who may affect the child’s best interests; and
  3. Whether a restriction on parenting time is appropriate.

 

Allocation of Parental Responsibilities is the new custody. When dealing with these issues through the courts, you need attorneys who can explain the process and help you make good decisions for your family.  To get more information, please contact The Evans Williams Law Group to set up a consultation.

Cathe Evans Williams

Managing Attorney