Kennelly Business Law Blog
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Kennelly Business Law Blog
3w ago
The role of the executor of the estate is a huge responsibility. The executor is responsible for fulfilling the testator’s last wishes after they pass away and settling their estate. However, being the executor of someone’s estate is not always easy. Failing to fulfill the duties of the executor can lead to a breach of fiduciary duty. An executor’s fiduciary…
The post What are the duties of the executor of the estate? first appeared on Kennelly Business Law ..read more
Kennelly Business Law Blog
1M ago
Entering a commercial real estate lease requires a significant financial commitment. You want to make sure the lease agreement treats you as fairly as it treats the landlord. If it does not, your business could end up bleeding money for little to no value in return. Looking for the following signs of an unbalanced lease agreement can prevent you from…
The post Look for these red flags before signing a commercial lease first appeared on Kennelly Business Law ..read more
Kennelly Business Law Blog
1M ago
There are many scenarios in which an individual living elsewhere may have to take responsibility for the estate of someone who died in North Dakota. The surviving family members or chosen personal representative of the individual who died may not live in North Dakota anymore. In some cases, they may never have resided in the state. While choosing someone local…
The post Probate concerns: If representatives do not live in North Dakota first appeared on Kennelly Business Law ..read more
Kennelly Business Law Blog
1M ago
An employee handbook helps create a clear and consistent work environment by outlining company policies, procedures and expectations. As such, keeping this document up-to-date is critical to your business interests. An outdated employee handbook can lead to significant issues, ranging from legal liabilities to operational inefficiencies. Here’s why regularly reviewing your employee handbook is highly recommended. Staying up to date…
The post An outdated employee handbook could hurt your business first appeared on Kennelly Business Law ..read more
Kennelly Business Law Blog
2M ago
Taking the time to create a comprehensive estate plan is commendable. Considering your final wishes, advanced directives, distribution of your assets and naming a power of attorney takes a good deal of planning. However, a common mistake many people make is putting their estate plan somewhere safe and never updating it. After all, life is constantly changing, and our estate…
The post When should you update your estate plan? first appeared on Kennelly Business Law ..read more
Kennelly Business Law Blog
2M ago
Family business owners who go through a divorce may decide that they want to keep the business in place and continue as partners. Because they ended their romantic relationship, they’re going to have to ensure that they set the business up for success in a way that takes the new lack of relationship into account. There are several steps that…
The post Steps to take when continuing to own a business with an ex first appeared on Kennelly Business Law ..read more
Kennelly Business Law Blog
3M ago
Rent-back clauses are very common in real estate contracts. They provide the seller with maximum flexibility when it comes to their actual “move out” date, which can be invaluable when the seller is struggling to juggle a second closing date or find a new home. However, rent-back agreements put the new homeowner in the “landlord” position, while the home’s old…
The post What information needs to be included in a rent-back clause? first appeared on Kennelly Business Law ..read more
Kennelly Business Law Blog
4M ago
Family farms tend to pass from one generation to the next. In some families, entire groups of siblings may work on one farm together and help maintain the property for the entire family. More than one person likely relies on a family farm as a source of income, but not everyone who works on the farm is capable of actually overseeing farm operations. The person who currently manages a farm often has to make difficult decisions regarding who takes over their position when they retire or die. Instead of just having informal arrangements with their family members, what they may need instead is a w ..read more
Kennelly Business Law Blog
4M ago
You may have a good business idea, but you know that you need to take out loans to get the business off the ground. You simply don’t have enough startup cash yourself. You could try to start the business on the side and build it up over time, but you may want to move more quickly than that. Applying for loans allows you to do so. However, loans do not come without risk. If the business doesn’t pan out and has to declare bankruptcy or close its doors, you may not be able to pay those loans back. In that situation, you certainly understand that you would lose the business assets. But would your ..read more
Kennelly Business Law Blog
4M ago
Broadly speaking, family law deals with family matters and domestic relations. Nonetheless, it can be helpful to delve further into the precise legal issues addressed by the family courts. Every day, the family courts in Illinois hear numerous cases. Here are some of the key issues addressed by family law: Divorce On the whole, divorce is decreasing. Nonetheless, studies indicate that over half a million divorces occur every year in the U.S. One of the key responsibilities of the family courts in Illinois is to oversee divorce cases. The courts ensure that divorce remains equitable, part ..read more