The purpose of this article is to explain the rights and remedies under Illinois law afforded to minority shareholders of Illinois corporations and LLCs. Let’s start by defining the terms “minority shareholder” and “closely held corporation.”
What is a Minority Interest in a Corporation or LLC Under Illinois Law?
A minority interest in a Corporation or LLC is a shareholder of a corporation or a member of LLC who does not control the operations of the business. In practice, a minority shareholder is generally anyone who owns less than 50% of the shares of the company, and therefore does not have voting power over the company’s decisions.
In this article, we will explain the difference between a DUI charge and an aggravated DUI, what factors lead to an aggravated DUI, and the penalties for different types of aggravated DUIs. For some foundational information you can click here to learn more about Illinois DUI Law generally: Illinois DUI Law Explained; and check out our article on What to Do if You Are Pulled Over for a DUI in Illinois.
If you are the executor or administrator of an estate, there are several different tax forms that you may be required to file on behalf of the decedent (the person who passed away) and the decedent’s estate. The purpose of this article is to explain the different types of federal and Illinois state taxes you may need to file when a loved one passes, and explain under what circumstances each is required.
The purpose of this article is to explain Form I-130, the Petition for Alien Relative, as well as to describe some changes to Form I-130 that occurred in 2017. Form I-130 is used by American citizens or permanent residents to sponsor a relative’s the Visa petition. It establishes the familial relationship between the U.S. citizen or permanent resident and the person seeking a Visa, as well as the citizen's or resident’s intention to assist the non-resident in immigrating to America. Form I-130 is a prerequisite to familial Visa petitions. The Visa petition itself is filed as a separate form (Form I-485).
In this article, we will discuss the top 5 reasons that you should have an estate plan when you have minor children in Illinois.
Naming a Guardian: The most important concern for most families with minor children is usually naming a legal guardian to be responsible for raising your children should both parents pass away or become mentally incompetent. Most people will name successor guardians to act if the initial choice for guardian is unable or unwilling to act. Guardians are named through a will. Click here to learn more about naming guardians for minor children.
In this article we will explain under what circumstances a parent can be required by an Illinois court to pay child support for a child’s college expenses and other educational expenses after the child is no longer a minor.
Child support is generally required in Illinois for children of separated parents until the child either reaches the age of 18 or graduates from high school. However, Illinois courts also have the discretion to award child support after the child has reached the age of majority for multiple reasons, including providing for the adult child’s education.
The purpose of this article is to explain Illinois court ordered parenting classes and answer some of the most frequently asked questions regarding parent education.
Supreme Court Partially Lifts Injunction On Revised Trump Travel Ban | Illinois Immigration Law 2017
On June 26, 2017, the Supreme Court agreed to hear oral arguments over President Trump’s revised travel ban. Oral arguments will be held in the session that begins in October of 2017. In the meantime, the Supreme Court has partially lifted the lower courts’ preliminary injunctions that had prevented the travel ban from going into effect.
Trump issued the initial travel ban as an executive order which prevented individuals from Iran, Libya, Somalia, Sudan, Syria, Yemen and Iraq from entering the United States for 90 days. The executive order also prevented refugees from entering the U.S. for 120 days. The 9th Circuit Court of Appeals upheld a lower court’s ruling preventing this initial ban from going into effect.
On August 12, 2016, Governer Rauner signed into law Public Act 99-0764, which will change the manner in which Illinois divorce courts calculate child support. The law will be effective on July 1, 2017 and will modify two sections of the Illinois Marriage and Dissolution of Marriage Act ("The IMDMA"), specifically 750 ILCS 5/505 and750 ILCS 5/510.
According to the current child support law, which you can read about here, courts are directed to award as child support certain minimum percentages of the non-custodial parent's net income, regardless of the income of the custodial parent. The new law replaces these minimum guidelines with an "income shares" model, which is already in use in most other states.
As we explain in our article Changes to Illinois Child Support Laws for 2017, effective July 1, 2017, Illinois is reforming its child support laws. Under the former law, the amount that an obligor parent was required to pay in child support was based simply on the obligor’s income and the number of children involved.
Under the new “income shares” model for calculating Illinois child support, the total amount of child support for which the parents are jointly responsible is calculated based on the combined net income of both parents. Once this number is determined, each parent’s share of the responsibility for providing that amount of child support is calculated based on the net incomes of the parents relative to one another.
This means that, unlike the previous law, the new child support law takes the income of the recipient of the child support into account when determining the amount of the obligor parent’s child support obligation.
In cases in which probate is required, the executor of the estate or the next of kin cannot take the actions necessary to administer the estate without the authority granted by the probate court.
If you are not sure whether probate is necessary, you can check out our article: When is Probate Required in Illinois?
Probate is a complicated process that requires executors to prepare forms, meet deadlines, keep records, generate reports, submit filings to the court, and serve notices to creditors, heirs and local newspapers.
In this article we will explain everything you need to know about Illinois custodianships and the Illinois Uniform Transfers to Minors Act.
What is a custodianship?
The Illinois Uniform Transfer to Minors Act (760 ILCS 20, et. seq.) allows one to transfer property to a minor, subject to the management of a custodian. A custodianship in Illinois is a relationship whereby an adult is given the power to manage a particular piece of property on behalf of a minor until the minor reaches age 21. The transfer is an irrevocable gift, and the minor receives legal title to the custodial property. The minor’s guardian will have no authority with respect to the property.
What is a Trademark?
A trademark is any word, symbol, or other device used to distinguish a business’ products or services from those provided by others.
What Law Governs Trademarks?
Trademarks are governed by both state and federal law. The Trademark Act of 1946 (15 USC 1051, et. seq.), also known as the “Lanham Act,” is the operative federal statute. On a state level, trademarks are governed by each state’s trademark, unfair competition, and deceptive trade practices statutes. The operative statutes in Illinois are the Trademark Registration and Protection Act (765 ILCS 1036/1, et. seq.), the Counterfeit Trademark Act (765 ILCS 1040/0.01, et. seq.), and the Consumer Fraud and Deceptive Practices Act (815 ILCS 505/1, et. seq.)
In this article we explain how to move a corporation or LLC and wish to a different state. There are several different options for accomplishing a corporate relocation depending on your business goals, we describe each in detail.
What should you consider if you have received a notice of disciplinary proceedings against your professional license?
In Illinois, professional licensure is overseen by theDepartment of Financial and Professional Regulation (“IDFPR”). Consequently, the IDFPR oversees all aspects of licensing from testing requirements down to discipline. Hopefully, most licensed professionals deal with the former and not the latter; but what should you consider when you receive a notice of discipline from IDFPR?
The most challenging and time consuming portion of any divorce proceeding, is sorting through the finances. Dissipation and contribution are often an overlooked component when analyzing marital finances because both concepts deal with money that has already been spent. The key difference between the two (2) concepts lies in how the money was spent.
Where has child custody gone?
For the first time since 1972, major revisions to the Illinois Marriage and Dissolution of Marriage Act (“IMDMA”) came into effect in 2016. One of the most significant of these revisions was in terms of how the Courts view child custody of minor children. A parent no longer has “custody” over a child, they now exert “parenting time” and “decision making authority” over the child.
1.Must every estate go through probate?
2.Do I need an Attorney to Probate a deceased relative’s estate?
3.What is a bond in probate?
4.What happens when a deceased relative owns Real Estate in multiple states?
5.What should I do if a friend or family member dies and I am named executor in their Will?
Illinois Child Support Law 2017: How Are Non-Minor Educational Expenses and Parental resources Calculated for Illinois Child Support
As explained in our prior article, effective July 1, 2017 child support will be evaluated using the “income shares” model. This is a substantial change from the way child support is calculated now. Currently the amount of child support to be paid by the obligee (person required to pay child support) it is determined pursuant a fixed percentage of the oblige parent’s net income based on the number of children to be provided for. For example, currently when there is only one child to be supported to Court sets the support obligation at 20% of the payee’s net income; if it is two (2) children then it becomes 28%; three (3) children the support obligation is equivalent to 32% of the obliges income
President Trump reissued his Executive Order titled “Protecting the Nation from Foreign Terrorist Entry into The United States.” This act shall take effect on March 16, 2017. This Executive order will ban nationals from six designated countries -- Syria, Iran, Libya, Sudan, Yemen, and Somalia. Natives from these countries are banned for at least 90 days. Unlike the previous Executive Travel Order, natives from Iraq are exempt. Additionally, the order will put a halt on The United States Refugee Program (USRAP) for 120 days.
How do Maintenance Payments Affect Child Support Obligations Under Illinois' 2017 Child Support Law?
On July 1, 2017, Public Act 99-0764 will go into effect, and modify Illinois child support laws. Under the new law, which you can read all about here, each parent's responsibility for child support will be determined based on their "net incomes" relative to one another.
A reader commented asking how maintenance payments will affect the parents' relative incomes under the new child support law. In this article, we will explain how maintenance obligations (also known as alimony or spousal support) will affect child support support obligaitons under Illinois' 2017 child support law.
The purpose of this article is to provide a summary of Illinois franchise law and federal franchise law as applied in Illinois. Because franchises are governed by both federal and state regulations, franchise law is complex, and an experienced franchise attorney should be an essential part of your team, whether you are a franchisor or franchisee.
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O’Flaherty Law is based in Downers Grove, Elmhurst, and Naperville, Illinois. Our team has expertise in many areas of law including but not limited to bankruptcy law, business & corporate representation, civil litigation, criminal defense, estate planning, divorce & family law, immigration; probate, guardianship & elder law; and real estate law. If you have any questions or would like to schedule a free consultation, please e-mail us at email@example.com or call us at (630)324-6666.
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O'Flaherty Law of Downers Grove
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O'Flaherty Law has experience in legal services in the following legal practice areas: estate planning and probate; featuring wills and trusts, powers of attorney, living wills, estate tax avoidance and probate practice; real estate law; featuring commercial and residential sales and leases, foreclosure defense, short sales, REO closings and consent foreclosures, mechanic's liens and landlord and tenant disputes; family law; featuring divorces, child custody, child support, paternity, adoption and orders of protection; criminal law; featuring DUI, traffic and criminal defense; business representation; featuring entity selection, incorporation and s-corp election, bylaws and operating agreements, annual reports, annual meetings of shareholders, employment agreements, handbooks and warning and termination letters, business contracts, independent contractor agreements, trademarks and copyrights, regulation and licensing compliance and dissolution and mergers; business and personal bankruptcy; featuring Chapter 7, Chapter 11 and Chapter 13 cases; litigation; featuring commercial contract and tort law, employment and labor law, personal injury and collections; and immigration law.
Located in Downers Grove, Illinois, O'Flaherty Law serves DuPage County, Dekalb County, Will County, Cook County, Lake County, Kendall County, Kane County, McHenry County Winnebago County in Illinois, as well as the following cities: Wheaton, Naperville, Woodridge, Downers Grove, Darien, Willowbrook, Westmont, Lisle, Oak Brook, Warrenville, Glen Ellyn, Aurora, North Aurora, Batavia, Geneva, St. Charles, Lemont, Joliet, Bolingbrook, Plainfield, Crest Hill, Lake Forest, Lake Bluff, Northbrook, Highland Park and Chicago.
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