Category: Uncategorized

Monday, July 15^th – Friday, July 19^th, 2019

Interest & Collection Fees Waived

The Lake County Circuit Clerk’s Office, in coordination with the Lake County State’s Attorney’s Office, is pleased to announce Lake County Amnesty Week will begin Monday, July 15, 2019 and run through Friday, July 19, 2019.  During the week-long period, all collection fees and accrued interest will be waived on any past due fines owed on criminal and traffic matters in Lake County.  Last year over $270,000 in collection and interest fees were waived for participants, and approximately 429 cases were closed.

Full or partial payments are accepted either over the phone or at any of the branch court locations. For more information on the Lake County Amnesty week, visit https://www.lakecountycircuitclerk.org/.

 

Churchill, Quinn, Richtman & Hamilton, Ltd. is your local source for personal and business legal assistance for matters pertaining to litigation and appeals, real estate, estate planning and business law.  Located on the same street corner for over 100 years, Churchill, Quinn, Richtman & Hamilton, Ltd. has earned its reputation as a firm that combines large firm expertise with the attractive atmosphere of a smaller practice.  Contact us at 847-223-1500 or visit  https://grayslakelaw.com/ for information about our services or to schedule an appointment with one of our experienced attorneys.

It’s not always easy to find a great activity that the whole family can enjoy together.  So don’t miss the chance to take part in the 28^th Annual Grayslake 5K Run & Walk taking place on Saturday, July 13, 2019 at 8:00am.  The Grayslake Chamber of Commerce hosts this event every year, and Churchill, Quinn, Richtman & Hamilton, Ltd proudly sponsors it, so people of all ages and athletic abilities can participate in a day of healthy togetherness.  Runners, walkers, strollers and wheelchair athletes are encouraged to participate in this race through historic Grayslake.

For those with a competitive spirit, there will be AWARDS for top 3 finishers in the categories of males overall, wheelchair males overall, females overall, wheelchair females overall, as well as the top three male and female finishers in each of 17 age groups, from age 9 – 80+. The Champion Chip timing system will be used so you can have confidence in the official race results.

The race begins and ends on Center Street in downtown Grayslake.

Participants in the 5K can expect a t-shirt for the first 500 preregistered runners (sizes cannot be guaranteed, but size requests will try to be honored), post race refreshments and a whole lot of fun.  In case you needed another great reason to sign up for the event, Proceeds from the Grayslake Chamber 5K go to the Grayslake Chamber Scholarship Fund which annually provides scholarships to seniors who will be attending a 2 or 4 year college/university.

If you have kids aged 5 – 8 that aren’t up for the distance of the 5K, there’s a special Kids Fun Run just for them that runs from Lake Street to Whitney Street (2 blocks)!  This race starts at 7:30am, and all Fun Run participants receive shirts, ribbons and refreshments.

For registration information, click here: https://www.signmeup.com/site/reg/register.aspx?fid=6C2V0H7

Get your best pair of running shoes ready for the 25^th Annual Antioch Run for Freedom being held on Thursday, July 4^th, 2019.  Churchill, Quinn, Richtman & Hamilton, Ltd is a proud sponsor of this 5K run / walk which has become a long-standing tradition among local families and competitive runners alike, as the challenging USATF Certified course winds through the beautiful streets of Antioch.

While families can walk the course and enjoy the time together taking part in a relaxing and healthy event, trained athletes looking for a challenge will enjoy competing for one of the top spots.  Awards will be given to the top three males (overall), top three females (overall), as well as age group awards for the top three males and females in each of 14 age categories (from age 6 to 70+).  The race will be utilizing B-Tag timing technology from ChronoTrack.

The first 1,200 registered participants will receive a great commemorative T-shirt (although sizes are not guaranteed) and complimentary refreshments will be provided, with two water stations along the race route.  The starting location is at the Antioch Scout House, at 770 Cunningham Drive (at the corner of Cunningham Dr & Poplar Ave – 1 block west of Highway 83 / Main St).

Registration is going on now!  The fee to participate is $30 prior to race day, $35 on the day of the race, or a family rate of $80 which includes up to 5 immediate family members (prior to race day only).  Race day registration and packet pickup begins at 6:30am at the Antioch Scout House at 770 Cunningham Dr.  Registration closes at 7:45am sharp and the race begins at 8:00am.

Churchill, Quinn, Richtman & Hamilton, Ltd wishes all of the runners luck!  For more information, including signup link, course map and link to view race results click here: https://www.sbotl.com/content/wintrust/sbotl/en/lp/2019/q2/run-for-freedom.html

Mark your calendars for Saturday, June 29, 2019 – that’s when the Grayslake Community Park District, along with the Grayslake Chamber of Commerce and the Village of Grayslake will be holding the annual  Taste of Grayslake Family Picnic and Fireworks!

Always a fun family event, come spend the day and take advantage of all the festival has to offer.  Listen to amazing live music from GooRoos, playing favorites from One Republic, Maroon 5, Ed Sheeran and more from 3:00pm – 5:30pm, followed by Mike & Joe, one of the nation’s top rock cover bands, from 6:30pm – 9:30pm.

Local food vendors will be dishing out a great selection of some of the best local food throughout the day, and there will be beer and wine available as well.  The kids will stay occupied with activities and rides just for them, and the event will wrap up with a fantastic fireworks display at dusk.

The event starts at 3:00pm and ends after the fireworks, and will be located in Central Park at 250 Library Lane in Grayslake.  Admission is FREE, so don’t miss it!  For more information, visit https://www.glpd.com/grayslake-park-district-event/taste-of-grayslake-family-picnic-fireworks-2/

Churchill, Quinn, Richtman & Hamilton, Ltd is a proud sponsor of this event, as we believe in creating a strong community, and recognize the value of community involvement.    Located on the same street corner for over 100 years, Churchill, Quinn, Richtman & Hamilton, Ltd. has earned its reputation as a firm that combines large firm expertise with the attractive atmosphere of a smaller practice.  We successfully represent clients in a wide range of areas including litigation and appeals for both individual and business needs, corporate and personal real estate transactions, estate planning and wealth protection and a range of business services that benefit our corporate clients.  Contact our office at 847-223-1500 to learn more about our legal services or to schedule an appointment with one of our experienced attorneys.

It’s that wonderful time of year again when the Grayslake Area Chamber of Commerce hosts the annual Arts Festival & Wine Tasting event – and Churchill, Quinn, Richtman & Hamilton, Ltd is proud to be a sponsor of this 24^th celebration!

The festival takes place on June 22, 2019 from 10:00am – 4:00pm on Whitney Street in historic downtown Grayslake.  Visitors to this year’s event will have the pleasure of browsing the works of over 60 juried artists, who all worked very hard to have their incredible talent showcased for the community.

While perusing the art on display, you won’t want to miss the wine tasting portion of the event, whose theme is “Wines Around the World”.  Whether you are a fan of red, white, sweet or dry, maybe you will discover a new favorite amongst the samplings.

To complete the day of fun, there will be food vendors, entertainment throughout the day, children’s activities, and to show that adults are not the only ones with talent, there will be a student art exhibit as well.

The festival is free to all, so be sure to stop by for a wonderful, family-friendly experience.

Visit the official event site here:  http://business.grayslakechamber.com/events/details/24th-annual-arts-festival-annual-wine-tasting-802

Churchill, Quinn, Richtman & Hamilton, Ltd is your Source for Legal Assistance in the Grayslake Area

Churchill, Quinn, Richtman & Hamilton, Ltd proudly supports our community and has been an established source of legal guidance in Grayslake and the surrounding areas for over 100 years.   If you are a business owner, we can help with a wide range of services such as partnerships, succession planning, financing, litigation and more.  Individuals benefit from our expertise in estate planning and will preparation, real estate and zoning assistance, landlord-tenant disputes, personal lawsuits and so many other legal services.  Learn more about our professional areas of practice HERE and see why we remain one of the area’s most trusted legal sources.

If you LOVE craft beer, or would like to know why they are so popular these days, you must head over to the Grayslake Craft Beer Festival on June 1^st!  Churchill, Quinn, Richtman & Hamilton, Ltd is a proud sponsor of this fun adults-only event that you don’t want to miss.

Spend the afternoon sampling and comparing some of the best varieties of craft beer out there.  With over 150 choices available from more than 65 breweries, this is your chance to find a new favorite or see what you’ve been missing!  Along with the great beer, you can enjoy some great musical entertainment and a variety of yummy food options.

And the BEST part is that all of the net proceeds will go toward the Grayslake Scholarship Fund which has awarded more than $50,000 each year to deserving students chosen by the Exchange Club of Grayslake and the Grayslake Area Chamber of Commerce.

The event is located at the Grayslake Festival Grounds at 33 South Whitney Street and runs from 1:00pm – 5:00pm (with a special VIP session from 12:00pm – 1:00pm) on June 1, 2019 – rain or shine!  Get your tickets here to secure your spot for this fun day that also supports a great cause.

Contact Churchill, Quinn, Richtman & Hamilton, Ltd for Legal Assistance in a Variety of Areas

Are you aware of the variety of legal services we provide to both businesses and individuals?  Our business clients range from small, family-owned businesses to large complex organizations that require a wide range of legal services.  We can assist with business transactions including stock/asset purchases or sales, mergers and acquisitions, financing, succession planning and much more.  Contact Churchill, Quinn, Richtman & Hamilton, Ltd at 847-223-1500 or click here to learn more about the many ways in which we can help your business navigate any legal challenges that may arise.

While it might seem logical to be happy about an increasing home value, when it comes to the tax assessor’s office you want your value to be as low as possible.  Since your property tax bill is based on your assessed value, convincing the government that your home is worth less than they say it is can save you money.

The county is not always correct in their assessment and there are steps you can take to appeal your taxes and get changes made:

Make Sure You Meet the Deadline

Once you receive your assessment, you have only 30 days to file an appeal.  Make sure you are aware of the specific deadline for your property’s location.  Contact our office at 847-223-1500 as soon as you get your blue property tax card to assure there will be time to assemble your case.

From the Lake County Tax Assessment office as of 8/6/20:

2020 Filing Deadlines and Decision Mailed Dates

Township	Newspaper	Tentative Assessment Roll Publication Date (* = Tentative)	Final Filing Dates
Antioch	Lake County Journal	8/27/2020*
Avon	Lake County Journal	8/20/2020*
Benton	Lake County News Sun	7/30/2020	8/31/2020
Cuba	Barrington Courier Review	8/6/2020	9/8/2020
Ela	Lake Zurich Courier	8/27/2020*
Fremont	Mundelein Review	8/6/2020	9/8/2020
Grant	Lake County Journal	8/20/2020*
Lake Villa	Lake County Journal	8/27/2020*
Libertyville	Libertyville Review and Vernon Hills Review	8/20/2020*
Moraine	Highland Park News	8/6/2020	9/8/2020
Newport	Lake County News Sun	8/13/2020	9/14/2020
Shields	Lake Forester	7/30/2020	8/31/2020
Vernon	Buffalo Grove Countryside, Lincolnshire Review and Vernon Hills Review	9/3/2020*
Warren	Lake County News Sun	9/3/2020*
Wauconda	Lake County Journal	8/13/2020	9/14/2020
Waukegan	Lake County News Sun	9/3/2020*
West Deerfield	Deerfield Review and Lake Forester	8/13/2020	9/14/2020
Zion	Lake County News Sun	7/30/2020	8/31/2020

 

Understand Assessment Ratios

If your home’s value seems low on your assessment, they may be using an “assessed value”, which is only a percentage of the full market value.  You can confirm this on the assessor’s website before building your case.

Make Sure Your Property Information is Accurate

We can request a copy of the internal notes and data the assessor used when determining the value of your home and verify that they used the correct lot size, house age, room count for bedrooms and bathrooms, or anything else that might affect the value.  We also make sure they compared your house to similar homes based on size, age, etc.

Hire an Attorney to Help in the Process

There are many details to consider during the appeal process and even if you present a good case, the assessor does not have to agree with you.  Often times they will do their best to defend their original estimate.  A qualified attorney can make a significant difference in a successful appeal.

The attorneys at Churchill, Quinn, Richtman & Hamilton in Grayslake are experienced in reducing property tax liability.  We will provide a free evaluation to determine if an appeal is warranted and will not charge any fee unless we successfully reduce your taxes.  Contact us at 847-223-1500 or visit dev-cqrh.pantheonsite.io for more information.

For the latest information on filing deadlines and decision mailed dates, visit the Lake County Assessment Office

 

Additional referenced information here

 

Developing an appropriate estate plan to preserve and protect assets is a concern for many people.  Individuals with a high net worth in particular may be concerned with finding the best way to protect their assets now so they may be assured that the inheritance is available for their children.  One estate planning option to consider is an irrevocable trust.  There are several advantages to this type of trust, although it may not be appealing to everyone.

Irrevocable Trust vs. Revocable Trust

A trust is a fiduciary arrangement in which a person, or grantor, gives authority to a trustee to hold the title to the grantor’s assets for the benefit of a third-party beneficiary.  The difference between an irrevocable and revocable trust lies in the ability of the grantor to make changes to the trust once it has been established.

A revocable trust allows the grantor to make changes to or terminate the trust, and thus retain control of their assets, as long as they are still alive and competent.  By contrast, an irrevocable trust typically cannot be changed or terminated without the consent of the beneficiary.

Why Would Someone Choose an Irrevocable Trust?

This type of trust offers solid asset protection for the beneficiary.  The money placed in the trust may be specified for use, such as education or a wedding, and is actually removed from the grantor’s estate while they are living.  They can provide a number of benefits including:

• Assets are protected from judgments or creditors
• Taxable assets are removed from the estate, allowing for estate tax exemptions for the grantor
• Assets may be gifted to children with less tax implications

There is an obvious drawback of losing control over assets that would make this option unappealing to some people.  However, for some, an irrevocable trust may be a sound financial decision.  Due to the intricacies of this type of trust, working with an attorney who is well-versed in estate law is highly suggested.  Churchill, Quinn, Richtman & Hamilton, Ltd attorneys have extensive experience protecting and preserving our clients’ wealth to pass on to future generations and specialize in determining which estate planning options are best-suited to each individual.  Contact us at 847-223-1500 to learn more.

Additional resources referenced here and here

Turning a great idea into an actual business can be an exciting undertaking.  However, properly executing your plan can sometimes be a challenge.  If you have decided to launch a new business, it is very important to pay attention to some key legal issues that often are overlooked.

Business Structure

When forming a new business, selecting the correct business structure (legal category or status) is crucial for its success as it will determine how the business will operate.  Common business structures include Sole Proprietorship, Partnership, Limited Liability Company (LLC), C Corp or S Corp.  The structure you choose will affect your personal liability, how much you pay in taxes, which paperwork gets filed and the ability to raise money.

Business Name  

Choosing a name for your new business can be one of the most exciting, personal decisions in the process and it should be done with care for a number of reasons.  Selecting a name that best represents who you are as a company and what you offer can help the business become more successful.  Legally, it is very important to register your name in order to protect it.  This should be done at the state and federal level, as well as online with a website domain name.

Licenses

In order to legally operate your business, you must obtain the proper licenses, permits and tax registration.  Different licenses will be required depending on the nature of your business, such as general operating licenses, liquor licenses, health permits, zoning or land-use permits, etc.  It is always recommended that you speak to an attorney to verify what is legally required for your specific situation.

Employee Issues

If you plan on hiring even one employee, you need to work out some important details.  Determining if they will be independently contracted or on your payroll, completing the appropriate employment forms, developing an employee handbook which specifies employment policies, preparing non-disclosure agreements to ensure your company secrets remain protected and being aware of important employment laws are all factors to consider when others will be working for you.

Neglecting any of the above issues can result in fines, tax complications, lawsuits or even closure of the business.  While the legal details of starting a new business can seem very overwhelming, you can be confident in the attorneys at Churchill, Quinn, Richtman & Hamilton, Ltd.  We have decades of experience helping thousands of clients successfully complete the process, thoroughly explaining what needs to be taken care of and answering any questions along the way.  Contact us at 847-223-1500 and talk with our experienced attorneys to discover how we can serve as a valuable resource throughout the life of your business.

Additional resources referenced here and here

Most people need to secure a mortgage loan when purchasing a home, using the property as collateral.  The terms of a mortgage loan require the borrower to make timely monthly payments in order to remain in compliance.  When a borrower fails to make one or more payments, the lender may initiate foreclosure proceedings in an attempt to recover the mortgaged property.  Here are some frequently asked questions regarding mortgage foreclosure:

What is the Process of Mortgage Foreclosure?

Typically, when a borrower misses several payments, the lender will send an official notification to the borrower, that has been recorded with the county, stating that they are in default of their loan agreement and are facing foreclosure.  If the loan is not brought current within three months, a foreclosure date is set.  The notice of sale is provided to the homeowner, posted on the property, recorded with the county and published in the local newspaper.  On the established date of the trustee sale, the house is auctioned off to the highest bidder, who then receives the deed to the property.

Can Anything Be Done to Stop the Process?

If a borrower is delinquent on their payments, oftentimes the lender will offer new payment alternatives that can help them become current and avoid foreclosure.  They might allow temporary partial payments, modify the original loan agreement with a lower rate or a longer repayment term, or agree to a temporary stop in payments while creating a new payment plan.

How Will a Mortgage Foreclosure Affect a Credit Report?

A mortgage loan is one of the most significant items on a credit report, so a reported foreclosure can have very damaging effects.  It will decrease the likelihood of being approved for another loan or credit card, and will almost certainly result in a higher interest rate if approved.  It can also make it difficult to get a job or rent an apartment, as both often require a credit check.  Unfortunately, once reported, it will remain on a credit report for 7-10 years.

Is an Attorney Recommended to Help With a Foreclosure?

YES!  If you are facing foreclosure and want to keep your house, you should hire an attorney as soon as possible.  The earlier your attorney gets involved, the more choices are available.  A lender is not required to offer repayment options, but a qualified attorney can help work out a deal or help you understand your options for bringing your loan current.  Your attorney can also help ensure that the lender is legally following all of the rules, and can represent you in court or mediation.

Churchill, Quinn, Richtman & Hamilton, Ltd attorneys have successfully represented many clients throughout the foreclosure process, analyzing each specific situation to determine the best course of action.  Contact us at 847-223-1500 to learn how we can help you obtain the best possible outcome to your impending foreclosure.

Additional articles referenced here and here

Company secrets, business models, product formulas and other confidential pieces of information are exchanged every day among corporate colleagues.  It is a necessary part of conducting business, but if a company’s secrets got out, it could mean financial devastation.  A non-disclosure agreement helps ensure that sensitive information is not disclosed to any unauthorized individual.

What is a Non-Disclosure Agreement?

A non-disclosure agreement, also known as an NDA, is a legal document in which a person agrees to not disclose confidential or protected information they receive in the course of doing business.  The NDA will specify what information is protected and the length of time that the employee is required to withhold releasing the information.

Why is a Non-Disclosure Agreement Important?

New product development at established companies, innovating new ideas at startup companies, or obtaining new investors, clients or suppliers all require the ability to openly exchange privileged  information among the individuals involved.  Having an enforceable NDA allows for the necessary communication between the appropriate parties without sacrificing proprietary or sensitive information.

What Happens if you Violate an NDA?

Often times, it depends on the company.  If the violation has not resulted in a significant loss to the company, they may decide to not take action against the offender.  However, it is completely within the company’s rights to prosecute to the full extent of the law according to the terms set forth in the NDA, including payment of financial damages and related costs and even criminal charges.

The attorneys at Churchill, Quinn, Richtman & Hamilton, Ltd have successfully represented companies whose confidentiality rights have been compromised, as well as individuals who have been accused of violating the terms of an NDA.  The laws surrounding this issue are complex and should be handled by an attorney experienced in this type of defense.  Contact us at 847-223-1500 to learn more about our prior successes in non-disclosure matters for both employers and employees.

Additional information can be referenced here

A smart business owner knows that no matter how much time and effort is put into safeguarding the business, there is always the possibility that a legal issue may arise.  In order to protect the integrity of your investment, it is important to have an attorney on hand to provide support in any number of situations.

Lawsuits

These days, people will sue for anything and everything if they think there will be a big payout at the end.  The more successful the company, the more likely they are to face the possibility of a lawsuit.  But even small businesses are not immune, so no matter the size of the company, having a good attorney in place BEFORE a lawsuit is filed will provide the best protection and help to avoid them in the first place.

Employee-Related Issues

As soon as you hire the first employee, you open the company up to a variety of personnel issues that can arise, and the chance of problems just increases as the workforce gets bigger.  Everything from hiring procedures and employee documentation to discrimination lawsuits or workers’ compensation claims can all be better handled with a qualified attorney on your side.

Preparing Legal Documents

Certain company documents that play an essential role in protecting the interests of the business as well as the owner should always be prepared by your attorney.  The company can face liability issues if items such as company bylaws, employee agreements, business contracts, or privacy policies are not legally accurate.

State and Federal Compliance

As a business owner, there are certain rules and regulations that must be followed in order to remain compliant on a state and federal level.  Having an attorney that is knowledgeable in local, state and federal laws that pertain to your industry can help ensure that your company avoids violations, along with penalties and fees.

There are many more reasons to use an experienced attorney in order to keep your business protected.  At Churchill, Quinn, Richtman & Hamilton, Ltd, our clients range from small, family-owned businesses to large complex organizations that require a wide range of legal services.  We can assist with business transactions including stock/asset purchases or sales, mergers and acquisitions, financing, succession planning and more.  Contact us at 847-223-1500 to learn more about how we can help your business.

 

Referenced article here

Join us for Great Networking!

Feb. 28th from 4:30pm to 7:30pm at the Grayslake/Round Lake Area Chambers’ February Networking Mixer.

The event is being hosted by Churchill, Quinn, Richtman, & Hamilton Ltd.

As an individual or a company, you purchase insurance to provide protection in the form of offsetting incurred costs associated with an accident, illness or other catastrophic event that could otherwise result in serious financial hardship.  After dutifully paying monthly premiums, it can be extremely frustrating to have an insurance claim denied.  Although it might feel like fighting an uphill battle, it is possible to get a denial reversed.  A qualified attorney, like those at Churchill, Quinn, Richtman & Hamilton, Ltd, can make a difference in whether you emerge victorious in your insurance claim dispute.

Insurance Policies Vary  

Each insurance carrier has their own set of rules and exclusions, and they can vary greatly between companies.  What is covered, what is not covered, and under what circumstances, are all specified within the policy itself.  When a claims adjuster denies a claim based on his or her interpretation of the terms, this is when disputes can arise between the insurance company and the insured party.  But once an insurer has made a decision, it can be difficult to get that decision changed.

Why a Claim Might Get Denied

A claims adjuster will deny a claim if he or she believes that the claim does not meet their criteria for approval.  Some examples of reasons for denial include:

• The claim exceeds the policy coverage limits
• You are filing a claim for coverage that you did not purchase as part of your policy
• You misrepresented information when applying for the insurance policy
• The insurance company suspects fraud
• Important details have been left out of the filed claim
• The claim was not filed on time

What You Can Do to Dispute a Denied Claim

When an insurance claim has been denied, and it represents a significant amount of money, it is a good idea to gather as much evidence and documentation as possible that supports your claim and hire an attorney to assist in getting the decision overturned.  An attorney can help you to understand why the claim was denied and what your options are for legal recourse.  Being able to read, understand and apply the language in an insurance policy takes a high level of skill and expertise and can be the deciding factor in successfully disputing an insurance claim.  The attorneys at Churchill, Quinn, Richtman & Hamilton, Ltd have that kind of experience and can help you get the results you want.  Contact us at 847-223-1500 for more information.

 

Referenced articles HERE and HERE

While not a pleasant thought, it is important to understand that there may come a point in life when you might be unable to make medical decisions for yourself.  If you were to become terminally ill or severely injured and are unable to speak for yourself, doctors and loved ones may be left with the responsibility of making medical decisions on your behalf.  A living will is one way to make your final wishes known.

What is a Living Will

A living will is a document that is prepared in advance as a directive to doctors or caregivers that details your wishes as they pertain to end-of-life medical care, in the event that you are unable to communicate them on your own.  It explains your desire for life-saving treatments and whether you want to be kept on life support or not, thereby relieving loved ones of making the decision for you.  This document is different from a standard will, and has no power after death.

What to Consider When Preparing a Living Will

Serious thought needs to be put into the preparation of a living will.  You need to think about which treatments you would want to extend your life, and if there are any circumstances in which you would not want life-saving procedures.  Decisions regarding being placed on a medical ventilator, as well as organ and tissue donation should be addressed in the document.

Creating a Living Will

A living will is only valid if it is prepared correctly according to specific state laws, therefore this important document should be prepared by an experienced attorney, like those at Churchill, Quinn, Richtman & Hamilton, Ltd.  We will help guide you through the process of making the necessary thoughtful, informed decisions that this document requires.  Contact us at 847-223-1500 for more information.

Referenced article here

Small businesses often need to rely on loans to get started or to cover daily expenses such as inventory, rent or payroll while working to take the company to the next level.  While a small business loan may be necessary to grow and expand a business, they are not always easy to obtain.  Here are a few things a business owner can do to improve the likelihood of an approval.

Be Well-Prepared Before Starting the Application Process

In order to make a good impression in the eyes of a lender, it is best to be fully prepared when applying for a small business loan.   Make sure your records are organized so if a bank requests a piece of information, you can provide it in a timely manner.  Check your credit score before applying so you can correct any credit errors and maximize your credit score before a bank requests the report.  It is also a good idea to do your research on the various loans available to make sure you understand the criteria for such factors as credit score, business duration or annual revenue.

Have a Specific Plan

Regardless of a lender’s criteria, you should first meet with your financial advisor to determine exactly how large of a loan you need, and how large of a payment you can handle, even if you might qualify for more.  You will also need a detailed plan for how you will use the money if you want a bank or investor to consider a loan.  Some typically acceptable ways to use a small business loan would include inventory purchase, business expansion, administrative expenses and capital investment.

Use a Qualified Attorney

Before entering a legally binding contract that could have a serious impact on your business, you should always consult with an attorney who has experience in business law.  They can help educate you on the best loan options available as well as assist and advise you throughout the entire application and closing process.  The attorneys at Churchill, Quinn, Richtman & Hamilton, Ltd. have years of business law experience that will be an invaluable resource in obtaining your small business loan.  Contact us at 847-223-1500 to learn more.

Referenced article here