FAQ
Answers to Common Inquiries about Reno & Zahm LLP's Firm in Rockford
Reno & Zahm LLP has provided solutions and answers to our clients’ various legal challenges since 1923. Although we know each case is unique to each client, we can identify common threads through certain types of cases that build upon our experience.
Likewise, we often encounter familiar questions from prospective clients who want to know how we can help them with their situations. Below are a few frequently asked questions – and answers – about the areas of law we practice.
If you have a specific question about your situation, consider taking advantage of our initial consultations. During this meeting with one of our attorneys, you’ll have a chance to explain what you’re up against and learn more about how Reno & Zahm LLP may be able to assist you.
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Frequently Asked Questions
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Are my contracts void if an attorney doesn’t review them?No. Just because you decided to forgo legal assistance before creating a contract, it doesn’t mean that your contract is automatically void. However, if you are not licensed to practice law, you may be unaware of making unlawful provisions that could void the whole contract.
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How do I choose a structure for my business?
There are many types of business structures to choose from, but four are in common use: sole proprietorships, partnerships, limited liability companies, and corporations (of which there are variants, such as C and S).
Deciding to choose any of these organizations often comes down to how large you want your company to grow, what kind of tax liability do you want your company to assume, and how much personal liability you’re willing to assume. An attorney can explain in detail how the business you’re planning can be impacted by any of these structures or their variants.
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What is an LLP?Limited liability partnerships (LLPs) are business organizations that limit the personal liability of partnership owners. Professionals who often opt for this type of organization are attorneys and accountants.
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What’s the difference between a will and a trust?
Generally speaking, the difference is whether or not you want to avoid probate. This is the process of dividing someone’s estate through court proceedings. The estates of people who die with a will – or without any type of estate planning – undergo the probate process, which can incur additional court and attorney fees.
Trusts, although sometimes costly to set up and fund, can avoid probate by transferring an estate to a trustee under certain circumstances, not all of which require the death of the estate’s owner. There may also be tax incentives for choosing a trust.
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How much money can I get (or will I owe) from a personal injury award?Court awards are unpredictable and there is no reliable way to realistically project what your outcome will look like, or if you’ll even win. That said, you can approximate the value of your award or liability for a personal injury by totaling applicable losses and multiply it by any value between one and five. The more severe your injury, the greater the multiplier you use. This is only a rough estimate and meant only to offer plaintiffs an idea of what the best-case scenario could look like.
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I was injured three years ago. Can I still file a personal injury claim?Your claim is likely to be rejected because it surpasses the statute of limitations by a year. In Illinois, you have two years from the date of the incident that caused injury to file a personal injury claim.
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