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Business formation can occur over span of several years

It is not likely that one would develop a new idea for an Illinois business and be up and running overnight. In a world of advanced technology and continual internet access, virtual business owners may sometimes achieve such feats. More typically, however, business formation occurs over a span of time, often several years or more.

In another state, a new electric car product idea was conceived by a budding entrepreneur. The product was shown at a consumer electronics show approximately two years ago. Since then, the business owner has obtained at least 100 patents on the product, although no hard copy version of the design has yet been produced.

Since developing the electric-car idea, the business owner has secured a location for a production factory. In fact, it has been reported that plans are now in the making to obtain a second manufacturing plant, as well. Whether these electric cars will be assembled in the near future largely depends on how smoothly the business plan can be implemented.

Often, various legal challenges arise during business formation phases that are best addressed through experienced legal guidance. Any Illinois entrepreneur who wishes to discuss a particular situation may contact a business and commercial law attorney to request a consultation. Gaining clarification on state and federal laws that govern such matters may help one make more informed decisions during the process of starting a business. It is typically best to cover all legal bases ahead of time, rather than risk possible confusion or complications further down the line.

Source: businessinsider.com, "Electric-car startup Faraday Future is already in expansion mode", Bryan Logan, May 28, 2016

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