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Business Formation & Planning Archives

Are operating agreements really necessary for LLCs?

The simple answer to that question is yes. Even though Illinois does not require your limited liability company to have an operating agreement, it could provide you with many benefits. Operating agreements outline how the company will function, among other things, and putting those kinds of details in writing could help give your new company direction and avoid many potential conflicts in the future.

What you do during a business formation affects its future

As an Illinois entrepreneur, you are probably a "glass half full" type of person, and you may not be intimated by the fact that only about half of the small companies formed today will survive to their five-year anniversary. It may make you wary, however, and want to make sure that you do everything in your power to be one of those still standing after five years. You may already know that what you do during your business formation has a profound effect on its future.

The importance of operating agreements to LLCs

Illinois entrepreneurs probably spend a significant amount of time determining the best legal structure for their small businesses. Many of them will decide to form limited liability companies because of the benefits they offer. One of those benefits is bypassing the formal structure of a corporation while avoiding the personal liability issues of sole proprietorships and partnerships. However, even the more relaxed regulations of LLCs do not discount the importance of operating agreements.

Incuding business formation in New Year's resolutions

As 2017 approaches, you may be among others in Illinois who are compiling lists of resolutions for the new year. Some lists focus on exercising more while others note a number of bad habits to break. Some people, perhaps yourself included, have business formation ideas they hope to bring to fruition as a new year gets underway.

Basketball great, Kobe Bryant, assists in business formation

Illinois fans of basketball superstar, Kobe Bryant, may already be aware of his passion for helping entrepreneurs. He has shared his passion and keen abilities to recognize potential greatness in prospective business owners. He and an independent investor have joined efforts to help others in the business formation phases of their companies.

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.

Good planning often key to business formation in Illinois

Prospective business owners in Illinois often face many legal hurdles as they develop their visions for future success. Good planning is typically key to a productive and profitable business. However, attempting to formulate such plans without legal guidance often leaves one open to many obstacles during the business formation phase.

Illinois business formation involves many legal issues

In recent times, many Illinois residents have entered the world of the entrepreneur by launching their own businesses and/or marketing their own products online and in brick and mortar marketplaces. Those considering business formation of any kind will want to take note of the sometimes complex issues that might arise in the process. Enlightening oneself to state and federal laws and regulations and seeking clarification of legal issues might help prevent stress as one begins to build a business legacy.

When you're tired may be the best time to be creative

Creativity is one of the most important assets a business can have. A business owner who comes up with new ideas for products, services or ways to market the company is more likely to succeed than someone simply trying to copy the competition. So most businesspeople are always looking for ways to strengthen their creativity.