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Business Formation & Planning Archives

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.

Pluses and minuses to running your business at home

Rather than maintaining office space in a building somewhere, many small business owners choose to work out of their homes. Working at home is something that someone starting a new business, especially a sole proprietorship, may want to consider. But while it has many advantages, working at home can also have drawbacks to keep in mind. An article in USA TODAY presents some of the pluses and minuses.

What should be included in a good business plan

No matter how promising your idea for a new business might be, you will be very unlikely to succeed without a plan. A written business plan helps solidify in your mind what the business will be, and how you will structure it. Also, any owner or group of owners hoping to get a business loan will need to show the bank a good business plan.