So you have an idea for a new business, and you are eager to set up shop. In Illinois, it takes more than finding a place to conduct business and hanging a sign on the front door. The law requires you to take certain steps in the formation of a new business first.
After determining whether your business idea is credible and can succeed, you must organize your business. This refers to the way your business will be run for legal purposes. There are several options, including sole proprietorships, limited liability partnerships (LLP) and limited liability companies (LLC). How you organize has serious liability implications, in case another party ever sues the business.
Next, if your new business’ name is different from the owner’s full legal name, you must register the name at the county clerk’s office. You must also register with the Illinois Department of Revenue, the IRS and any applicable municipal and county tax bodies. In addition, you are required to obtain all necessary licenses from the Illinois Division of Professional Regulation before conducting business.
If you plan on hiring employees, you may have to carry unemployment insurance and workers’ compensation insurance. You will also need to make sure you comply with laws related to workplace discrimination and immigration law. These include the 1964 and 1991 Civil Rights Acts, the Equal Pay Act and the Americans with Disabilities Act.
Making sure that you have fulfilled all of the legal requirements of starting a new business can be tricky. A business law attorney can be a helpful guide in this exciting but sometimes confusing process.