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.
One of the things a new business person usually needs to decide is whether to incorporate the business or act as sole proprietor. Determining whether a business will be listed as an LLC, a corporation or sole propietorship is an individual choice that might be affected by various factors in the process. Number of employed staff members, size of business, geographical location and/or profit margins can impact one’s decision to incorporate a business.
In addition to deciding whether a business will be a company or corporation, potential business owners often address the issue of structure within their businesses. Creating and following a business model and plan and determining an employee/executive hierarchy are among the many important decisions that are typically made by those launching new businesses. Various complications and issues can arise when choosing a legal entity or deciding where one’s business will be located and how it will be run.
In Illinois, legal professionals are available who have experience in matters that involve business formation. Consultation with a business planning attorney would most likely prove beneficial for a potential business owner who has questions or concerns about the process. A lawyer who is familiar with business start-ups would be up to date on state laws and regulations and able to offer suggestions and support regarding any number of legal issues that one might face when planning and building a new business.
Source: smallbiztrends.com, “Incorporate A Business“, Accessed on July 8, 2015