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.
Research and planning are crucial. You need to explore all of the angles, assess all of the risks and answer all of your questions before moving forward. One question that could set the course for your business is the type of entity you choose.
Personal liability and taxes are two of the vital issues considered when choosing an entity type. You may choose to operate as a sole proprietorship, a corporation or a limited liability company. Several factors go into your choice of entity, but this still may not be as difficult a decision as the next one.
Choosing your business name has meanings that you may not realize. At the very least, it affects your marketing and name recognition with customers and clients. You may also need to obtain permits or licenses for your business as well. Failing to consider these factors could doom your business before it even begins.
In order to help ensure that you cover all of your bases during business formation, you may greatly benefit from enlisting the advice and assistance of an Illinois business law attorney. Once all of your questions are answered and all of the relevant issues are identified, you can move forward with forming your business. Having assistance with the legalities and dealing with local, state and federal governmental agencies could prove invaluable in giving your business the best chance possible at success.
Source: thebalance.com, “How to Start a Small Business in 10 Steps“, Alyssa Gregory, Accessed on Sept. 10, 2017
