Could Having Legal Allies Help You Form A Better Business?
Forming a business isn’t as simple as declaring “We’re a company.” It’s critical to choose the appropriate type of enterprise, decide how you’ll structure ownership and devise a contingency plan for unexpected challenges. Having legal representation is just as vital as coming up with a business plan.
At Schlueter Ecklund & Davitt, our lawyers believe that businesses help make Illinois communities stronger. That’s why we’ve been working to support our business compatriots in Rockford since 1974. We love seeing people’s dreams thrive, so we’re proud to offer the legal expertise you’ll need to avoid pitfalls along the way.
Picking The Business Entity That Suits Your Mission
There are many different forms of business in Illinois. In addition to determining what you get to write on your business cards, the kind of company you create bears significant legal impacts on things like who are liable for losses, how you need to pay taxes and the nature of your regulatory compliance obligations. Common business types include:
- Sole proprietorships consisting of a single owner
- General partnerships made up of operators
- Limited partnerships made up of investors and general managing partners
- Limited liability partnerships and companies (LLPs and LLCs) that protect their owners from liability for debts and obligations
- “C” corporations that exist as separate legal entities with stock selling rights
- “S” corporations that pass their income and expenses to a limited number of shareholders
The kind of business you choose determines not only how you have to split operating and management responsibilities but also what you need to report to the government and how you can sell your stake. Talking to a lawyer about your plans and goals might make it far easier to build a company that helps you meet your objectives. We work hard to keep you educated so that you can choose an option that furthers your success.
Business Formation Is About More Than Applying For A License
Retaining legal representation helps you properly complete the government paperwork needed to start a company, but it also does much more. When you work with an attorney team, you can gain the necessary knowledge to draft the articles of incorporation and internal bylaws that determine your company’s future.
Make sure your startup starts off on the right foot — let us help you lay the appropriate groundwork for success. Talk to a business lawyer at Schlueter Ecklund & Davitt by calling 815-516-8264 or 800-207-5133 today, or email us online to manage your formation on your own terms.
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