LaGrange: 1023 W 55th St #200, LaGrange, IL 60525 | Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
LaGrange: 1023 W 55th St #200, LaGrange, IL 60525
Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
LaGrange: 1023 W 55th St #200, LaGrange, IL 60525
Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
Small Business Formation and Administration
Illinois Small Business Formation and Administration Attorneys
Many people dream of owning their own business, but the thought of choosing a corporate form and complying with applicable laws and regulations can be daunting. For small business owners, incorporating their company is often the smartest decision for liability and tax purposes.
If you have questions about forming or operating a small business in Illinois, consult with an experienced business attorney. The LaGrange and Deerfield business law team at Wilson & Wilson Estate Planning and Elder Law LLC can assess your needs and goals and help you determine the best course of action.
Small Business Formation and Administration in Illinois
Small business owners in Illinois should carefully consider incorporating their company, as incorporation can offer significant liability protection and tax benefits. There are several types of business entities to choose from, and the best option for your business will depend on a variety of factors, including your ownership structure, business goals, and risk tolerance.
- Limited liability companies (LLCs) are a popular choice for small businesses because they offer the flexibility and liability protection of a partnership with the tax advantages of a pass-through entity. LLCs are also relatively easy and inexpensive to form and maintain.
- Series LLCs are a specialized type of LLC that allows businesses to create multiple sub-companies, or a “series,” within a single entity. This can be a valuable asset for businesses with multiple projects or income streams, as each series can have its own assets, liabilities, and members while still being overseen by the main LLC. Series LLCs can also offer additional liability protection since the assets of one series cannot be used to pay for the obligations of another.
- C corporations provide the strongest liability protection for business owners, but they’re also the most complex and expensive type of entity to form and maintain. C corporations are also subject to double taxation, meaning that the corporation pays taxes on its profits, and the shareholders pay taxes on their dividends.
- S corporations are a type of C corporation that elects to be taxed as a pass-through entity. This means that the corporation’s profits are passed directly to the shareholders, who are then taxed on their individual tax returns. S corporations must meet certain requirements to qualify for this special tax status, including having no more than 100 shareholders.
- Partnerships are another option for small businesses, but they offer less liability protection than LLCs or corporations. There are several different types of partnerships, each with its own advantages and disadvantages. It’s important to choose the right type of partnership for your business needs and to have a written partnership agreement in place.
Once you’ve chosen an Illinois business entity, you’ll need to register your business with the appropriate state and federal agencies and obtain any necessary licenses and permits. You’ll also need to open bank accounts for your business and choose an operating location.
Be sure to consult with an experienced LaGrange and Deerfield business attorney to discuss your specific needs and goals before choosing a business entity and forming your business. An Illinois small business lawyer can help you choose the right entity for your business, structure your business in a tax-efficient manner, and draft all of the necessary legal documents.
Meet With a LaGrange and Deerfield Small Business Attorney Today
Owning and operating a small business can be a dream come true, but you always have to take practical steps to protect your business and assets. One of the best ways to do this is to incorporate your business. Incorporation offers a number of benefits, including:
- Limited liability. Incorporation can help shield you from personal liability for business debts and lawsuits. This means that your personal assets, such as your home and savings, cannot be used to pay for business debts or liabilities.
- Tax benefits. Pass-through entities, such as LLCs and S corporations, allow business owners to pass their business income and losses directly to their personal tax returns. This can help reduce your overall tax burden.
- Credibility. Incorporating your business can give it a more professional image and make it more attractive to customers and investors.
If you’re considering forming a small business in Cook, DuPage, or Lake County, it’s important to consult with an experienced LaGrange and Deerfield small business attorney.
The knowledgeable attorneys of Wilson & Wilson Estate Planning and Elder Law LLC, can help you choose the right business entity for your needs, draft the necessary legal documents, and ensure that your business is properly incorporated. Contact us online to learn more, or call our LaGrange office at (708) 482-7090 or our Deerfield office at (847) 656-8958.
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Wilson & Wilson Estate Planning & Elder Law, LLC helped me navigate a very tumultuous time in my life. Sandra and her team were so gentle with me and the processes that needed to take place for a timely distribution. They worked tirelessly to ensure I was supported throughout the process. Although no one is actually prepared for the death of their loved one Sandra made going through it less painful. I’m forever...
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Wilson & Wilson has the experience, knowledge and professionalism to handle complex estate planning needs.They address all the details and devise a tailored plan providing asset protection, growth and wealth management.
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