You and your business partners are perfectly aligned. You have a brilliant idea, complementary skills and a high level of trust. With all that chemistry, a formal agreement might seem unnecessary. After all, what could go wrong when you’re all committed to the same goal?...
If you’re looking to start a business, part of the process may simply be taking out loans. After all, you may know that you have a good business idea and that there is a demand for your products and services. The company is going to make money in the future, but you need the loans to get this proces...
Buy-sell agreements provide a clear, legally binding framework for the organized transfer of business ownership when triggering events occur....
Starting your own business is an exciting journey filled with dreams of success and independence. While many new entrepreneurs are drawn to the simplicity of a sole proprietorship, this path comes with its own set of risks....
Remote work continues to be prevalent, even after the height of the COVID-19 pandemic. It has changed everything from job dynamics to real estate and population patterns. However, this shift poses new challenges for employers, especially in maintaining visa compliance for international workers....
Buying an existing business can be an ideal option for aspiring business owners who want to hit the ground running. This route may have specific benefits, such as an established clientele, a stable flow of earnings and a tested business model. It may look like a shortcut to running a successful busi...
If you’re thinking about getting a business up and running, then you might consider creating a sole proprietorship. Using this business structure is simple in its creation, and it allows you to retain full control over every aspect of your business, which is why many entrepreneurs initially consider...
Illinois is a popular place to start a business, but not necessarily an easy place for entrepreneurs....
Starting a business is hard and can be complicated, especially when you finally need to make it, “legal.” Part of getting right with the law is deciding on the right business entity, and broadly, the Internal Revenue Service recognizes several business types: the sole proprietorship, partnership, co...
Proper business organization requires a fundamental understanding of many converging factors: financial investment and profits, management structure and personal and entity liability. A relatively new type of business entity, the limited liability limited partnership, or LLLP, merges these to provid...
An employee handbook is an important way for a business to share important information with its employees. If you are the owner or manager of a business, your employee handbook outlines your policies, procedures and the rules that govern your company. It can cover topics such as standards of conduct...
There are many decisions to make when starting up a business and business forms to choose from when it comes time to make that important decision. In some cases, it makes sense to register a business as a corporation. There are multiple types of corporations, and two of the most common for new busin...
Setting up a business is an important and exciting step for a new business owner. Because of that, new business owners should be familiar with the different options they have the implications of each to help them make the best business formation decision possible....
There are several different business forms that new business owners can choose from when setting up their business. It is helpful to be familiar with what they are and what the differences between the different business forms are....
Starting a new business can be both exciting and terrifying. You’ll have a lot of decisions to make at the outset, including what form your business will take. If a partnership is one of the forms you’re considering, it’s important to understand the different types of partnerships available and thei...
Selecting a business form is an important decision and its importance may sometimes be overlooked. Putting together a new business requires many different decisions and the decision of what business form to select should be carefully considered....
You built your business in Chicago from the ground up and you have seen considerable success throughout the years. A once small enterprise now hires many people, has a solid and significant client base and has caught the interests of investors. At this point, you may decide it is time to expand your...
Businesses are started each and every day. In Chicago and throughout the nation, new entities pop up with incredible speed. While not all businesses make it through their first years of operation, many fall into successful patterns to move their corporate objectives forward....
Those in the Chicago area with an entrepreneurial spirit may want to start their own small business. If so, they will need to choose a business structure. The following is an overview of some options for structuring your small business....
If you are an Illinois entrepreneur, you know that making difficult decisions is part of being a business owner. However, you may not know that choosing the right business structure for your company can affect the way you conduct business and affect growth options. We often help small business owner...
You’ve created your own line of scented candles or perhaps homemade jewelry, wall art or t-shirts. You’re ready to start selling them online. Do you use a proven e-commerce giant like Amazon, Etsy or eBay or do you do it through your own website?...
There’s no question that operating a business is both rewarding and challenging. If you are a member of a limited liability company, you might have chosen this business organization because it was easy to set up and flexible in its operation. However, you could face a challenge when a member w...
The term “partner” is used in many different contexts outside of the world of business. Two people who choose to live together in marriage or as a committed couple may call each other their partners, and good friends who have a close emotional bond may refer to each other as their “...
Ending any sort of partnership can be challenging, requiring reflections on what went wrong and where to go from here. When it becomes clear that your business partnership must come to an end, you may wonder how to approach ending the relationship....
Selecting the best business form for your business is an important question that should be carefully considered. The selection of a business form impacts liability, taxation, how much the business costs to run, control of the business, capitalization and other considerations as well which is why new...
Starting your own business is exciting. However, there are many decisions to make. One of these is picking the business entity for your company. For many small business owners, setting up a business as an LLC, or a limited liability company, is a wise decision. Here is what you need to know about se...
For those deciding to start a corporation, there are many things to consider. To begin, a business plan should be put in place. However, a more important issue to address is what type of business to form. There are various business types, but usually, there is only one or two that may work best for ...
Many people in Chicago want to become business owners. While some choose to start their own business from the ground up, others choose to purchase either an already existing business or a franchise. Business formation and planning take careful thought, so it can pay to understand how purchasing an a...
Whether it is something you’ve been working towards for years or a sudden opportunity, starting a business is a major event. Much goes into a business no matter its size. Thus, business owners need to take steps to ensure their interests in the business are protected. This is why it is essenti...
Starting a business sounds like an exciting adventure. While an Illinois business venture sounds great in conversation and looks pretty good on paper, some are afraid the dive in a take the necessary steps to form a business. Maybe they are afraid of failing, or perhaps the task of getting everythin...
Starting a business is a major step in anyone’s life. Whether it is a small business or a major corporation, there are certain steps individuals must take in Illinois to protect themselves as well as the company. When entering a partnership, one necessary document is a partnership agreement. T...
Starting a business can take much time and effort. Not only does one need enough assets to get a business running, they need foundational work to ensure the structure of the business is strong. This can prove to be very important and profitable for one starting their first business. While there is n...
Being an entrepreneur these days is very common. Whether it is a small business or a large company, starting a business is an exciting time for individuals in Illinois and elsewhere. However, it is also a time where many serious and important decisions are made. And these decisions are required from...
Starting a business is a lengthy and often complex process. It is also a process that requires many serious decisions. Even when a business is rolling and well established, many vital and tough decisions will still need to be made. For businesses seeking to expand, planning a merger might be in the ...
When forming a business, one needs to be aware of their options. Not all businesses look alike, and they certainly do not function alike either. Based on the needs, roles and goals of the business owner or owners, a business is formed to meet these needs the best way possible. In some cases, the bes...
Launching a new business is the dream of many in Illinois and elsewhere. But putting a dream into action can be a complex process. A business cannot get started overnight. However, it can get started over a course of several weeks, months or years. Understanding your end goal is important when plann...
Selling a business can be an exciting yet stressful time. The idea of handing off something you’ve worked so hard to make successful can be a little daunting....
Starting a business is an exciting journey. For many, it is a dream becoming a reality. Although you finally have your ducks in a row and are able to start the process, this is only the beginning. Owning and operating a business takes much work, and much of this work is required in the beginning sta...
When planning for and forming an Illinois business, there are many boxes to check. Depending on the goals of the business, a business owner might make certain decisions. Before the doors of the business can open, major decisions must be made. For starters, one must determine what kind of business th...
Deciding to start a business is an exciting time for Illinois residents. However, this is a major decision and should be treated as such. There are many steps to plan and form a business. Thus, it is crucial to understand all applicable laws and what steps to take to best protect the new business ve...
There’s no question that family-owned businesses play a vital role in the American economy. According to Forbes, family businesses generate half of the country’s gross national product (GDP). Just as family businesses play an important role in the American economy, they also shape you, y...
Starting a business is a major life event. For many, it is a life long goal that has taken much time, effort and money to begin the process. However, in order to ensure that a business is formed properly, small and large business owners need to take certain steps to legitimize the business. This wil...
