Running or managing your own business takes a lot of conviction and dedication. It can be a major commitment that often doesn’t leave a lot of time to contend with legal issues that can routinely impact a small business. With a legal professional that specializes in business law watching out for your best interests, you’ll see the difference in the daily operations of your business. Our law office offers expertise in a wide range of issues relating to finance, business formations, taxes, acquisitions, mergers, employment and labor laws, contract negotiating, and litigation.
Different Business Structures
There are many ways a business can be structured. If you’re just starting out and aren’t yet sure what structure would best suit for your circumstances, or if you’ve been in business for some time and need to initiate a restructuring, a lawyer with expertise in business law can help you.
Some of the common types of business structures in Illinois include:
A basic business structure that enables an individual to do business as his or her “self.” According to this structure, the owner and the company are basically viewed as one and the same entity. Although this is a relatively easy way to begin a business, it’s important to know that a sole proprietorship doesn’t protect the owner from any business liabilities.
A standard structure for businesses with more than just one owner. These can be general partnerships or limited partnerships. Owners with limited partnership may face limited liabilities.
Forming a corporation is a way to establish a business as a separate legal entity. It provides owners with limited liability protection. There are basically two kinds of corporations: c-corporations and s-corporations. Key differences between the two includes tax issues and shareholder restrictions.
Limited Liability Company
LLCs establish businesses as legal entities separate from their owners. It also permits owners to report business gains and losses on personal tax returns. Owners are protected against business liabilities under this structure.