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 venture.
One of the first steps a new business owner should take after deciding on the type of business to start and how to finance the preferred business legal structure. This could be a sole proprietorship, partnership, LLC, corporation or a nonprofit. Each of these structures have their own benefits and concerns, which means that they do not work for each and every business venture.
At Walker Morton, LLP, our experienced legal team is well versed in business laws and has helped countless clients successfully form a business. This is not a quick and easy process to begin and complete. We take the time to understand the goals of our clients so we can best guide them to their objectives.
Depending on the type of business, there are some immediate requirements. This means filing certain documents initially and yearly. Our skilled attorneys will not only discuss what filings are necessary, but also how taxes will be filed. It is our goal to avoid any unwanted surprises for our clients, so we carefully discuss all the obligations required of them once they start a business.
To learn more, check out our law firm’s business formation & planning website. Starting a business is a serious and joyous venture. But, if one does not take care when initiating and moving forward with the process, this could harm the business overall. Thus, taking the time to understand this process can better protect a new business.