City of Chicago seeks to attract startups

Throughout the United States, many entrepreneurs are interested in starting their own businesses in a variety of fields. Recognizing the demand is high in the Chicago area, recently, Mayor Rahm Emanuel threw his support behind making the city appealing to startups. This message regarding future business formation in the area was delivered during a visit he made to Techweek, which was being held at the Merchandise Mart. He was the opening keynote speaker.

While there are of course numerous things that go into making an area desirable to startup businesses, Emanuel mentioned two in particular that the city is focusing on. The first is making Chicago an appealing place to live to more easily bring in fresh talent to the startups. Another topic on which his administration is reportedly focusing is venture capitalism to finance the businesses.

Though finding good employees and securing financing for a business are of course necessary to its success, there are many other things that need to be considered in starting a business. Determining the best entity under which to form based on the specifics of the business is one of the most important. Other matters that often need to be addressed include:

  • Drafting and filing articles of business incorporation or organization
  • Generating agreements and bylaws
  • Securing EINs

Because it is important these be completed correctly, it is often a good idea to secure the assistance of an attorney who has experience in these matters. That attorney may also play an important consulting role as the business grows.

Everyone has dreams that they hope to be able to fulfill one day. For those whose dreams revolve around starting their own businesses, particularly in the tech field, Chicago may be the place to make it happen.

Source: The Chicago Tribune, "Chicago creating home for startups, Emanuel tells Techweek crowd," Wailin Wong, June 22, 2012

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