September 2014 Archives

Legal and financial considerations for growing businesses

Illinois residents thinking of starting their own businesses may be interested in the challenges faced by entrepreneurs as their companies grow. The need to hire additional staff and move into larger premises can be both thrilling and daunting, and business owners would be wise to take these steps only after careful consideration. Legal and financial details that should be factored into this decision include the different types of business entities that can be adopted and the taxation and regulatory implications of using salaried or freelance workers.

Small business formation in Illinois

Armed with energy, knowledge and inspiration, an aspiring business owner in Illinois must carefully consider his options for his business structure. He must decide between sole proprietorship, three different forms of partnership, a company and two forms of corporation: sole proprietorship; general partnership, limited partnership or limited liability partnership; limited liability company; and "C" or "S corporation. Each of these types has different requirements and structures.

Is a business plan necessary for small business formation?

The simple answer to this question is yes. Essentially, a business plan is an outline or blueprint for a company. It is typically created during small business formation and gives an Illinois entrepreneur a road map not only for himself or herself, but also for anyone who may become involved in the company.

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