Opening a business in Illinois

When an entrepreneur decides to open a new business, it is important to plan carefully in order to improve its chances for success. Too many people take shortcuts which can later prove fatal to the ultimate success of their venture, and many fail within the first five years.

At the outset, writing a thorough business plan is important. Such a document will normally be required by lenders or investors if startup financing is needed. Even if a new venture is self-financed in the beginning, a plan is important as it can provide a blueprint for the business. The prospective business owner should also determine the entity type that will be most appropriate as various structures have different reporting requirements and potential tax and personal liabilities.

Ensuring that all of the licenses that will be needed for the intended business is important, as is researching the intended location to make certain zoning is appropriate and customer traffic supports its location. Prospective business owners should also consider whether they will be hiring employees, and if so, any benefits packages that will be offered to them. If employees will be hired, the owner will need to get a federal employer tax identification number from the IRS.

Starting a small business can be very exciting, and if it is done correctly, can be profitable. All aspects of start-up companiesshould be approached objectively. Taking time to think, research and understand all of the relevant employment and tax laws is important, as they can have an effect on the business. Many new business owners find it helpful to seek the assistance of a business and commercial law attorney both at the outset as well as to address issues that arise as the company matures.

Source Houston Chronicle, "Recommended Steps for Opening a New Business", Julie Duncan, accessed on Feb. 8, 2015

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