April 2015 Archives

Avoiding mistakes when setting up partnerships

As established contractual relationships, Illinois partnerships can be difficult to untangle when things go wrong. When people are preparing to go into business with one another, it is important to take steps to avoid potentially costly errors if the partnership breaks down.

Small business mistakes to avoid in Illinois

When a company begins operations, the last thing its founders may be thinking about are legal issues. However, it is important that they consider how the law may impact their business. First, it is critical to form either a corporation or a limited liability company. This may be helpful for businesses that want to find outside investors or for owners who don't want their personal assets exposed in a business lawsuit.

Forming an LLC in Illinois

An LLC is a hybrid business structure that combines the benefits of limited liability with the ease of a partnership. The entity itself is not taxed. Instead, the profits or losses are passed through to the members of the LLC. These profits and losses are then reported on the members' individual tax return each year. There are several standards that need to be met when forming such a company.

Information about starting an Internet business

Entrepreneurs in Illinois may benefit from learning more about Internet businesses as described by the Federal Trade Commission. Many people are attracted to the prospect of running an online enterprise because of the favorable working conditions. However, aspiring entrepreneurs are often disappointed to learn that despite the grandiose advertisements, there really are no guarantees or surefire deals. The FTC describes the solicitations offered through email, infomercials, flyers and classifieds as being scams that oversell the benefits.

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