Setting up your Illinois small business

Starting a small business in Illinois is an exciting venture. You are taking a huge step towards your future success and want to insure that your many investments are protected. It does not matter if this will be a family run business, start up business with a few friends or an individual project — there is much to learn and you will want to protect your interests.

Setting up your closely held business requires so much more than simply opening the doors. There is a building to rent or purchase, them redo with the perfect interior design on top of all the pressing legal jargon. Before doing all this work, it is important to ask, “Is this a hobby or a business?” For tax purposes, you must decide if this is a real business that will be used to generate a profit, or a hobby that is simply for fun. You must then establish a business structure. This could mean that your business is a sole proprietorship, partnership, s corporation, and corporation or limited liability company. 

The type of business that you are running determines your taxes. With the exception of partnerships, all businesses must file a federal income tax every year. This is a pay as you go tax, which means that you will pay as you earn income through your business throughout the year.

You must also apply for an Employer Identification Number, also known as EIN. A lot of work and dedication goes into starting a great small business, but that work is worth worth the hassle in the end. For more information about this complicated process, speaking with an experienced attorney could be beneficial.

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