Providing client-centered legal services that are expected and deserved. We are in this together.
Business Formation Attorneys in Chicago
Wolff Legal Helps Organize Businesses and Set Proper Guidelines
If you need help organizing your company, Wolff Legal’s business formation attorneys in Chicago can help. We help business owners organize and form their companies by focusing on goals, concerns, tax preferences, and more.
There are several factors to consider when organizing and structuring your business, such as:
- Who owns the business?
- Who controls the business?
- Who manages the business?
- Do you need to reserve your name?
- To what extent can the business grow?
- Are there regulations that must be followed?
- Where should you incorporate your business?
- Do you need to protect your name, logo, and slogan?
- What are the different tax treatments for the business?
- Is ownership, control, or management shared in the business?
- Who is responsible for the liability of the business (e.g., profits, losses, debts)?
There are many types of business structures that consider these factors, among others. Typical business structures are: sole proprietorships, partnerships, limited liability companies, and corporations.
You can determine which business structure best suits you for growth and success by using Wolff Legal’s business formation attorneys in Chicago. We will help choose the right business structure for your company. Contact Wolff Legal’s business formation attorneys in Chicago for help. Schedule a free consultation with us so we can explain the business formation process and offer our legal support.
Choose Your Business Structure under Wolff Legal’s Advisement
Wolff Legal can help you choose the right business structure for your company. There are many types of business structures. Typical business structures are: sole proprietorships, partnerships, limited liability companies, and corporations
Here is some general information about some business structures recognized in Illinois:
- Sole Proprietorships: Sole Proprietorships involve one person doing business under a name. The business and its owner are legally one in the same.They are indistinct. The business is in fact, just a name under which the owner is doing business. Sole Proprietorships can be formed quickly and have less restrictions than others, but the owner is also completely responsible for debts and liabilities. This also means that the owner is completely responsible for profits and taxes. Beginning and ending a Sole Proprietorship are less complicated than other business structures.
- General Partnership: General partnerships involves two or more individuals that participate on joint venture. This relationship does not require a formal partnership agreement, but it extremely useful to have one. This is so debts, obligations, liabilities, taxes, ownership, control, management, purpose, and goals can all be expressed.Like sole proprietorships, general partners are personally liable for the partnership’s debts, obligations, and liabilities. However, the partnership is still a legally distinct entity. General partners have equal rights in the management and control of the partnership.
- Limited Partnership: Limited partnerships are similar to general partnerships but there are more regulatory requirements. A limited partnership requires registration and filings with the Secretary of State’s Office. Limited partnerships should also use formal limited partnership agreements that specify the purpose of the partnership and the understandings/agreements of its participants. Limited partners have no right or power to bind the partnership.
- Limited Liability Partnerships: Limited liability partnerships are first formed as general partnerships, and then they chose to be treated with limited liability by completing regulatory filings and requirements with the Secretary of State’s Office. Limited liability partners are not liable for the debts, obligations, and liabilities of the partnership unless it is as a result of his/her own conduct that is within his/her control. Limited partners have no right or power to bind the partnership.
- Limited Liability Company: Limited Liability Companies involve one or more individuals (owners are referred to as “members”) who do business with limited liability.This business requires formal filings and requirements with the Secretary of State. A Limited Liability Company should be governed by an Operating Agreement; otherwise, default rules and regulations will apply. It is also important for the Limited Liability Company to function like a distinct company to prevent it from losing its “corporate shield”. There are multiples tax treatments that Limited Liability Companies can choose from and the one chosen should be based on the owners’ objectives.
- Corporations: Corporations involve one or more individuals (owners are referred to as “shareholders”) who do business with limited liability. This business requires extensive filings and requirements with the Secretary of State. There are also several rules and regulations that Corporations should follow to maintain their corporate status and shield. Corporations require bylaws, resolutions, meetings, directors, voting rights, and several more items. These entities are generally more complex. There are multiples tax treatments that Corporations can choose from and the one chosen should be based on the owners’ objectives.
Wolff Legal’s business formation attorneys in Chicago can help you determine which of these business structures may help you achieve your goals. If you already have an about how you want to form your business, we can advise you of the details of your prospective structure to help you rest easy knowing you’re making a strong decision for your company.
Contact Wolff Legal’s business formation attorneys in Chicago online to schedule a free consultation with our attorneys!