There’s a reason the best carpenters “measure twice, cut once.” It’s because getting things right at the beginning often is the best way to ensure they’re right at the end. Starting a small business is no different – it takes careful planning, based on sound business and financial principles. Do you know what kind of entity is best for you? Or that you can help determine how your company will be taxed? What about the future transition of your company to someone else, or the best ways to limit your personal liability or protect your business assets in the event of threats?
With a quarter-century of experience helping small and family-owned businesses, we can help you anticipate the issues you might not yet see, take advantage of current laws and proven best practices, and lay the foundation for long-term success.
Delivering Comprehensive, Business-Minded Legal Services
Today, businesses have to navigate an ever-increasing tangle of state and federal laws, regulations, and processes. Thankfully, you don’t have to handle this burden alone. At Donald L. Sadowski, P.C., our team can help you understand all of your legal rights and responsibilities, and guide you through every one of your business’s life stages, opportunities, and challenges.
A business planning attorney at our firm can assist you with:
- Identifying the best possible structure for your business entity (such as an LLC or corporation)
- Registering your business with the state and meeting its reporting obligations
- Drafting and negotiating contracts that protect your interests
- Fundraising and financing issues
- Audits of your operations and compliance
- Creating corporate policies and procedures that frame the business’ operations
- Employment matters
- Asset planning and restructuring
- Sales outside the ordinary course of business, Mergers and acquisitions
- Strategic and ownership succession planning
Whether your business is well-established, just starting out, or growing, we can provide you guidance in these areas, which is turn allows you to make sound decisions about your business organization that reflect both your long and short-term goals and priorities.
Business Formation: Set Yourself Up for Success
As you build your business, you’ll have many important decisions to make. In addition to creating a clear message about your products or services and their value, you may need to choose a business name, register with the State of Illinois, hire key employees, find a physical location for your operations, and obtain essential infrastructure and licenses. While you can stumble through all of these activities, a single misstep can lead to delays, lost income, and government scrutiny.
Rather than take this risk, we encourage you to consult with an experienced business planning attorney. A lawyer can ensure that you keep everything in perspective, check all of the necessary regulatory boxes, and build a strong foundation.
Choosing the Right Business Organization Is Essential
It’s important to build your business on a strong foundation. At the Donald L. Sadowski, P.C., we work with new business owners and entrepreneurs, helping them strategically form and structure their businesses. Depending on your needs, your business may operate best as a:
- Corporation, such as a C-corp, S-corp, or professional service corporation (PC)
- Limited liability company (LLC)
- Limited liability partnership (LLP)
- Family limited partnership
- Partnership or limited partnership
- Sole proprietorship
Each of these business structures offers unique opportunities and challenges that you need to consider.
When you work with our team, we’ll get to know your business, the personalities involved, and your vision. We’ll make sure you understand how the form of your business organization can impact your taxes, liability, reporting obligations, and more. Then, together, we’ll identify your best options and build a practical business formation plan.
Strategic Business and Liquidity Planning
Your business planning attorney should do more than review your contracts and double-check your corporate filings. When you’re building or growing an organization, you need meaningful advice, thoughtful research, and impactful strategies.
Business plans are the foundation for many of your company’s operations and fundraising efforts. Investors, lenders, and your leadership will use this document to understand your mission, structure, and essential operations. If it doesn’t clearly articulate these (and other) messages, you may lose out on essential capital and face unwanted complications. Typically, your business plan will include the following information:
- Executive summary
- Description of your organization
- Outline of the products or services you offer
- Your strategic and operational plans
- Biographies for your leadership team
- Offering of equity (capital financing)
Once you have a well-articulated business plan, you can pursue investors and start raising capital. Equity planning and fundraising is an art. You’ll need to understand your projected financial needs, your capacity to raise capital, and your equity financing options. A business planning attorney can help you understand your wide array of options, which may include traditional business loans, public offerings, crowdfunding, and private placements.
Established Businesses Still Need to Plan for their Future
Sometimes, established businesses put business and liquidity planning on the back burner. However, as your operations and the business legal environment changes, it’s best to regularly evaluate your strategies, contracts, and processes. A business planning attorney can ensure that you are functioning in the most efficient manner and complying with current legal standards.
If you’re considering changing your business’s structure, such as converting from a partnership or corporation to an LLC, we can help. We can also review your current policies, procedures, and disclosures in light of the laws and regulations which govern your business operations and suggest improvements and best practices.
Consult With a Business Planning Attorney
If you’re ready to take your business to the next level, it’s time to speak with a business planning attorney at Donald L. Sadowski, P.C. Conveniently located in Schaumberg, we can help you create the best possible business plan for your organization. All consultations are confidential.