Schaumburg IL Business Formation Lawyer
Offering Comprehensive Business Formation for Illinois Startups
One of the first decisions a new owner must make is what type of business to organize. We’ll help you understand the various types of business entities available today, how to maximize the legal benefits of each, and which may be best for you. We’ll draft articles of incorporation, articles of organization, operating and membership agreements, partnership agreements and other required documents, and we can help plan for financing or initial capitalization no matter which type of business entity you choose, including:
- Sole proprietorships
- General partnerships
- Limited partnerships (LPs)
- Limited liability companies (LLCs)
- Low Profit limited liability company
- Family limited partnerships and limited liability companies
- Joint ventures
- Corporations including S-corporations, nonprofit corporations, and professional service corporations
- Professional Service Corporations
- Limited liability partnerships (LLPs)
However, our services extend beyond simply completing the state’s required registration forms.
We consider ourselves part of our clients’ team. When you work with a business formation lawyer at our firm, we start by getting to know your business’ mission and goals. Every startup and industry is unique and faces its own challenges. In many industry classifications, we are familiar with the laws and regulations our clients face on a daily basis. With an understanding of our clients’ operations and ideal outcomes, we carefully assess their options for the best operating entity and help them craft and execute a plan.
Helping You With Issues Critical to Business Formation
You’ll see what activities are critical to the formation of a business, such as:
- Raising capital for your business and funding strategies
- Insulating an owner’s assets from threats and management related liabilities
- Maximizing fringe and executive benefits, tax benefits, special uses, and business and estate
- Planning purposes of a given entity
- Protecting business assets and proprietary rights from claims and financial reversals
- Protecting your business with insurance
- Creation of key relationships, including the use of independent contractors
- Copyrights, trademarks, patents and licenses
- Business contracts and leases
- Planning for, hiring and working with new employees
- Buying an existing business
- Providing credit for your customers
- Proper corporate operations and legal procedures
We’ll help you look ahead and plan for the issues that traditionally arise at the end of the company’s life. We can help you avoid deadlock between owners, position your business for successful sale, and properly dissolve your business when there is no buyer or after the assets are sold.
Guiding You Through Decisions That Will Impact Your Business Entity
Each business structure has its advantages and disadvantages. For example, let’s consider business liability. As a sole proprietor or general partner, you expose yourself to personal liability for financial claims and claims arising out of the activities of your business. As a sole proprietor, everything that goes on in the business is treated as though you are doing it personally. Consequently, your business’ creditors could demand payment from your personal assets. Corporations, LLCs, LPs, and LLPs offer more protection than a sole proprietorship — when they’re properly formed and operated.
An experienced business formation lawyer will educate you about the liability, tax, and other issues that could impact your business’ operations and bottom line. Armed with practical advice from one of our business formation lawyers, our clients can make better decisions about business organization and other startup issues.
We Work With Experts Who Specialize in Helping Entrepreneurs and Owners of Small Businesses
We can also help you coordinate your use of professionals who specialize in helping small businesses, including:
- Accounting and tax professionals
- Banks that work well with small and growing businesses
- Insurance brokers
- Marketing and management consultants
But if you already have your own professionals, we’ll work closely with them to provide a continuity of service that protects your interests.
What Is the Business Formation Process?
In Schaumburg, most new businesses must register with the Department of Business Services of the Office of the Illinois Secretary of State.
Typically, a business registration must disclose the startup’s name, principal office, purpose, shares, its registered agent and street address and incorporator. If you are creating a corporation, you must also file Articles of Incorporation which lay out the specific structure of your business and state what you intend to do and how you intend to operate. A business formation lawyer can guide you through this process and decisions.
Upon the issuance of notification from the Illinois Secretary of State that your formation documents have been accepted, the operating entities existence shall begin. However, an experienced business formation lawyer will tell you it’s only one step in the formation process.
Why Does My Startup Need a Business Formation Lawyer?
Starting a business involves much more than completing a form, hiring employees, finding office space, and publishing a website. A successful startup typically must:
- Create a strategic business plan
- Assess the tax and liability implications of the organization
- Register with the State of Illinois
- Obtain financing for startup costs
- Create policies and contracts that frame the business’ operations
- Obtain relevant licenses and insurance coverage
- Request an employer identification number (EIN) from the IRS
- Register with the Illinois Department of Revenue (IDOR)
- Register with the Illinois Department of Employment Security (IDES)
- Register a professional services entity with Illinois Department of Professional Regulations (ILDPR)
- Apply for licenses or federal or state designations
- Negotiate and draft contracts with business partners for goods and services
- Comply with an array of federal, state, and local laws and regulations
Without experienced legal counsel, it’s easy to make mistakes. Missing a form, failing to obtain a license, or ignoring a regulation can lead to catastrophic delays and expenses. While your startup might survive these mishaps, many do not. Many new businesses close in their first five years of operation.
While business startup and development are at the front of your mind, a business formation lawyer should look at the long-term implications of your decisions. Whether it’s guiding you through a license application or educating you about Illinois’ wage and hour laws, a business formation lawyer focuses on their clients’ growth and success.
We help businesses evaluate and understand their legal options and obligations, offering practical advice at every step. They also guide clients through the detailed process of crafting a strategic plan, negotiating contracts, and drafting their business’ documents, policies, and procedures.
And if disputes arise, Donald L. Sadowski, P.C.’s experienced attorneys can step in and assist you with your startup.
Schedule Your Consultation With a Schaumburg IL Business Formation Lawyer
If you’re considering opening a new business or need help with your startup, contact a business formation lawyer at Donald L. Sadowski, P.C. today. We serve Schaumburg and the surrounding area’s business community at every stage of the life cycle and are committed to our clients’ long-term success and growth.