Business Law Services
Our Law Office serves business clients and individuals in area of Business Law. From starting your business, through negotiation and drafts of ownership and control agreement, our Office will assist you in every step you need to make in order to run your business according to the Law.
Types of Business Entities
There are several main business entities. They are: sole proprietor, partnership, corporation, limited liability company or partnership. Sole proprietorship is self explanatory, it is owned and operated by an individual. Partnership is a business owned by two or more individuals/partners who regulate their business relationship through a partnership agreement. Corporation is a separate legal entity, meaning separate from its owners (shareholders) and that is of course its main benefit; shareholders personal assets are generally shielded from any corporate liability. LLC or LLP is very similar to a corporation, but more flexible in its operation and it avoids double taxation associated with a corporation.
Why Incorporate?
Very simple. If a person operates a business as a sole owner, he is personally liable for whatever happens with his business. If a person owns shares in a corporation, he/she is personally liable only up to the amount of his/her investment in the company.
How Fast can I Incorporate?
You can be incorporated, or have an LLC in 48 hours.
What Are the Costs?
It costs $175.00 to incorporate and $500.00 to open a LLC. Please add $100.00 if you desire an expedited service (48 hours). These are Secretary of State fees and do not include the attorney fees.
Tax ID Number?
Every business must be taxed by the Federal Government and therefore, it requires a separate tax ID number or FEIN. It can be obtained easily once a business is established.
Business Licenses/Permits?
Depending on you business location and type of business, you may be required to obtain a business license and/or permits. For example, if you operate any business in the City of Chicago, you need a City of Chicago business license. And, depending on the type of your business, you may be required to obtain other local, State and Federal permits.
