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Entity Formation

Piercing the LLC Veil in Illinois

I often receive questions from small business owners or folks thinking about starting a new business about how best to protect themselves from liability. Not surprisingly, from a legal standpoint, it’s usually the primary concern of new business owners. In the age of Google, it’s possible for curious entrepreneurs to look into that question on their own before coming to me for my opinion.

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risk for money

Getting to Know the Sole Proprietorship

LLCs are all the rage these days, but did you know that even without formally forming a business, like an LLC or corporation, you may very well be operating a business without even considering it as a business. For example, do you have an Etsy shop? Cut the neighbors’ lawns around the neighborhood? Sell things on eBay? Babysit? Do freelance writing? If so, you have a business, and it’s called a sole proprietorship.

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individual in middle of crowd

General Partnership vs. Limited Partnership: What's the Difference?

A general partnership is the simplest form of business organization involving more than one person and it is widely used today by a variety of businesses. Formation of a general partnership is easy. All that is needed is an agreement-whether written or oral, or even a handshake- that two or more individuals will carry on business for profit. Of course, a general partnership can be formed by written agreement which then governs the relationship of the partners.

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partners shaking hands

Helpful Resources for Entrepreneurs and Small Business Owners

I’ve written a lot about starting a new business and the legal challenges that any new entrepreneur must consider when turning an initial idea into a buildable business concept, trends I see taking off in 2013, how to give your new business a legal kick start, tools to operate an efficient business in the beginning stages and num

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tools

10 Steps to Give Your Business a Legal Kickstart

So you have a great new idea or a way to improve on an existing one, but what now? Starting a business is no easy task and the requirements to do it correctly can seem overwhelming. But, while there are a number of local, state and federal requirements to formally create the business structure and get off the ground, with some guidance and a little organization you can be up and running in no time. Here are 10 legal areas to consider when launching your business.

 

 

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10 Steps to start a business

Plan For College Now; Reduce Stress

With the ever-increasing cost of education in this country, one of the most prominent thoughts of any parents is how they will pay for their children to attend college. However, there are ways to begin planning early that will lead to an income stream for education expenses when the time for college arises.

Instead of waiting until the child is 18 and ready to ship off to school, there are options available to plan for that day throughout the child’s upbringing.

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College savings ideas

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