The process of registering a company with the state varies, depending upon the business formation structure chosen by the founders of each new enterprise. There are four primary company structures available to aspiring business owners. If you are hoping to launch a new business venture soon, it will be important for you to weigh the pros and cons of each opportunity before committing to one over the others.

Sole Proprietorships 

Sole proprietorships are owned by one individual, whereas partnerships involve multiple owners. These business formation opportunities offer particularly flexible managerial structures and do not require much work to set up. They are taxed on the individual returns of each owner and do not require much, if any, reporting to the state. They are often particularly appealing for low-risk, local business enterprises. Sole proprietorships do not offer any personal liability protection in the event that the company gets sued or falls behind on its financial obligations.

If you are the sole owner of your business and do not establish another business structure, your business is automatically considered a sole proprietorship. 

Starting a business can be a thrilling, rewarding experience, but it can also be nerve-wracking and stressful. There are so many things a new or prospective business owner needs to think about - how the market is currently being served, what kind of business structure to use, how to document the business’s daily operations, and so much more. 

For unseasoned business owners, so many of these processes can feel like a shot in the dark. How do you know if you are doing everything correctly? How can you protect yourself from future wage lawsuits or tax audits? Fortunately, an Illinois business lawyer has experience in running a business smoothly and can give you the help you need. 

What Do Business Lawyers Do? 

The role of a business lawyer varies widely depending on the needs of the business itself. For new businesses, however, the role of a business lawyer is fairly consistent: Ensuring the business has a strong foundation on which to build and function smoothly. The many things a business lawyer can help with include, but are not limited to: 

Anyone who has started a business in Illinois knows how challenging it can be to get the project up and running. The planning, paperwork, and personal investment in time, money, and sweat equity can be overwhelming, especially in a business’s first few years. 

Unfortunately, even after all the careful effort involved in helping a business become successful, business owners may occasionally face unexpected litigation. Even if your business is not dealing with any lawsuits now, learning about the types of litigation a business like yours might face can help you prevent problems in the future, as well as understand the potential liability you may be facing and what action you should take. Whatever legal issues you may be facing, an Illinois business law attorney can help. 

Contract Disputes

Contract disputes are one of the most common types of business lawsuits. Companies may engage in contract disputes with individual contractors, other companies like service providers, and even with the government.