Starting a Business
Thinking of starting a business? There are several types of business organizations available to you in Illinois.
The simplest is the sole proprietor. You own the business personally and have personal liability for all business debts.
Partnerships are two or more sole proprietors doing business together. Each of the partners are personally liable for the entire debts of the partnership.
Corporations provide significant protection against business debts to the owners. A corporation is liable for its own debts only, unless the stockholder/owner personally guarantees the corporate debts.
There are several different types of corporations, Sub S, and non Sub S corporations. A Limited Liability Company is a very popular option for creating a business entity. We would be delighted to discuss the pros and cons of the various forms and the costs associated with each.
For more information please visit the Learning Center.
If you need further information regarding starting a business please contact us.
The simplest is the sole proprietor. You own the business personally and have personal liability for all business debts.
Partnerships are two or more sole proprietors doing business together. Each of the partners are personally liable for the entire debts of the partnership.
Corporations provide significant protection against business debts to the owners. A corporation is liable for its own debts only, unless the stockholder/owner personally guarantees the corporate debts.
There are several different types of corporations, Sub S, and non Sub S corporations. A Limited Liability Company is a very popular option for creating a business entity. We would be delighted to discuss the pros and cons of the various forms and the costs associated with each.
For more information please visit the Learning Center.
If you need further information regarding starting a business please contact us.