Having a brilliant idea and taking the steps to start your own business can be a very exciting time. However, there are numerous legal issues to consider when you are starting a business. Many new business owners may believe that paying for the services of a business attorney is an unnecessary expense, as it is natural to want to save money whenever possible from the start. However, having an experienced attorney assisting you through the first stages of your business can actually save you money in the long run. The following are only two of many ways a business attorney can help as you start your business.
One of the first–and most important–decisions for a startup owner is regarding business formation. There are many different business entities available including partnerships, corporations, and more, and each has their own implications regarding taxes and potential legal liability. One popular business entity in Illinois is the limited liability company (LLC).
An LLC combines the often favorable pass-through taxation of a partnership with the limited personal liability of owners of a corporation, though owners do have the option to elect being taxed as a corporation, as well. LLC formation is not necessarily challenging but it does require several steps and meeting several requirements under Illinois law before you can receive the benefits of an LLC. An experienced lawyer can help you decide whether an LLC is right for your business and assist with every step of LLC formation.
Every business requires some type of contracts, whether it is for goods, services, sales, lease agreements, employment, among many others. If these contracts contain unfavorable terms, your business may be in trouble should the contract fall through in some way. For example, if the other party does not uphold their end of the bargain, the contract may not give your business adequate rights to recovery. In addition, a contract may expect unreasonable concessions or actions on the part of your business and you may not realize it until it is too late. An experienced business lawyer can review all of your potential contracts to ensure your rights and interests are protected before you sign anything.
Having an experienced business lawyer help you start you business can only improve your chances of success overall. Ensuring that you choose the right business entity, meet all formation requirements, and that your contracts are fair and favorable can help to avoid liability and protect your business in its vulnerable first days.
Contact An Elgin, Illinois Business Attorney For Assistance Today
At the Jackson Abdalla Law Firm, our Illinois business attorneys can help you with every step of forming your business. In addition, our team builds relationships with our business clients, which allows us to assist you with all of your legal needs in a manner that fits with your long-term goals. If you are starting a business or have legal issues related to your existing business, please do not hesitate to call our office at 773-550-3853 for more information.