DGAA bLAWg

Establishing a Sole Proprietorship in Illinois – What Every Business Owner Should Know

Web Admin - Friday, December 15, 2017
Illinois employment law attorneysStarting a business can be a massive undertaking, and it all begins with deciding how you will structure it. For those considering a sole proprietorship, an in-depth understanding of the risks and process is crucial. Learn more, including how an attorney can provide the added protection and experienced assistance that is needed, from the following information.

Is Sole Proprietorship Right for Your Business? 

Before making a final determination on whether a sole proprietorship may be appropriate for your start-up company, consider all the elements of this business structure carefully. For example, one must understand that sole proprietorships are for businesses with only one owner. Partnerships and corporations must register their businesses in other ways. Second, know that there are more liability risks for sole proprietorships. If your business is in a high-risk industry, a sole proprietorship may not be the most appropriate business structure. Alternatively, if your business is at a low risk of experiencing a lawsuit, a sole proprietorship could offer you numerous benefits. 

First, sole proprietorships do not have to legally register as a business with the federal government, and that can save you a substantial amount in the startup of your business. Depending on your situation, the pass-through taxation of sole proprietorships may also serve as a benefit for your budding business. However, this is not always the case. Advice from an experienced attorney and a CPA is highly recommended for those considering this structure for their business. 

A Closer Look at the Risks of Sole Proprietorship

Starting a business is almost always risky, but those starting a sole proprietorship hold all the liability if their company goes under. That means you – the owner – would be liable for any debts that the company incurred. You would also be liable if an employee was injured on the job, or if they filed a legal complaint against your company. Thankfully, it is possible to take preventative action against many of these risks, as well as many others. 

Contact Our Crystal Lake Business Law Attorneys 

Whether you need assistance with deciding which business structure may be most appropriate for your company or want an in-depth analysis of the possible risks your business could face in the future, Drost, Gilbert, Andrew & Apicella, LLC can help. Committed to your best interests, our experienced Crystal Lake business law attorneys take a preventative approach to protecting your company’s financial future. Schedule a personalized consultation to get started. Call our offices at 847-934-6000 today.



Ken ApicellaAbout the Author: Attorney Ken Apicella is a founding partner of DGAA focusing in the areas of personal injury, employment, insurance coverage disputes, and civil litigation. Ken earned his J.D. from DePaul University College of Law in 1999. He has been named a SuperLawyers Rising Star and a Forty Illinois Attorneys Under Forty to Watch. Ken has written and lectured for the Illinois Institute for Continuing Legal Education and regularly serves as a moderator at Northwest Suburban Bar Association's Continuing Legal Education seminars.


Source:

https://www.illinois.gov/dceo/SmallBizAssistance/BeginHere/Pages/StepByStepGuide.aspx




Recent Posts


Tags

senior citizens drug crimes lawyer compensatory time personal injury law firm marijuana crimes attorney Schaumburg injury lawyer insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys employee discrimination Rolling Meadows insurance dispute lawyers Illinois probate lawyer Des Plaines Traffic Lawyer child safety employee misclassification Des Plaines claims law firm wrongful termination Crystal Lake medical malpractice law firm car accident lawyer Illinois pet lawyer driving Des Plaines personal injury lawyers Rolling Meadows estate planning attorney digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers Illinois car accident attorney Rolling Meadows accident lawyer trucking accident lawyers Palatine business attorney Barrington business law firm Self-Directed IRA Accounts natural gas explosion Class A misdemeanor subcontractor sole proprietorship Chicago trucking accident attorney Palatine corporate attorney suspended license construction contracts landlord Illinois boating accident lawyer Schaumburg probate attorney Forcible Entry Inverness DUI lawyer boating DUI personal injury claim Deer Park DUI lawyer Buffalo Grove traffic attorney Illinois will lawyer federal regulations for LLCs Rolling Meadows real estate attorney FSLA Des Plaines motorcycle accident attorney Mt Prospect Attorney Palatine drug lawyer Long Grove estate planning attorney Illinois estate planning law firm IRA trust transfer insurance denials Des Plaines criminal attorney insurance claim denials taxes breach of contract Crystal Lake bike accident lawyer license suspension Palatine real estate lawyer car accident Illinois tax attorney medical marijuana cell phone Crystal Lake medical malpractice lawyer employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys Chicago employment attorney Des Plaines collections attorney Illinois medical malpractice lawyers Rolling Meadows medical malpractice lawyers digital information college kids car collision Arlington Heights wills and trusts lawyers Barrington drug crime attorney wage theft Illinois estate planning attorney defective products boating accidents Rolling Meadows DUI lawyer Illinois insurance claim attorney Rolling Meadows personal injury lawyer Illinois trucking safety Rolling Meadows insurance attorney forming a corporation in Illinois Chicago insurance claim attorneys revenge porn Inverness personal injury attorney workers comp Illinois LLC creation traffic accidents drug crimes Illinois elder law attorney Buffalo Grove personal injury lawyer real estate real estate closing car accidents Barrington boating accident attorney employment law, Illinois employment laws underinsured motorist Chicago corporate attorney Schaumburg medical malpractice lawyer business litigation Rolling Meadows corporate lawyer traffic violations defense Long Grove wills and trusts attorneys federal crimes right to work Schaumburg civil litigation attorney Federal Food Drug and Cosmetic Act employment attorney traffic offenses minimum wage Illinois personal injury attorney uninsured motorist Crystal Lake employment law attorney Illinois corporate lawyer Schaumburg clemency estate planning for college students expungement Illinois Transfer on Death Instrument insurance claim icy parking lots Rolling Meadows probate lawyer Illinois traffic attorneys Illinois lawyer Schaumburg employment law attorneys medication errors homestead rights Schaumburg personal injury lawyers Palatine workers compensation lawyer condo association DMV Illinois construction accident attorney Transfer on Death Instrument comp time Illinois registered agent Affordable Care Act probate claims pedestrian-automobile accident Des Plaines drug crimes lawyer Palatine punch death workers compensation benefits Des Plaines insurance attorney bad faith insurance claims murder charges estate planning attorney Landlord Tenant Ordinance marijuana Illinois red light cameras Deer Park accident attorney Schaumburg criminal law attorney Palatine elder law attorney probate claims process installment contracts boating under the influence personal injury lawyer Barrington Traffic Lawyer estate planning trusts field sobriety test Illinois civil litigation lawyer Illinois speeding lawyer Palatine employment attorney Illinois medical malpractice case anesthesia errors Crystal Lake traffic attorney Rolling Meadows litigation lawyer denial of life insurance texting and driving power of attorney fiduciary rule delay Whistleblower Claims Illinois jet ski accident lawyer employee rights commercial leases drunk driving Colin Gilbert cell phone accidents civil litigation insurance agents manufacturing pregnant women insurance claim dispute Palatine criminal defense lawyer Illinois employment law attorneys severance agreements blended families Illinois home inspection Crystal Lake injury attorney insurance claim dispute attorney Thanksgiving Palatine civil litigation lawyer Barrington personal injury attorney Employment Discrimination Law jet ski accidents Crystal Lake car accident attorney Chicago biking tips Crystal Lake pet attorney rollover accidents Palatine trusts lawyer Barrington criminal defense lawyer civil litigation attorney insurance claim denial real estate zoning Arlington Heights wills and trusts attorney digital assets Barrington civil litigation attorney license reinstatement ACA Crystal Lake insurance lawyer Deer Park motorcycle accident lawyer rest breaks dealing with problem employees elder abuse personal injury claims pedestrian accident Illinois workplace discrimination attorney Illinois driving without license owner responsibility Schaumburg insurance lawyers Illinois motorcycle accident lawyer job lawyers probate Illinois attorney Illinois Human Rights Act tax attorney motorcycle accident lawyer Arlington Heights Attorney Mount Prospect real estate lawyer estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, preventable medical errors estate plan Schaumburg real estate lawyer Schaumburg estate planning attorney Chicago traffic lawyer Crystal Lake employment lawyer healthcare Crystal Lake personal injury attorney Illinois insurance disputes construction accidents Illinois employment law attorney Illinois injury lawyer underage DUI Schaumburg personal injury lawyer privacy traffic laws Inverness injury lawyer Inverness corporate attorney loopholes elder law wrongful death Barrington criminal lawyer Deer Park personal injury lawyer life insurance claims pet bites whistleblower protections Chicago estate planning lawyer medical malpractice compensation PTSD gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys criminal law trustee unauthorized overtime Rolling Meadows insurance lawyer real estate attorney real estate contract Chicago will attorney, social media platforms, Illinois estate planning lawyer, traumatic brain injury Illinois employment law surgical mistakes LLCs irrevocable trust products liability Palatine personal injury lawyer rumble strips wills and trusts dog bites Arlington Heights tax lawyer Illinois Workers’ Compensation Commission wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace Palatine employment lawyer Arlington Heights car crash attorneys head on collisions FMLA modern family estate planning Des Plaines drug lawyer Rolling Meadows traffic attorney Illinois traffic accident lawyer guardianship attorney pet law employment lawyer IRA benefits Crystal Lake civil litigation lawyer criminal record Palatine employment law lawyer Rolling Meadows drug defense attorney Deer Park employment law attorney Crystal Lake criminal defense attorney Arlington Heights Traffic Lawyer Palatine corporate law attorneys Rolling Meadows Attorney Fourth of July Barrington attorney Des Plaines real estate attorney dram shop law Illinois living will dynasty trusts BAC slip and fall Rolling Meadows business lawyer Schaumburg personal injury attorney Crystal Lake medical malpractice attorneys BUI Illinois traffic laws Crystal Lake will lawyer Palatine Attorney license revocation overtime pay insurance denial appeals agent Illinois bicycle accidents defective products lawyer speeding Arlington Heights estate planning attorney pay when paid contract condo insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys llinois Real Estate Lawyers Association Barrington injury attorney Retaliatory Discharge Inverness elder law lawyer Riverwoods estate planning lawyer capital gains tax Palatine construction attorney Schaumburg wrongful death attorney denied insurance claims Chicago employment lawyer car crashes independent contractor deadly crashes low-ball insurance settlement Kenilworth estate planning attorneys unpaid overtime traffic tickets advance healthcare directive Barrington employment law attorney internet Rolling Meadows employment law attorney criminal defense employees automated cars Illinois mortgages Arlington Heights injury attorney Illinois insurance lawyer life insurance Arlington Heights medical malpractice lawyer Buffalo Grove criminal defense lawyer Arlington Heights criminal lawyer murder defense Crystal Lake pedestrian accident lawyer Barrington estate planning lawyer Illinois small business Super Mario Illinois Probate Act of 1975 Do Not Resuscitate traffic violations spinal cord injuries Schaumburg criminal attorney insurance dispute attorney deed transfer Illinois law Palatine traffic lawyer Crystal Lake traffic lawyer Schaumburg Attorney Illinois job attorney Schaumburg traffic lawyer mortgage ken apicella trauma after an accident foreclosed rental property Illinois medical malpractice claim financial advisors crossover accidents commercial leasing rollover car crashes Policy Cancellation Attorney Ken Apicella employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, Crystal lake insurance dispute attorney natural gas workplace sexual harassment vacation home fines Illinois personal injury lawyers medical malpractice claims Illinois real estate Illinois business law atorneys Chicago lawyer insurance claims swimming pools special needs trust Deer Park traffic accident attorney truck collisions Arlington Heights personal injury lawyer loss of consortium Inverness probate lawyer Detainer Actions controlled substance Illinois collections attorney living trust vs will Des Plaines tax law firm Home Sale Contingencies vacation home probate lawyer Schaumburg employment attorney Arlington Heights wills and trusts attorneys TBI hands free device sexual harassment Barrington employment law firm contracts Mount Prospect elder law attorney Liquor Control Act Palatine estate planning lawyer personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys Illinois wills and trusts Buffalo Grove insurance claim dispute lawyers Buffalo Grove corporate attorney Chicago will attorney pain and suffering living wills BAIID insurance agent negligence Rolling Meadows tax attorney Deer Park traffic lawyer estate planning lawyer DUI attorney South Barrington real estate lawyer probate process investment property Illinois workers compensation lawyer Des Plaines civil attorney gift taxes DUI penalities insurance adjusters new real estate form Schaumburg drug defense lawyer bike accident distracted driving accidents car accident lawyers Crystal Lake business law attorneys Des Plaines personal injury lawyer estate tax underfunded trust Illinois personal injury lawyer Joliet general practice lawyers liens Long Grove estate planning attorneys employment contract estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers Illinois criminal defense attorney Arlington Heights employment attorney Barrington estate planning attorney rent to own real estate contracts Schaumburg estate attorney insurance negligence Illinois employment lawyer cell phone tower data traffic deaths Crystal Lake car accident lawyer employment law small business Illinois wrongful termination lawyer comparative negligence drunk driving statistics estate planning Illinois wills and trusts attorneys Illinois bicycle safety Illinois business lawyer ObamaCare trench injuries health insurance dispute probate fees denied insurance claim POA attorney fees Barrington Illinois estate planning lawyer income distribution deducation Home Remodeling Repair Act pizza emoji pedestrian injuries, pedestrian fatality Buffalo Grove personal injury attorney traffic crimes Long Grove estate planning Deer Park criminal attorney Schaumburg construction accident lawyer power of attorney for healthcare Chicago attorney workers compensation product liability fiduciary rule construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation holiday statistics Deer Park workers compensation lawyer Schaumburg corporate attorney Arlington Heights wills and trusts lawyer eluding a police officer Barrington employment attorney trust payments Barrington medical malpractice lawyers Fair Labor Standards Act Palatine law firm School Visitation Rights Act Illinois traffic ticket lawyer in terrorem provision Rolling Meadows criminal attorney fatal car accidents Rolling Meadows criminal lawyer Schaumburg estate planning lawyer Family Medical Leave Act golf accidents Buffalo Grove real estate attorney civil rights violation Inverness civil lawyer Illinois trusts attorney Rolling Meadows estate attorney Rolling Meadows Traffic Lawyer Chicago car accident lawyer overtime violations Kenilworth estate planning lawyer Illinois traffic attorney Buffalo Grove injury lawyer accidental death benefits drug possession Inverness real estate lawyer Illinois Sales Representative Act trucking accidents Rolling Meadows employment law attorneys institutional trustee Arlington Heights personal injury attorney paid sick leave IRS first degree murder Rolling Meadows marijuana attorney criminal Des Plaines personal injury attorney Illinois personal injury caregiver distracted driving accident victims Des Plaines consent to a search Deer Park real estate law firm Mount Prospect wills and trusts lawyers Deer Park medical malpractice attorney reckless homicide living trust benefits insurance claim delay DUI life insurance policy drug crime Illinois Wage Payment and Collection Act Buffalo Grove law firm insurance disputes Legal Info meal breaks Illinois insurance claims lawyers license Illinois rollover accident lawyers Food and Drug Administration's Food Safety Modernization Act pedestrian accidents Crystal Lake employment attorney filing a medical malpractice claim drugs Des Plaines real estate lawyer appealing an insurance claim brain injury Buffalo Grove car accident lawyer GM ignition switches Arlington Heights TBI attorney Inverness traffic law firm Illinois workplace lawyer corporate law Illinois employee rights attorney. Arlington Heights real estate lawyer DNR Arlington Heights pedestrian accidents liability trusts Crystal Lake tax lawyer Illinois insurance attorney privacy laws medical research Kenilworth estate planning attorney Arlington Heights employment law attorneys Rolling Meadows personal injury lawyers traumatic brain injuries Illinois DUI attorney food poisoning Chicago estate planning Des Plaines pet law attorney Illinois defective products attorney Des Plaines medical malpractice attorney fault based insurance commercial real estate Illinois employment law firm motorcycle accident DUI defense murder Inverness real estate attorney Des Plaines accident attorney Palatine injury attorney Inverness estate planning lawyer personal injury attorney Illinois workers compensation attorney Rolling Meadows boating crash lawyer CAM back injuries Long Grove real estate attorney Illinois estate planning Arlington Heights traffic attorney Jay Andrew IRELA Colin H. Gilbert Illinois insurance dispute lawyers work unions Arlington Heights lawyer Palatine probate lawyer real estate lawyer Chicago insurance law firm foreclosure hit and run accident Illinois medical malpractice attorney Arlington Heights trucking lawyer Barrington workers compensation attorney Crystal Lake accident attorney unpaid assessment Crystal Lake personal injury lawyer Schaumburg car accident attorney personal injury hiring employees involuntary manslaughter blood alcohol content Illinois employment attorneys jet ski wills Buffalo Grove traffic lawyers personal injury accidents Palatine insurance lawyer real estate leasing no contest clauses disability benefits Buffalo Grove probate lawyer Buffalo Grove medical malpractice lawyers DGAA Illinois insurance claim dispute lawyer preventing accidents Schaumburg elder law lawyer mass shooting Rolling Meadows traffic law firm Crystal Lake estate planning lawyer liability claims Inverness accident lawyer real estate attorneys Barrington real estate lawyer Barrington personal injury lawyer digital media accounts, estate planning, Arlington Heights estate planning attorney, car crash Arlington Heights insurance attorney Rolling Meadows car accident lawyers creditors Exclusions problem employees Illinois employment laws Rolling Meadows employment attorney changes to mortgage law healthcare claims texting while driving nursing home negligence social media after death startup company insurance dispute digital evidence breathalyzer test Illinois insurance claim dispute lawyers Illinois pedestrian accident attorney life insurance lawyer car crash injuries Inverness insurance attorney caretaker rights Illinois real estate lawyer residential real estate operating agreements medical malpractice Barrington litigation attorney Arlington Heights accident attorney Rolling Meadows personal injury attorney bicycle dooring accidents Buffalo Grove employment lawyer Des Plaines injury law firm premises liability Illinois Smoke Detector Act unfunded trust Crystal Lake law firm home inspection lawyer Palatine civil attorney insurance attorney spinal cord injury South Barrington real estate attorney auto accidents slip and fall accidents medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers Arlington Heights car accident lawyer living trust Long Grove real estate lawyer sexual images landlord tenant law Palatine traffic accidents Rolling Meadows insurance dispute lawyers, insurance dispute Des Plaines DUI attorney

Archive