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

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

Archive