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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



Business Law Basics – What Every Small Business Owner Should Know

Web Admin - Wednesday, April 12, 2017
Schaumburg employment law attorneysWhen small businesses first start, they are often comprised of just one person – the owner – or a small group of similarly invested people. Eventually, though, they grow, and they need to look at adding more people. Once that happens, things start to change. More responsibilities are heaped onto the plates of the owner or partners, and they become liable for issues like workers’ compensation insurance and unemployment tax. Learn more about these small business laws, how they might apply to your company, and where you can find assistance in implementing them.

Fidelity Bonding in Illinois

The Illinois Human Rights’ Act limits what employers can ask about a potential employee’s criminal history, and how they can use the information they do obtain. The purpose of the Act is to provide better job opportunities to individuals with criminal records, but it can also place employers and their businesses at risk. To help mitigate this risk, the Illinois Department of Employment Security offers fidelity bonding – insurance that can protect the company from losses related to larceny, forgery, embezzlement, theft, and other acts of dishonesty. If you are planning to hire employees, you may want to consider this insurance.

The Unemployment Insurance Tax

The state of Illinois mandates that all employers who have at least one employee on at least one day within 20 weeks of a calendar year carry unemployment insurance. Failure to carry this insurance can result in serious consequences. For more information on this requirement and what it means, employers should contact an experienced Illinois business law attorney.

The School Visitation Rights Act

When a company hires someone for a job, they are hiring the entire person – their skills, experience, but also their issues and commitments. There are times this can be a good thing, but it can also seem like a major inconvenience. One prime example is when parents need to leave work or miss a day for parent-teacher conferences, behavioral meetings, or other educational conferences. The law allows a specific amount of time for this, and employers must comply. For more information, contact an experienced business law attorney.

Contact Our Schaumburg Employment Law Attorneys

If your small business needs help to expand, contact Drost, Gilbert, Andrew & Apicella, LLC. Backed by decades of knowledge and experience, we can guide you through the complexities of employment law so that you can maintain compliance. Learn more about how we can assist your company. Call 847-934-6000 and schedule an initial consultation with our Schaumburg employment law attorneys 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:

http://chicago.cbslocal.com/2017/04/14/illinois-employment-law-101/



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