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

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

Archive