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

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

Archive