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.



Recent Posts


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