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

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

Archive