Establishing a Business in Illinois – What Entrepreneurs and Small Business Owners Need to Know

Wheaton small business attorneysFew things in life are as satisfying as running your own company and being your own boss, but such a privilege requires a lot of hard work and dedication. There are also multiple steps – some strategic, some legal – to starting your own company. Learn more about establishing a business in Illinois, discover what resources are available to you, and obtain detailed information on how a seasoned business law attorney can ease the process and help to ensure your business is protected in the years to come. 

Preparing for Business – The Initial Steps

Ideally, business owners would start preparing for business long before they plan to open their doors. They would have a complete a market analysis and have an in-depth business plan, and they would have already started to engage with people on social media to ensure they have a solid customer base before opening their doors for business.The world is not perfect, however, and sometimes business owners jump in, head-first, without really knowing what it takes to be successful in today’s digital world.

Thankfully, even if this occurs, there are ways to recover. There are also numerous resources at the business owner’s disposal, such as the Small Business Association (SBA), which offers detailed information on how to create a business plan. Entrepreneurs can also outsource some of the work, like social media engagement and website creation, to ensure they have more time to focus on other tasks, such as:

  • Conducting a market analysis;
  • Choosing and protecting your business name;
  • Developing a marketing plan;
  • Finding financing for your business;
  • Opening a bank account;
  • Hiring your first employees (if applicable);
  • Choosing a location for your business; and
  • Speaking with an attorney to ensure all the legalities of opening a business are covered.

The Legal Aspects of Opening a Business 

In addition to ensuring that your business has a solid customer base, creating a marketing plan, and setting up the company’s financials, business owners must comply with state and federal laws, including those relating to taxes and employment. These laws require that entrepreneurs: 

  • Decide on and create a business entity;
  • Register the business name;
  • Obtain a federal employment identification number, or EIN, (if applicable);
  • Register for local and state taxes;
  • Obtain any required business licenses or permits; and
  • Ensuring you meet all state and federal employment laws (if applicable).

Many of these aspects of opening a business contain multiple steps and complex processes. To reduce the chances of a mistake or missed element, business owners can seek the aid of a seasoned and competent business law attorney. 

Contact Our Wheaton Small Business Lawyers

As a small business ourselves, Stock, Carlson, Oldfield & McGrath, LLC understands the challenges and obstacles that entrepreneurs face when opening their own businesses. We aid in all ways possible, and we can even help protect your business from litigation and other legal issues in the future. Schedule a personalized consultation with our DuPage County small business attorneys to get started. Call 630-665-2500 today. 

Sources:

https://www.sba.gov/business-guide/

https://www2.illinois.gov/business/registration-licenses-permits