Obtaining the Licenses and Permits You Need to Start Your Small Business

Illinois small business attorneyStarting a small business can be a massive undertaking. Nuanced steps and countless legal requirements, such as ensuring you have the correct licensing and permits for your business, can also make the process a little confusing. Thankfully, you do not have to go through the process alone. Learn more in the following sections, including how an experienced attorney can help you set your business up for success, both now and long into the future.

Licensing and Permits for Small Businesses

Most businesses require a license or permit. Unfortunately, it can be difficult to determine what type of license or permit you might need. Everything from the services and products you offer to the entity and location of your business can impact the licensing or permit you might need. To complicate matters even further, some companies will need to register with the federal government to obtain a tax permit to ensure they are complying with the imposed tax withholdings and unemployment insurance requirements. Failure to obtain the correct licensing and permits can have dire consequences, both for your business and for you, as an individual. In some cases, it could even result in criminal charges. Do not take chances. Instead, ensure you have experienced assistance, every step of the way.

How an Experienced DuPage County Business Law Attorney Can Help

Although an attorney is not required for obtaining licenses and permits for a small business, it is highly recommended that small business owners obtain legal assistance during the process. Not only does this reduce the risk of a missed or overlooked license or permit, but it can also simplify other aspects of the start-up phase of one’s business. For example, an attorney can help you examine the pros and cons of different business entities to help you determine which may be most appropriate for your current needs and situation.

With more than 40 years of business law experience and a small business ourselves, Stock, Carlson, Oldfield & McGrath, LLC is the firm to trust. Solution-based and skilled problem solvers, our seasoned DuPage County business law attorneys can assist you with every step of the business start-up process. Make the choices that improve your chances of business success. Call 630-665-2500 and schedule your personalized consultation with us today.

Source:

https://www.sba.gov/business-guide/launch-your-business/apply-licenses-and-permits

Survey Says Small Business Owners Are Optimistic About the Future but There Are Still Concerns – How a Business Law Attorney Can Help Resolve Them

Illinois small business attorneysSmall businesses are the backbone of America’s economy, but they are also the most susceptible to failure – and not just because they must compete against corporations and large chain stores. The recession hit everyone hard, but small businesses experienced mass closure and bankruptcy. Those that survived had to weather out the recession and hope that people would start spending money again. Now that it is happening, new and old small business owners say they are optimistic about their future, a recent survey said. However, there are still concerns. Learn what they are, how to mitigate them, and what an experienced business law attorney can help.

Small Businesses and the Nuances of Business Law

Laws change all the time – and that includes laws relating to business. Corporations typically have teams of attorneys to inform them of major changes that could impact their company. The same cannot be said for small business owners. Because of this, smaller businesses tend to be more susceptible to things like lawsuits (sometimes from patrons or consumers, but usually from employees), and they may struggle to ensure that they stay in compliance with some of the more complex employment law matters. In some instances, such as those relating to federal or state taxes, can place not just a business at risk, but also its owner.

Preventing and Fighting Against Lawsuits

Since small businesses are inherently more susceptible to lawsuits, it is critical that they take preventative measures whenever possible. Examples of such measures can include:

  • Hiring an experienced attorney to ensure that the business’s employment handbook clearly and concisely outlines the employer’s expectations;
  • Ensuring there are clear policies regarding in-office harassment and discrimination;
  • Developing a management training program that refreshes all supervisors on applicable harassment and discrimination;
  • Maintaining an open-door policy; and
  • Handling all reports of harassment and discrimination in a professional and diligent manner.

Sadly, even when taking such measures, small businesses remain at a higher risk of a lawsuit than other businesses. In the event that one is filed against your business, it is crucial that you know where to turn for guidance, assistance, and aggressive representation.

Contact Our DuPage County Business Law Attorneys

At Stock, Carlson, Oldfield & McGrath, LLC, we understand the challenges that small businesses face because we, too, are a small business. Dedicated to ensuring your company thrives, now and for years to come, our DuPage County business law attorneys can help you protect your business from lawsuits through preventative measures. When aggressive representation is needed to fight against a suit, we put our knowledge and skills to work for you. Call 630-225-2500 and schedule a consultation to get started.

Source:

http://nprillinois.org/post/small-business-owners-more-optimistic-survey-says#stream/0

Structuring Your Business – Limited Liability Partnerships versus Limited Liability Companies

Wheaton business law attorneysThe structure of a business is more than just a critical element; it is what dictates nearly every aspect of the business. Sadly, too many business owners fail to give the decision of how to structure their business enough thought, which can place them and their partners and investors at risk for legal and financial consequences. Discover how even the smallest of differences in structure, such as those seen in limited liability partnerships (LLP) and limited liability companies (LLC), can make all the difference in the future stability of your company, and learn how an experienced Illinois business law attorney can assist you in making the right decision for your company’s needs.

Examining the Similarities Between LLPs and LLCs

For the most part, LLPs and LLCs are formed, structured, and treated the same. Each provides the partners with a “pass-through” option on their taxes, which allows them to avoid the “double taxation” that corporations are required to pay. LLCs and LLPs also handle partner buy-in and sell-out in a similar fashion, and neither has a limit on the number of partners that the business can have. Because of this, LLPs and LLCs have become quite popular among businesses that might have otherwise been forced to register as a corporation.

Understanding the Differences Between LLPs and LLCs

Although there are many similarities between LLPs and LLCs, there are also some distinct and important differences. First, an LLC does not offer partners the same level of liability protection as an LLP, should a lawsuit or some other legal action take place. Instead, all partners may be held equally accountable in an LLC. In contrast, an LLP is only required to have one managerial partner. All others can receive protection from the actions of managerial partners, provided they do not take on a managerial role themselves.

Business owners should also understand that they cannot always structure the company however they want. Some states have specific restrictions. For example, Illinois does not permit banking or insurance institutions to form LLCs. Instead, they must structure as either a corporation or an LLP.

Contact Our Wheaton Business Law Attorneys

At Stock, Carlson, Oldfield & McGrath, LLC, we understand the difficult decisions that start-up businesses must make, such as those that pertain to business structure. Dedicated and experienced, our Wheaton business law attorneys can assist you and your partners in making the most sensible choice for your company. Call 630-665-2500 and schedule your personalized consultation today.

Sources:

https://www.illinois.gov/dceo/SmallBizAssistance/BeginHere/Documents/Starting%20Your%20Business%20In%20Illinois%202016.pdf

http://smallbusiness.chron.com/difference-between-llc-llp-3760.html