It has taken the country years to recover from the 19-month recession of 2007, and in some states – like Illinois – the recovery has been slow to the point of painstaking. There have been gains, however. In fact, the University of Illinois recently released its annual index, which showed that Illinois is currently experiencing slow but stable growth. That makes now the perfect time to start your new business. Learn more about what to expect in the future regarding potential business growth, and discover how a seasoned business law attorney can help you make a successful start.
Standing Strong Against Potential Threats
The development of bitcoin and some other potential threats to the economy (artificial intelligence, vehicle automation, trade wars, etc.) may be impacting the current market in negative ways, but the economy remains strong, regardless. The University's index, which measures the financial market, made e a slight dip in March, going from 104.6 to 104.5, but it has continued to remain in the 104 to 105 point range. The University says that anything above 100 indicates economic growth. The last time it fell below 100 was in February 2012.
Why Start Your Business Now?
While the economy should never deter you from pursuing a business venture, there are legitimate reasons why you may not want to open your doors in a volatile or downward market. In fact, some potential business owners have put off their business ventures because they simply did not have the will or ability to assume much risk. Thankfully, it appears that now could be the perfect time to move forward – and not just because the market is growing and stable. The new tax plan is expected to "restart" some of the commercial development cycles, and that could lead to more growth and stability for business owners in other markets.
Opening Your Business – Making the Initial Step
While you do not need an attorney to start a business, many entrepreneurs find that the assistance of a legal professional helps to ease much of the process. They can help you with everything from deciding the structure of your business to ensuring you obtain all the licensing and permits that are necessary for daily operations. An attorney can also advise you on how to protect your business from litigation, and they can represent you if an issue should arise.
At Stock, Carlson, Oldfield & McGrath, LLC, we are committed to helping you achieve success. Backed by more than 40 years of legal experience, our DuPage County business law attorneys offer personalized, comprehensive services to suit your needs. Schedule your personalized consultation to get started. Call 630-665-2500 today.