New Business – What You Need To Know To Get StartedShare this post
Starting a New Business – We Can Help
Starting a new business in Illinois is a daunting prospect, especially if you are looking to start one in Chicago. No matter how big your safety net or how developed your business skills are, your mind will be filled with all the many ways the whole venture can go wrong. Take a breath, you do not need to worry when starting a business. It is much simpler than it appears with the help of a Chicago business attorney. So, if you are wondering how to start a business in Illinois, read on and learn the most important steps.
Getting Started With a New Business
Before anything else, you need to have a solid grasp of what you want your business to be. You probably have a good idea in your head already, but an idea is just a plan that has not been written down yet. You need to fix that, and the way to do this is by preparing a business plan that takes into account both short and long-term goals.
The next step is obtaining a business license. This is obtained via the clerk’s office of the county you are starting your business. The steps to receiving a license are simple, and within six to eight weeks, you will have your license.
Legal Structure and Finding a Business Attorney in Chicago
After your business license arrives, the next step is to decide on the legal structure of your business. For small businesses, these come in four categories.
- Sole Proprietorship
There are many differences between these four, but the main factor separating them is how many people run or have a stake in the business and what is required to create the business entity once the structure is chosen.
Permits and Licenses for a New Business
There are other permits and licenses to obtain as well. If you want to hire employees, you will need an employer identification number (EIN). Depending on what your new business will be doing, you will need additional permits in order to be allowed to operate.
There are some that are more broadly mandatory, like a sales tax and revenue permits. In contrast, others are more specific to the type of service provided, like a federal license being needed to sell alcohol. Make sure to do your research on every permit and license you will need; otherwise, it can land you in hot water.
How Business Attorneys in Illinois Can Help You Through the Process
It should not be long into the process before you start looking for business attorneys in Illinois. Starting a business in Illinois is time-consuming and can be complicated. Having a lawyer on hand who specializes in business law is essential. It is also good to have a business lawyer in your service in general, in case of sudden legal trouble.
There are many specific circumstances when you should really consider a business attorney for your new business, including drafting contracts, reviewing lease agreements, and deciding on the business structure.
Starting a business in Illinois can be stressful, labor-intensive, and expensive. Still, a good business attorney can help you better navigate the process. This ensures your business gets off on the best foot imaginable.
If you are looking for a business attorney in Chicago, Anthony J. Madonia & Associates, Ltd. might be just who you are looking for. We will take care of your budding business and aid you in choosing the best path forward for you and your company, from drafting contracts and lease agreements to helping you navigate tax laws. So if you are looking to start your new business in Chicago, contact us, and we will help you get started.