Taking a Chance on Starting a New Small Business in Chicago

It is always the desire of many people to start their own businesses. However, starting a new small business in Chicago has its challenges. It is important to note that there are several things that come into play. For example, factors such as liability protection, organizational structure, ability to raise capital, customer acquisition strategies should all be considered. There is a long list of tasks to be accomplished. But one of the most important concerns when starting a business is the ability to minimize liability. 

Besides, it is important to choose the right business entity so as to take advantage of the possible tax benefits. 

One of the first steps should be to discuss your business plan with a seasoned Chicago business lawyer. This is because Chicago business lawyers understand how business tax laws operate. They also know the various challenges businesses face and how to tackle them. 

Chicago has one of the best environments to do conduct business. There are several factors that you should however bear in mind when starting any type of business that sometimes can be overwhelming. 

As much as the business environment is good in Chicago, following rules and regulations is a must in order to be successful. 

If you are planning to start a business, then it would be important to understand all the legal requirements to avoid disappointments and frustrations in the future. 

Anthony J. Madonia & Associates have worked with small and medium-sized businesses for many years. We understand the challenges that come with starting or even running a business in Chicago. We will walk you through the process and ensure that you come out successful. 

Here are steps to follow when starting a small business in Chicago: 

1. Select your new small business entity

If you have decided to set up a business in Chicago, the first step is to choose a business entity. This means talking to a business attorney Chicago and your CPA to ensure that you select the perfect entity for your situation. 

You can either register your business as a sole proprietorship, a limited partnership, a general partnership, an S corporation, a C corporation, or a limited company. Every entity has its own pros and cons. Your unique circumstances will therefore dictate the type of entity to choose. 

2. Register with the IRS

If your business is located in Chicago you will be required to have an Employer Identification Number (EIN) which is issued by the Internal Revenue Service (IRS). EIN is also known as the Tax ID number. You can do this through their website or physically visit their offices in Chicago. 

There are certain documents you will be required to produce before being issues with the Employer Identification Number. If you are not sure about some of the requirements you can inquire from business attorneys in Illinois. 

3. Register with IDOR

Every business operating in Chicago must register with the Illinois Department of Revenue (IDOR). It doesn’t matter why type of entity your business is, you have to ensure that your business is registered with the tax body. 

To get your IDOR account ID, you will have to visit their main office or apply it through their official website. This is something that can also be done with the help of Chicago business attorneys. 

4. Acquire A Chicago business license

You can’t run a business in Chicago without a valid license. You can apply for a business license from the state’s licensing website or visit their physical offices. You can also seek the help of business lawyers Chicago in when applying for the license 

You will need a number of things when applying for the license. Some of them include business name, location address, description of the business, square footage of the business location among others.