This law firm has helped many clients to form and maintain their businesses. Often, clients are in a hurry to purchase and operate a business and don't want to be bothered with details of organization. This firm can take the hassle out of getting set up in business.
Incorporation
Forming a corporation is a wise choice when starting a business. The corporate form of doing business can provide tax benefits and liability benefits. However, there is more to forming a corporation than just filing papers with the Secretary of State's office. You also need to do the following:
Before you use a "quickie" corporation set-up service from some on-line company, see what services they actually provide and what it is costing you. In most cases, they simply file your Articles with the State and do nothing of these other required steps. And of course by using my firm, your business is being properly represented by an attorney.
Estimated Fees as of Jul 27, 2020:
- Record the Articles with the County
- Prepare Corporate Minute Books
- Issue Stock
- Hold appropriate Shareholder and Board of Director meetings
- File business registrations
- Obtain Tax Identification Number
Before you use a "quickie" corporation set-up service from some on-line company, see what services they actually provide and what it is costing you. In most cases, they simply file your Articles with the State and do nothing of these other required steps. And of course by using my firm, your business is being properly represented by an attorney.
Estimated Fees as of Jul 27, 2020:
- $150.00 Illinois Filing Fee and Franchise Tax (Changes without notice)
- 100.00 Illinois Expedite & Payment Processing Fee (Online Filings Only)
- 79.50 Minute Books, Seal and Share Certificates
- 50.00 County Filing Fee (varies significantly by county)
- 350.00 Attorney's Fee
- $729.50 TOTAL
Limited Liability Company (LLC)
Forming an LLC is just like forming a corporation, but the LLC looks and acts more like a partnership. LLCs can provide tax benefits and liability benefits. However, LLCs are much more expensive to form. LLCs were originally designed to get around the liability of general partners while providing the same tax benefits of an S-corporation. You should consult your accountant before forming an LLC to see if there will be any advantage for you over forming a corporation.
Estimated Fees as of Dec 22, 2020:
Estimated Fees as of Dec 22, 2020:
- $150.00 Illinois Filing Fee (Changes without notice)
- 100.00 Illinois Expedite Fee
- 50.00 County Filing Fee (varies significantly by county)
- 350.00 Attorney's Fee
- $650.00 TOTAL or
- +250.00 for Series (total $400 for Series LLC)
- additional $50 as each series is created
- $900.00 TOTAL for Series LLC
Partnership
There are different types of partnerships which are used for different reasons.
General Partnerships are the simplest and require no formal filings with the State. Simply splitting the profits of a business with someone else makes you partners. You can "accidentally" become a partner in a business this way. General Partners are fully and personally liable for all activities of the business. To protect themselves, partners should have a Buy-Sell agreement to continue the business in case something happens to one of the partners.
Limited Partnerships require a filing with the Secretary of State's office. A limited partnership consists of at least one general partner and any number of limited partners. Limited partners have no say in the business and are only investors who are expecting a share of the profits. Limited partners are not liable for actions of the partnership beyond their investment in the partnership. There MUST be a proper partnership agreement to spell out the duties and obligations of the partners. A Buy-Sell agreement can be incorporated into the Partnership
Estimated Limited Partnership Fees as of Jul 27, 2020:
General Partnerships are the simplest and require no formal filings with the State. Simply splitting the profits of a business with someone else makes you partners. You can "accidentally" become a partner in a business this way. General Partners are fully and personally liable for all activities of the business. To protect themselves, partners should have a Buy-Sell agreement to continue the business in case something happens to one of the partners.
Limited Partnerships require a filing with the Secretary of State's office. A limited partnership consists of at least one general partner and any number of limited partners. Limited partners have no say in the business and are only investors who are expecting a share of the profits. Limited partners are not liable for actions of the partnership beyond their investment in the partnership. There MUST be a proper partnership agreement to spell out the duties and obligations of the partners. A Buy-Sell agreement can be incorporated into the Partnership
Estimated Limited Partnership Fees as of Jul 27, 2020:
- $250.00 State of Illinois Filing Fee and Expedite Fee (Changes without notice)
- 50.00 County Filing Fee (varies significantly by county)
- 350.00 Attorney's Fee
- $650.00 TOTAL
Sole Proprietorship
Being a Sole Proprietor means that you are in business for yourself and have no partners. You do not need to take any formal action with the State to form a Sole Proprietorship. As a Sole Proprietor, you would be fully and personally liable for anything that happens in the business. For tax reasons, you are treated as Self-employed and must pay your own taxes.
Please Call (847) 742-3393 for more information or to discuss your business.
