Top Tips for Starting Your Own Business in Illinois

 Posted on February 12,2021 in DuPage County Business Law Attorney

If you are an entrepreneur, you may have a dream of opening your own business someday. Being your own boss can provide a flexible schedule and control over daily operations. In addition, it can be rewarding to build a company from the ground up. Regardless of the type of industry or field you go into, it is imperative that you research and take the necessary legal steps before launching your business. An experienced Illinois business law attorney can explain what you need to do to get started off on the right foot.

Things to Do Before Opening Your Doors

There are numerous issues to address before you can say you are officially open for business. Here are several steps to take with the help of your attorney to make sure you are successful:

• Build a business plan: Develop your pitch, determine your business structure/entity, create a budget, address desired markets.
• Register your business: Once you decide on the type of business formation, you need to register it with the state of Illinois so it is legally recognized as a business organization.
• Consider tax obligations: Depending on which county your company is located in, the tax codes may differ.
• Obtain required licenses and permits: Licensing requirements may depend on if you are opening a retail store versus a restaurant or a bar.
• Open a business account: It is important to keep personal assets separate from business assets by having different bank accounts for each. This is also essential for accurate record keeping.
• Choose a location for your business: Consider your target customer base when selecting a place for your company’s headquarters. Some people may want it to be located in a city or metropolitan area instead of a more rural town.
• Finance your company: You will need money to rent space, buy inventory and supplies, and hire personnel, which can be obtained by taking out small business loans, or state and local grants.
• Build your brand: To stand out from the crowd, create a dynamic online presence with an engaging website and social media pages to market your brand.

Contact a Wheaton, IL Business Lawyer

Becoming a business owner is no small endeavor. It requires careful planning and attention to detail. An experienced DuPage County business law attorney will ensure that your rights are protected when drafting your business contracts. The qualified team at Stock, Carlson & Duff LLC is prepared to take on your case and handle the legal details of your business so you can focus on the day-to-day tasks. Call us today at 630-665-2500 to set up a confidential consultation.

Source:

https://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=003005000K45-45