Starting a small business is an exciting new adventure. However, it can be overwhelming making sure that everything is set up properly. When you have an experienced business lawyer Chicago on your side, you will have the guidance to ensure things are done correctly. The Law Office of David Hyde is committed to decreasing your legal risks by helping you with agreements, contracts, operation agreements, employment agreements, and anything else you need to establish your new business. Contact us today for a consultation at (312) 210-9598.
What you need to do to start a new business
You have your passion and your unique business idea. You have a business plan and goals for the future. What is next? There are some important things that you need to do to ensure you meet the regulatory requirements for businesses.
You will need to choose a business structure. There are many options that have their own pros and cons, so a business lawyer Chicago can help you evaluate your options and empower you to make the best decision for your business. Some of the options include:
- LLC (Limited Liability Company
- Sole Proprietorship
- Partnership
- LLP (Limited Liability Partnership)
Once you have determined the appropriate entity, you will need to register with the Department of Revenue in Illinois, which can take about 2 months to complete. Although you can go through this process on your own, an attorney can navigate this legal landscape for you, so that you can focus on achieving your business goals.
Other things you’ll need to accomplish to get your business off the ground are obtaining an Employer Identification Number (EIN) from the IRS, which is required for tax purposes. You will then need to register for state taxes with the Illinois Department of Revenue. A separate bank account for your business is vital to keep your personal and business finances separate. You should also obtain insurance, secure financing, and hire employees.
When all of these things are in place, your business will have a strong foundation for success. You will be able to focus on the growth and success of your business, while our business lawyer Chicago will protect your business by making sure all legal issues are handled. The Law Office of David Hyde has the experience and dedication to prevent pitfalls and secure the future of your business.
Starting a business in Chicago
Chicago can be an excellent place to start a new business because there are a lot of opportunities throughout the city. The city is an economic hub with a diverse range of industries such as healthcare, finance, manufacturing, and technology. It is one of the largest economies in the US. In addition, there is a lot of access to talent because there are numerous colleges and universities that call Chicago home.
Compared to cities like New York and San Francisco, Chicago has affordable business costs, so startups can operate successfully with lower overhead costs. There is access to a great transportation network including major airports, railways, and highways.
There are also programs for small businesses such as Neighborhood Business Development Centers, SCORE Chicago, and Illinois Small Business Development Center. There is a strong tourism industry in the city as well and numerous special events throughout the year bring even more consumers to Chicago.
Contact our business lawyer Chicago for a consultation
The Law Office of David Hyde will provide you with clear, concise, and consistent advice that ensures your business is established with a strong foundation. When you’re starting a business you need a business lawyer Chicago that understands all the nuances of regulations and laws for business owners and we have that experience. We have the skills and passion to tackle legal issues while you focus on starting your business. We will provide you with sound business strategy so that you can focus on scaling and growing your business. Contact us today for a consultation at (312) 210-9598.