Kane County Business Startup and Formation Attorneys

Experienced Corporate Lawyers Assisting New Business Owners in South Elgin, IL

As a new business owner, one of the best investments you can make is to work with a knowledgeable, trusted business law attorney right from the start. Being proactive in seeking qualified legal help can be an important first step in the formation of a business, and it can help to avoid costly hurdles in the future.

Ariano Hardy Ritt Richmond Lytle & Goettel P.C. helps business owners address the legal challenges that are inherent in establishing and maintaining an organization. We can help you build a sure foundation so that you may forge ahead with peace of mind. We will advise you on your best options, make sure the proper legal agreements are in place, and guide you through any legal concerns you may encounter as you develop a structure that will help you achieve your goals.

Sole Proprietorships

In this structure, a company is owned and managed by one individual, who assumes responsibility for all debts and liabilities associated with conducting business. While this is one of the easiest structures to create due to minimal requirements for formation, it may be harder to gain access to capital and financing. Your personal assets may also be at risk based on business debts or liabilities. We can discuss the benefits and drawbacks of this structure to help you determine the best fit for your business.

General & Limited Partnerships

A partnership structure involves two or more people who are co-owners of a business. Partners can take steps to establish the terms of the relationship, addressing issues such as the division of equity, profits and losses, and specific areas of responsibility. Limited partnerships will typically feature a general or main partner, along with limited or minority partners. Limited partners may be investors who will not be active in day-to-day management functions. We can explain the details of partnerships to help you make the best decision about whether this structure may be beneficial for your business.

Limited Liability Companies (LLCs) and Corporations

Depending on your needs, you may opt to create an LLC or corporation (S-Corp or C-Corp). Some business owners choose the LLC setup due to the personal liability protection inherent to its structure. As with sole proprietorships and partnerships, LLCs enjoy pass-through tax capability. This means that taxes on business earnings may be paid through the individual tax returns of the owner or partners. By contrast, a corporation is directly taxed on its profits.

Corporations can provide protection from personal liability, but they may not offer the tax flexibility of an LLC. While a corporation is one of the most complex structures to create, it can be the best move for businesses that wish to be recognized globally, have plans for eventual public trading, and are looking to attract investors. Our experienced business formation attorneys can help you weigh the pros and cons of choosing a particular structure, and we can simplify the process for you while making sure all legal requirements are met.

Business Formation Services

At Ariano Hardy Ritt Richmond Lytle & Goettel P.C., we understand the importance of choosing the right business structure. We take time to listen to our clients' needs and the vision they have for the future of their businesses. When we work with a business, we discuss everything from choosing a registered agent to business taxes. We offer thorough general counsel services to help our clients achieve their goals. Some services we provide include but are not limited to:

• Obtaining a Federal ID and proper business licenses
• Registering for state and local taxes
• Evaluating and selecting insurance to protect a business and its clients
• Offering advice for securing financing
• Contract drafting and review
• Business name protection

Connect With a South Elgin Business Formation Attorney Today

If you are starting a business, you will need to choose a solid legal framework you can build on. Contact our Kane County business formation lawyers today to set up a free initial consultation. We have served the needs of business owners and startup companies for decades. If you are beginning a new venture, call 847-695-2400 now to get the legal assistance that will help you succeed.