St. Charles, IL Business Startup Lawyers
Selection, Structure, and Formation of Startup Business Entities
Selecting, structuring, and forming a legal entity for your business is one of the most crucial steps you will make concerning the start of your company. The type of business entity you choose will have significant consequences on the long term success of your business, as it will influence your control over your business, personal liability, ability to grow and expand, level of management, and the taxes you will pay both federally and in state.
At Bochte, Kuzniar & Navigato, P.C., we will examine your individual circumstances and offer informed advice as to the best legal entity for your company. Our attorneys will then assist you in structuring and forming your startup business entity. You will have the option of selecting between the following business structures:
- Sole Proprietorships: This method is most often used by home based businesses. It has the fewest legal formalities and very little asset protection, if any.
- General and Limited Partnerships: Partnerships involve one or more individuals who will share profits and losses of the business. They can be general, in which all partners manage together and share all responsibility for debts, or limited, in which the limited partner invests but does not have control over the business.
- Limited Liability Companies (LLC): This entity choice has become extremely popular in recent years because it offers the benefits of both a corporation and partnership. An LLC effectively protects your personal assets in the event of a lawsuit and offers flexibility in taxation and membership.
- Corporations: For larger businesses or businesses that intend to grow, a corporation is often the best choice. Corporation types include S-Corporations and C-Corporations.
Starting Your Business Off Right
Forming a business is an exciting prospect. It is important that you start your business off right from the start. This requires selecting and forming the appropriate legal entity, along with developing a business model that will serve you well for years to come. The experienced business law attorneys at Bochte, Kuzniar & Navigato, P.C. have assisted new business owners for over 40 years. We will examine your business plan and long term goals to assist you in selecting and forming your startup business entity. We pride ourselves on being the only business attorney you will ever need. For assistance with your new business, contact our law firm online or call us at 630-377-7770 to schedule an appointment with one of our skilled lawyers in Kane County, DuPage County, DeKalb County, Kendall County, St. Charles, Elgin, Batavia, Aurora, Elgin, Wheaton, and Geneva.