Most people starting a business face a choice as to how to organize. Many people operate businesses as sole proprietors or as partners. However, by doing so they leave themselves personally vulnerable, because the business' creditors can seek to collect against the owners' or partners' personal assets. In contrast, corporations shield their owners' personal assets from the reach of business creditors. Corporations are legal entities distinct from their owners (i.e. their shareholders); the corporations have assets and liabilities of their own, and continue to "live" even after the death of particular owners.
Kollias & Giese, P.C. serve business clients throughout the Chicago area. If you are starting a new business, we can help you decide which business structure would work best for you, walk you through the required process, and prepare and file all of necessary documents.
For example, in order to incorporate a business, you must follow a number of steps. These include:
- Choosing an appropriate name for the corporation, checking that your company's name is not already in use and/or confusingly similar to another company's name
- Preparing and filing Articles of Incorporation in compliance with Illinois law
- Preparing the corporation's bylaws, which are the internal regulations that detail how the corporation will be run and by whom
- Preparing necessary minutes of meetings for the shareholders and board of directors
- Obtaining the necessary business licenses
- Designate a registered agent for service of process
- Registering for federal employer identification number
- Filing to elect an s-corporation tax status, if appropriate
- Registering the company with the Illinois Department of Revenue, Department of Employment Security, and such other government agencies as may be necessary
- Prepare a shareholder agreement
As experienced business planning attorneys, our goal is to take the hassle out of setting up your company, so that you can use your time to focus on running your business. We will help you comply with all of the legal requirements as efficiently as possible, so your corporation can be up and running quickly and smoothly. If you already have incorporated, we would welcome the opportunity to prepare, review, or revise your shareholder agreements or buy/sell agreements, and more. We can also help your existing corporation to maintain compliance with the ongoing formalities mandated by Illinois law.
For all your business planning needs, please call us at (630) 407-1200, or fill out and submit our online intake form. We will be happy to schedule a free 30-minute initial consultation.