Cook County Business Formation Attorney

Chicago Law Firm Supporting New Business Ventures

Starting your own business takes a lot of courage - and a lot of hard work. You will likely put a lot of blood, sweat, and tears into getting your new company up and running. Whether you are following your dream of opening a restaurant or have big plans for a new consulting firm, the legal aspects of business formation must be carefully addressed. You will have quite a few decisions to make and legal concerns to address before you ever open your doors. Our lawyers can be there to guide you and any business partners you may have through the entire legal process of forming a business.

Business ownership is not for the faint of heart. There are risks involved, but the potential rewards can be great. Our law firm not only helps local entrepreneurs establish themselves as business owners, but we can also provide continuing support while you navigate the realities of running your business. We can address the legal needs of a growing business while keeping you as protected as possible.

Legal Help Determining the Best Entity Type for Your New Business

One of the first decisions you will need to make is what type of business entity your new venture should be. There are a number of different ways to structure your business, each with its own benefits and drawbacks. The entity type you choose will be a major factor in how your business functions on a day-to-day basis. It is the foundation of your business, so choosing well is of the utmost importance.

One major concern that new entrepreneurs often have is whether they could be personally liable in the event of legal action against the company. The answer to this important question and more are governed by the type of entity you have started. If you have a limited liability company (LLC) or corporation, you likely would not be liable for business debts. If you have a sole proprietorship, you probably would be liable.

Anther factor that may go into your choice of entity involves whether you are working alone or with partners and whether those partners are family members. Our lawyers will review information about your business plan in order to better advise you on this important issue.

Cook County Attorneys for Establishing Control and Ownership

Aside from setting your business up as the right type of entity, you will also want to establish the right ownership and control rights. If you are working alone, this may be less of a concern for you - although it does still need to be addressed in your business formation documents. However, if you are working with a partner or partners, then one of the first things you will need to do is establish who controls which aspects of the business.

Entrepreneurs working on a joint venture are typically getting along well at the outset, but it would be a bit reckless to not plan for the possibility that things will change. It is vital to have clear, written, enforceable rules regarding who has which powers in the company. Good planning can head off any potential partner disputes and help your company grow and thrive.

Commercial Real Estate Help

If you are looking for a new location for your company and are considering buying commercial real estate, we can help with that as well. We are skilled in handling commercial real estate transactions so that you know exactly what rights and obligations you will have after closing. With our help, even the most inexperienced real estate buyer can purchase commercial real estate with confidence.

Chicago Law Firm Providing Continuing Support to Business Owners

Once your business is fully formed and operating, your work is still not done, and neither is ours. We can provide ongoing support with a variety of business law concerns, including assistance with drafting and managing business contracts. It is important for your business to have a go-to law firm you can come to with any legal concerns or disputes.

Business owners should also engage in succession planning from day one, which may intersect with estate planning. Whitacre & Stefanczuk LTD is here for all legal needs related to becoming a business owner and operating a business in the long term.

Call a Cook County Business Formation Lawyer

Whitacre & Stefanczuk LTD is highly knowledgeable and well-practiced in the field of business law. Our attorneys can start helping you and looking out for your interests as soon as you have made the decision to open a business. Our goal is to help create strong local businesses. Contact us online or call us at 773-622-6100 to set up a complimentary consultation.