One of the first things our clients learn here at Howard & Hardyman LLP is that we are the type of firm that wants to see everyone who comes through our door succeed. The healthier our Illinois business partners are, the better we feel — it is as simple as that.
We believe the best way to keep a business healthy is to start it off the right way. That means, among other things, choosing the right incorporation type, or ownership structure. This decision affects two critical issues central to the risk profile and profitability of any business:
- Personal liability for you and your partners
- Taxation, both on capital gains from any sale you plan and your annual profits
While there are many administrative worries associated with starting a new company, from choosing doing-business-as names to establishing lines of credit, few have the potential to be as significant for your future as the choices you would make regarding business formation. For-profit organizations may take many different forms, including:
- LLCs and LLPs
- Sole proprietorships
Choosing a sole proprietorship could be a good choice for some businesses, but it could leave you, as the owner, personally liable for any debts that the company accrued. Your own property could therefore potentially be liquidated to pay for financial liabilities of the company.
We want our clients to be able to use their entrepreneurial spirit, making the big decisions and taking the right chances. That is why we attempt to make business formation plans that solidify successes — and that protect our clients and their families from undue consequences of unavoidable failure. Please read more on our main legal site.