For various reasons, some Illinois entrepreneurs will find it more attractive to buy an existing business than to build a new operation from the ground up. However, there are solid rationales to put your time and resources into forming a new business. If you understand the challenges involved in starting a new business as well as the benefits, you can make an informed decision.
It is the same in Illinois as it is anywhere; success in business has the potential to draw some unwanted attention. Businesses that risk lawsuits from competitors or losses from uncertain opportunities often incorporate to reduce this liability. However, there are many significant decisions associated with the process that could affect the future success of an organization.
Regardless of the nature of the type of business you are looking to establish in Illinois, you will find that there are areas involved in its operations that could potentially expose you to liability. For some types of businesses, such as those involving food service or transportation, the risks are relatively obvious, but virtually every type of business out there has at least a few areas where it might be at risk. At Howard & Hardyman LLP, we recognize that certain business structures can help protect you against personal liability, and we have helped many business owners create business structures well-suited to their needs.
There are many important decisions that go into creating an Illinois business, from the structure of the company to the responsibilities of the people who run it. However, keep in mind that you should put just as much consideration into what you would actually call the business. In fact, the wrong name for your business might cause you some legal problems down the line.
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.