Starting a new business is a huge undertaking that requires you to make several crucial decisions. In fact, one of the very first things you will need to address as a business owner is to choose your company's business structure ― whether it is a corporation, an LLC, a partnership or something completely different.
Each type of business has its own distinct advantages and disadvantages when it comes to important issues such as legal liability and taxes. What you must do is determine which business type meets your special legal needs and business goals ― a task that is often easier said than done, especially if you have not consulted with a lawyer.
At the law firm of Herman J. Marino Ltd., P.C., we are committed to helping business owners grow their successful businesses. Whether this involves issues of tax, estate planning or business formation, we can provide knowledgeable, skilled legal guidance. With nearly four decades of legal experience, plus an additional 10 years in public accounting, attorney Herman J. Marino can explain the tax implications of each business form as well as help you structure the ownership of assets to reduce exposure to creditors.
Quite simply, we can help you pick the business formation strategy that meets your specific purposes, including tax purposes or asset protection purposes.
What About An LLC?
For a variety of reasons, LLCs have been steadily gaining in popularity as the go-to formation option for many Illinois businesses. For instance, if you choose to start an LLC, you will typically be protected from personal liability for the company's debts, while at the same time avoiding the double taxation that applies to other business forms, such as many corporations.
However, every situation is different, which is why it is always best to consult with an attorney to learn which option best fits your tax and operational needs.
You Want The Best For Your Business, So Contact Us Today
If you have questions about Illinois business formation law, contact Herman J. Marino Ltd., P.C., in downtown Chicago. To scheduled a consultation, call us today at 312-347-9990 or 312-347-9991.