The Right Entity

Get It Right the First Time

You want to get it right from the start – changing entities down the road can be challenging, time intensive, and expensive.

I have collaborated with entrepreneurs and new business owners for thirty years as a consultant and attorney. I know the stakes, I know you need to start right. 

There are pros and cons with every type of organization. They can only be considered in light of what the owner(s) want and need. Taxes, asset and liability protection, day-to-day operations, where they see the company in 5/10/20 years, exit strategies – are all factors that must be considered – first.

It is my mission to listen, advise, act and ensure the process is smooth, stress-free, and done right.  

Too Many Choices

One of the reasons – perhaps the biggest one – that makes choosing an entity challenging is that a new business can take almost any form. There is no ‘your company will do this so it has to be a C-Corp’ guideline – unless yours is a professional company. 

The right type of corporate organization should protect the owners’ personal assets. When you form a new company you are, in effect, creating a new “person” – one recognized as separate from you.

Form the company the right way while doing everything needed to support it are vital for the business’ success and to protect the owners.

There’s an art to forming a company, one where the design employs the ‘pros’ of the entity while minimizing the ‘cons.’

The types of entities include:

• Partnership
• S-Corporation
• Limited liability company (LLC)
• Limited liability partnership (LLP)
• Corporation
• Professional corporation (PC)
• Non-Profit corporation
• Sole proprietorship
• Trusts

Different entities mean different tax considerations. To form a company under any of these requires painstakingly adhering to Illinois laws, rules, regulations, and filing requirements. Failing this can have consequences and delay getting your business up and running.