Naperville Business Lawyer Discusses LLCs and Corporations

If you are thinking about starting your own business, one of the first steps you must take is figuring out which type of company your business will be. Both LLCs and corporations are viable options, and both have benefits and drawbacks. In my practice as a business law attorney, I have helped many business owners […]

Understanding the Potential Advantages of an S-Corporation

In my practice, I am constantly asked for advice regarding which business structure I think is best. While, of course, I am happy to help my clients understand the potential advantages and disadvantages, I make it very clear that the selection of the right business entity is based on the needs and comfort level of […]

A Guide to Starting Your Small Business in Illinois

Illinois is known as being one of the toughest states in the U.S. to start and operate a business. Due to the extensive regulations, taxes, and other red tape, entrepreneurs looking to set up shop in Illinois must be well educated about the rules and laws governing business operations in the state. However, to help […]

Wells Fargo Announces Plan to Lend $100 billion to Small Businesses

Following the 2008 financial crisis, many financial institutions were conservative when it came to extending loans to budding new businesses. In recent years, the provision of small business loans and other financial assistance to emerging entrepreneurs has become a key goal for both private and public institutions throughout the country. Nowadays the prevalent view is […]

New Crowdfunding Laws May Bring Additional Financial Benefits for Startups

Don’t know much about crowdfunding? It is a crucial internet tool that can help you raise the capital you need to get your small business idea off the ground and running. As crowdfunding websites have proliferated in increasing numbers, the U.S. government has decided to get involved. The new laws that will cover crowdfunding may […]

Coworking Spaces Offer Unique Opportunity for Local Small Business Owners and Entrepreneurs

Deciding to start your own small business can be difficult, expensive, and time consuming. Costs for a typical business include office space, startup costs, inventory, administrative costs, and employee pay. Here in Illinois, local entrepreneurs and small business owners are finding interesting new ways to cut costs through the use of shared coworking spaces. What […]

Watch out for this if you are an S-Corporation

It should be no surprise by now that the IRS is continuing to go after S-corporations who pay a low amount of salary to their owners, in order to avoid having to pay payroll taxes on the entire amount of earnings of the company, which can amount to 15.3%. The way this normally works is […]

What is the right business entity to use for your new business?

When you are forming your new business, there are many choices for an entity to use: a sole proprietorship, C-Corporation, S-Corporation, Limited Liability Company, Partnership, Family Partnership, Limited Partnership, to name a few. The choice you make has both tax impacts and legal impacts. The first consideration is always whether your new business has some […]

Franchising: Is it the right option for your business?

By Denice A. Gierach As published in The Business Ledger – November 29, 2010 Many times a business person develops a concept that can be sold through an expanded network of franchises. By using a franchise system, a company is able to distribute the products or services to its network using the franchisee’s capital to […]