Tag: limited liability

Naperville Business Lawyer Discusses the Difference Between a Limited Liability Company and a Limited Liability Partnership

Posted on January 27, 2020

If you are planning on starting a business, you will need to decide what type of business entity is right for you. The type of business structure you choose will influence nearly every aspect of your business, so it is important to do your research and select the type of business structure that best meets your needs. The most common types of businesses include partnerships, sole proprietorships, corporation and S corporations, limited liability companies and limited liability partnerships. Each of these business structures come with different legal implications and tax […]

Posted in Business Law

Know the Risks of a Personal Guarantee for Your Business Loan

Posted on July 22, 2015

For many small business owners, especially those who are just starting out, avenues for raising operating capital may be rather limited. If you are in such situation, you may have no choice but to apply for loan that requires you to offer a personal guarantee of its repayment. Over the years, many of my clients have come to me asking about the potential pitfalls of personally guaranteeing a loan, and while a personal guarantee business loan may be necessary, you should certainly understand what may be expected of you. Personal […]

Posted in Business Law

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