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Illinois Business Formation Questions & Answers
1 Answer | Asked in Business Formation for Illinois on
Q: What factors should be considered in choosing the type of business form for my business?
Steve McCann
Steve McCann
answered on Sep 18, 2017

There are numerous factors to be considered prior to forming your business, however one must know the type of business, your business plan, and goals prior to providing you with a comprehensive answer. Thus, I would recommend organizing all information relevant to your new business, and consult... Read more »

1 Answer | Asked in Business Formation for Illinois on
Q: What should I do to get started incorporating my new business?
Richard Michael Gee
Richard Michael Gee
answered on Aug 21, 2017

I would recommend talking to an attorney about whether it makes more sense for you to incorporate or form an LLC from a tax and liability standpoint. Based on those answers, you can then decide whether to incorporate in Illinois or some other jurisdiction.

1 Answer | Asked in Business Formation for Illinois on
Q: How do I know if I should create an LLC for my company? What are the downsides?
John L. GreenLeaf Jr.
John L. GreenLeaf Jr.
answered on Aug 3, 2017

This question is very complex for a short answer. Some general considerations are: do you need protection of your personal assets from potential business debts or liabilities; are there investors who do not wish to participate in the day to day activities but wish to invest and share in profits or... Read more »

1 Answer | Asked in Business Formation for Illinois on
Q: I have an MBA. Do I still need an attorney to help me file business formation paperwork?
Vincent Anthony Incopero
Vincent Anthony Incopero
answered on Mar 30, 2017

There's more to the process than simply filing the articles,and that is the easiest part of the process. Keep in mind that there are plenty of attorney's that are not capable of property and thoroughly establishing an entity. You would be well advised to work with an attorney that has a... Read more »

1 Answer | Asked in Business Formation, Business Law, Contracts and Products Liability for Illinois on
Q: i need contract so i can be safe to get product as agreed after i pay freelancer in Venezuela,(im not from Venezuela)

what best method to be protected? and from which country to get lawyer?

Steve McCann
Steve McCann
answered on Mar 7, 2017

If you are conducting business in the US, I highly suggest you obtain a lawyer from the US. Many of us offer free consultations, so it will not cost you anything to obtain a professional's opinion that is tailored to the specific facts of your case.

1 Answer | Asked in Business Formation for Illinois on
Q: What do I draft up to give part ownership of a company I just started to my Dad?
Vincent Anthony Incopero
Vincent Anthony Incopero
answered on Feb 23, 2017

If the company is an "C corp." or "Subchapter S" corporation, you would transfer stock. If the company is an LLC, you would transfer membership units. Membership units are not technically stock or shares but perform the same legal function. You should consult a business... Read more »

2 Answers | Asked in Business Formation, Business Law and Construction Law for Illinois on
Q: Is the "Home Repair and Remodeling Act" in Illinois still in effect?

I'm looking into starting up a small carpentry business. Just want to make sure I know what exactly needs to be done to prevent any Issues that may arise, as best as I can.

Steve McCann
Steve McCann
answered on Feb 20, 2017

Yes, it is certainly still in effect, and is the source for a great deal of litigation in Illinois. If you are contemplating starting a carpentry business, I would highly recommend you consult with an attorney prior to doing so, as it will save you a great deal of time, stress, and money in the... Read more »

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1 Answer | Asked in Business Formation for Illinois on
Q: I am buying a pre-existing business - do I need to form my own company to do that?
Mazyar M. Hedayat Esq.
Mazyar M. Hedayat Esq.
answered on Jan 13, 2017

There are 2 primary ways to buy an existing business:

(a) Stock Purchase

(b) Asset Purchase

These are very different ways of buying. In a Stock Purchase you step into the shoes of the existing business, including any negative history or events. In an Asset Purchase you are...
Read more »

1 Answer | Asked in Business Formation, Business Law, International Law and Trademark for Illinois on
Q: Starting a business. Company in Thailand is already using same name in a related field. Can I use the name or no?

Looking to start a business. Initial research indicated that the name selected was unused. Bought domain. Further research uncovered a company in Thailand using the same name in virtually the same field. Overlap in business/target market unlike as they're in Thailand and I'm in US but not... Read more »

Glenn B. Manishin
Glenn B. Manishin
answered on Jan 11, 2017

Trademarks and trade names are jurisdiction-specific. If the name is not used or registered in the US, you are free to use it here...but of course no in Thailand.

2 Answers | Asked in Business Formation for Illinois on
Q: If I plan to issue stock in my company, should I form as a corporation or something else?
Glenn B. Manishin
Glenn B. Manishin
answered on Dec 20, 2016

The issuance of "stock" implies for lawyers a "C corp." or "Subchapter S" corporation. Alternatives like an LLC entity allow sale of ownership interests that are not technically stock or shares but perform the same legal function. You should consult a business... Read more »

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1 Answer | Asked in Business Formation for Illinois on
Q: My commercial property is owned by an LLC that we set up.

I’ve gone and purchased another building out of state — should I use the same LLC for that one, or form a new one if the other state?

Mazyar M. Hedayat Esq.
Mazyar M. Hedayat Esq.
answered on Nov 23, 2016

You ask if you should create a new limited liability company (LLC) to own and manage an out-of-state building (commercial?) that you recently acquired.

There is no one "right" answer to this question, but I recommend you look into either the creation of a new LLC (it may have to...
Read more »

1 Answer | Asked in Business Formation for Illinois on
Q: Me and 5 friends would like to start an llc for the purpose of pooling our money for trading stocks. Is this legal?

I would be managing partner and handle all trade decisions. Would this mean I would need to be an accreditted investment advisor?

Ray Beckerman
Ray Beckerman
answered on Sep 5, 2014

Yes it's legal. I can set one up for you, and provide a draft operating agreement.

1 Answer | Asked in Business Formation for Illinois on
Q: I have my ein# for my llc but what number do i put in for line 7 on reg-1?

Is this the file number given on the llc-5.5 form filed with illinois?

Burton A. Padove
PREMIUM
Burton A. Padove
answered on Jul 22, 2011

It is the number assigned to your LLC by the Secretary of State.

1 Answer | Asked in Business Formation for Illinois on
Q: How do you ratify bylaws in a board only organized not for profit?
Burton A. Padove
PREMIUM
Burton A. Padove
answered on Jul 22, 2011

Best bet is to call a board meeting to ratify and follow the formalities including a written resolution properly executed.

1 Answer | Asked in Business Law and Business Formation for Illinois on
Q: In Illinois how many copies of acticles of Incorporation do I originally file?
Burton A. Padove
PREMIUM
Burton A. Padove
answered on Jul 18, 2011

File two duplicate originals.

1 Answer | Asked in Business Formation for Illinois on
Q: Is that the same Self-employment and the sole proprirtorship??
Terrence Rubino
Terrence Rubino
answered on Jul 15, 2011

being self-employed is the same as being a sole proprietor - just different terminology. when you create an LLC or a corporation, you create a legal entity and you are simply a member or shareholder of that entity. good luck.

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