Owning a business requires a lot of hard work. It also is a huge investment—of time, dedication, and finances. Building a successful business requires taking every decision seriously and understanding exactly what choices should be made to maximize benefits. Russo Law Offices can assist you with these decisions and help you steer your business to a successful future.
From the earliest inception of your business to its final days, there are so many factors and decisions that need to be considered. From establishing the right entity for your business to planning for the future of your business, our business attorneys in Hinsdale can guide you through this complex process.
What Qualifies as a Small Business in Illinois?
In Illinois, a business can qualify as a “small business” if it employs 500 or less employees.
Do I Need to Register My Business in Illinois?
Yes, in most cases, you will need to register your business with the Illinois Department of Revenue (IDOR). Registering your business with the IDOR is required if it includes any of the following:
- Hiring employees
- Buying/selling products via wholesale/retail
- Manufacturing goods
What is an LLC & S-Corporation?
Limited Liability Company (LLC) – When a business is established as an LLC, this separates the business assets from the personal assets of the business owner. This means that in a situation where the business creditors are suing the business, they can only go after the owner’s business assets and not the owner’s personal assets.
S-Corporation – Also known as “S-corp” or “S subchapter” refers to a way a business is taxed. If a business has an S-corp tax status, then it will avoid double-taxation (where both the business earnings and personal earnings are taxed).
Solutions for Small Business Owners
At Russo Law Offices, our lawyers know your business is an important and intricate part of your life. We understand that all businesses are different and have varying requirements. Therefore, we take the time to understand the goals you have for your business and to identify your particular needs.
We offer solutions for businesses that include:
- Business formation and planning
- Not-for-profit entities
- Ongoing administration and maintenance
- Dissolution of entities
- Succession planning
- All estate planning needs
Whether you are trying to decide between an S-corporation and an LLC or you want to create a plan to pass on your family business, the attorneys at Russo Law Offices have the experience and skills needed to create solutions that fit your needs.
Zealous Advocates Protecting Your Business Interests
Don't start your business off on the wrong foot or leave the future of your business to chance. Let our skilled estate planning and business attorneys assist you. We are a small firm that understands the stress that comes along with owning a small business. The risk is great, so it’s important to take every step necessary to protect your business. We offer free consultations, so you have nothing to lose by discussing your needs with us. Located in Hinsdale, we represent small-business owners and startups throughout Illinois.