Starting a Business
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Starting a Business in Illinois

Barrington Business Law Attorneys Serving Inverness, Palatine, and Throughout the Area

The decision to start a business is an exciting and challenging venture. Constructing a business plan is highly recommended. Your plan will outline the many aspects of your business model and key issues including organizational structure, financing, products or services, marketing, demographics, name selection and other functions. The team at Lucas Law has been providing legal service to the business community in Barrington and surrounding regions for over 35 years.

Business Plan Basics

Creating a written plan is an excellent way to make sure you have thought carefully about the purpose, functions, and goals of the business. The contents of the plan may vary considerably; however, the framework will typically address the following matters:

  • Structure: Illinois businesses may be structured in several ways that are unique with distinct advantages and disadvantages. When making these decisions, you should seek assistance from professionals such as a business attorney, tax attorney, and/or CPA.
    • Sole Proprietorship: Individually owned and operated.
    • General Partnership: Two or more individuals in a for-profit business.
    • Limited Partnership: Has a general owner or partner, and limited partners that may be less involved day-to-day.
    • Limited Liability Partnership: Two or more partners, each with protection from liability created by other parties.
    • Limited Liability Company (LLC): Provides limits on liability, very flexible, and applicable for most industries except banking and insurance.
    • Low Profit Limited Liability Company: Introduced in Illinois in 2010. Similar to LLC's but focused on charitable or educational pursuits.
    • Corporations: A distinct entity which can be quite complex. May issue stock to shareholders, and have a board of directors.
  • Products/Services: Functions that will be performed including descriptions, sources, costs of materials, research and development, and any proprietary aspects.
  • Physical Space and Equipment: Any physical property that may be purchased, leased, or built and the equipment needed for support.
  • Marketing Strategy: May include sales forecasts, target market data, desired and estimated market share.
  • Pricing: Analyzing costs, position in competitive markets, and profitability data.
  • Labor, Production, and Operations: Employees costs, internal functions, stages in product production, safety issues, and more.
  • Promotion: How you generate awareness, interest and define your brand(s)
  • Management structure: The departmental and overall leadership plan.
  • Capital: Existing funds on-hand, efforts to obtain financing, levels of financing needed

When to Contact a Business Attorney

Too many people starting a business do not seek legal assistance until problems arise. A seasoned business lawyer can help avert a host of potential problems. In establishing your business structure, they can help define your entity, and protect you and your family from personal liabilities. They can identify and satisfy federal, state and local regulations and licensing requirements; while drafting or reviewing legal contract agreements with suppliers, customers, employees, and creditors. They may uncover susceptibilities involving trade, past or current employees, and help with outstanding debts needing collection.

Interpreting Business Law

Illinois businesses must be in compliance with many laws. There are labor laws involving issues such as child labor, minimum wage, and school visitation rights. Many acts must be adhered to such as employee classification, prevailing wage, employee sick leave, workplace privacy, and occupational safety. The Uniform Commercial Code governs commercial transactions and is among the most lengthy and complex of all uniform acts.

Are you starting a business or have you recently started one and are uncertain about legal compliance or liabilities? Since 1984, Lucas Law has been offering personalized legal services to Illinois businesses. Contact our office today at 847-381-8700 for a consultation.

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