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Business Services. Businesses,
both small and large, have a wide range of legal needs, from start up through successful operation. Chosing the proper form
for your business is an essential, but often overlooked, step in creating a successful enterprise. I help businesses
make the proper choice of entity and form it, whether it be a corporation, partnership, or the increasingly popular Limited
Liability Company, which is an excellent entity for small businesses and sole proprietors. I also ensure that you
are in compliance with all other zoning and local business ordinances, and that you have all the proper permits and licenses
to operate your specific business. Once your business is up and running, I can help you with all sorts of day-to-day
legal needs such as employee non-compete agreements, Independent Contractor Agreements, vendor contracts, leases, and
licensing.
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The Limited Liability Company
What is a Limited Liability Company? A Limited Liability Company (LLC) is
a type of business entity, like a corporation or a partnership. LLC's are a relatively new form of business entity - the first
LLC legislation in Illinois was enacted in the early '90's. What is so unique about an LLC is that it provides
its managers and members with the same limited liability enjoyed by corporate officers, but without the double taxation of
a corporation. If properly structured, an LLC can elect to be taxed as an individual, a partnership, or a corporation.
How can a Limited Liability Company help you? The LLC can be a very advantageous
business form in many situations. Sole Proprietors, especially, can benefit from the protection provided by the LLC. A
Sole Proprietor's business and personal assets are considered one and the same, and thus his or her home and personal
finances are exposed to liablity from business creditors. By forming a Single-Member LLC, a Sole
Proprietor can keep his business and personal assets separate, thereby protecting his business assets from personal creditors,
and his personal assets from his business creditors, without incurring any additional tax liability. Joint Ventures
can similarly benefit from this aspect of limited liability, and a multi-member LLC can still elect Partnership taxation.
Only a detailed consideration of your particular situation can determine whether the LLC
is the right business entity for you. Contact me to find out whether you might benefit from the formation of this, or any other, business entity.
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