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Business Formation
Find a Business Attorney in Barrington, IL
There are many important decisions to make when starting a new business. One of the most important ones is the choice of entity. Business formation decisions impact your personal exposure to liability and have significant tax consequences. At the law firm of Boehm & Boehm, we are experienced in advising entrepreneurs and business owners on business formation issues. We can work with you to analyze your objectives and help choose the most appropriate business entity for your venture.
Experienced Business Formation Counsel
Attorney Garrett L. Boehm has over 30 years of experience practicing business law. He understands the legal logistics of starting and expanding a business and can guide you towards the best entity for your needs. Our firm can help in the formation of any business entity including:
- Sole proprietorship - The simplest business type, many businesses begin as sole proprietorships because they can be set up quickly and inexpensively. Owners are, however, personally liable for all business debts.
- General partnership - General partnerships are easy and inexpensive to set up. Partners share in profits and losses and enjoy favorable taxation. Partners are, however, personally liable for all business debts as well as the actions of other partners.
- Limited partnership -Limited partners share in the cash flow of the partnership but are only financially liable for business debts to the extent of their investments.
- Limited Liability Company (LLC) - Owners enjoy partnership-style tax benefits, but owners are not personally liable for business debts. LLCs are more costly to set up than partnerships, and require annual fees and regular filings with the state.
- Corporations (S-Corp and C-Corp) -Corporations can enjoy many tax benefits, and owners are shielded from personal liability. These entities require annual meetings, fees and filings with state.
- Non-profit corporation -Non-profits can apply for tax-exempt status, and directors and officers are not personally liable for the non-profit's debts.
If you are starting a new business or expanding an existing business and need help with business formation issues, contact us to discuss your situation. We assist clients in Cook County, Lake County, McHenry County and throughout Northern Illinois.
