Business Law FAQs

The six most common options for business entities are sole proprietorships, general partnerships, limited liability partnerships (LLPs), limited liability companies (LLCs), C corporations (or C-corp), and S corporations. There are also joint ventures.

A sole proprietorship is an enterprise owned and run by one person, and there is no legal distinction between an owner and the business entity. While a sole proprietorship might be the simplest business to start, it is often preferable to pursue a more complex structure.

If two or more owners will be sharing business responsibilities, you may consider a general partnership, another type of unincorporated business. Each general partner will have unlimited personal liability for the debts and obligations of the business while reporting their share of business profits and losses on their personal tax returns.

LLCs and corporations require filings with the state, though these protect owners from personal responsibility for debts or liabilities in most situations. You can discuss which option might be right for your company with our legal team, and we can assist with the formation of an LLC or corporation if you so choose.

Spagnolo & Hoeksema, LLC, will be able to help you make the right choice for your own situation. Every business entity type will have its own unique set of rules and regulations concerning the distribution of profits, taxation, asset protection, owner liability, and other issues of concern. The sure way to make the best decision when forming a business will be to bring a business plan and any other documentation to our attorneys for review.

Make sure you contact our lawyers without delay. We will be able to help you take the proper steps, protect all of your interests, and limit any risks. Our attorneys will know how to provide the most aggressive representation you need during a difficult time.

If you have questions regarding business matters, you should know that you are not alone. It is important to work with an experienced Illinois and Indiana business lawyer to answer your questions and assist you with running your business and addressing any possible disputes.

Spagnolo & Hoeksema, LLC, represents scores of businesses throughout the greater Chicagoland area. You can call us or contact us online to schedule a free consultation that will allow us to look at the specifics of your business and advise you appropriately.