Lakeview, IL Business Formation Lawyer

Experienced Attorney for Business Formation Issues in Lakeview, Illinois

There are many different ways to structure a company, but there is no one "right" business entity that will meet every business owner's needs. Instead, the right choice of a business entity should be tailored to your specific goals and needs. A Lakeview, Chicago business and corporate law attorney can help you make the right call for your company, informing you of the possible risks and advantages of each approach.

At Cameron Law Center, LLC, we have years of experience providing corporate counsel to domestic and international companies. You can rely on our firm to provide you with quality legal advice and representation to protect your company's interests and promote growth.

Types of Business Entities for Lakeview Business Owners

Sole Proprietorships

A sole proprietorship is a business entity that gives the business owner direct control over the company. These are relatively easy and quick to set up, which can make it an appealing option for business owners who are just starting out. However, since there is no degree of separation between a sole proprietorship and the business owner, the business owner will be held personally liable for any lawsuits.

Partnerships

A partnership is similar to a sole proprietorship, only with multiple individuals running the company instead of one. In a general partnership, all business partners take on equal responsibility and liability, while a limited partnership may only have one person running the business while the partners passively invest in the company. Similar to a sole proprietorship, a partnership does not offer protection from lawsuits.

Limited Liability Companies (LLCs)

A Limited Liability Company allows business owners to play an active role in their own company while enjoying limited protection from lawsuits, since it is considered a separate legal entity from the owner. An LLC may also be treated as a pass-through entity to avoid paying double taxation from corporate taxes. However, it may be more difficult to attract investors with an LLC compared to a corporation, potentially leaving you with less capital to work with.

Corporation ("C corp")

A corporation provides a high degree of protection from lawsuits, providing reassurance for business owners with concerns about personal liability. A corporation can continue to exist long after the original owner leaves the business, which can make it easier to transfer shares and stocks. However, the costs of setting up a corporation can turn some people away, along with the extensive record-keeping.

S Corporation ("S corp")

An S corporation is similar to a C corp, with the key difference being that an S corp is treated as a pass-through entity. However, S corps are subject to certain limitations in the maximum number of shareholders, along with only being able to operate domestically, among other restrictions.

What Choice of Business Entity Is Right For Me?

When choosing a business structure, you should keep multiple factors in mind, such as your need for capital or your willingness to accept personal liability for lawsuits. At Cameron Law Center, LLC, we can provide you with the counsel you need to make an informed decision and take steps to help you structure your company appropriately.

Contact a Lakeview, Chicago Business Formation Attorney Today

At Cameron Law Center, LLC, we are ready to assist both up-and-coming and established companies in restructuring concerns. When you work with our firm, we will consider what is at stake for your business, evaluating the pros and cons with you one-on-one for each entity.

Attorney Timothy Cameron has established himself as a trustworthy business law attorney, having worked for one of the largest law firms in the world. To schedule a free consultation today, call our offices at 312-489-8638 or contact us online.