Operating your business without having established a legal entity is risky business. Without the protection of a legally established entity for your business, your personal assets are on the line. That means your home (yes the one your family lives in), your cash, and all of your other assets are fair game if anything ever goes wrong, and let’s face it, something always goes wrong.
Furthermore, without a legally established entity, the growth of your business is extremely limited. You don’t really think a bank is going to just hand all that money over to little ol’ you, do you?
Of course, you need the money to grow your business. You’ve got a vision! But without a legally recognized entity, as far as the bank is concerned: "What business?” You’ve got to make it official first.
Selecting the appropriate entity for your business is one of the very first steps that must be taken to legally establish your business. It is also one of the most important decisions that you will ever make for your business.
The entity you choose will determine the manner in which revenue is taxed, the amount of personal liability that you may incur in the event of a lawsuit, judgment, or collection action, the type of financing that is available, the procedures that must be followed to make decisions for your business, amongst a host of other factors.
Selecting the proper entity is imperative to the success, longevity, and growth goals of your business.
There are steps that should be taken before you establish your entity, and there are even more steps that must be taken afterward to ensure your business and personal assets are protected.
I’m here to take the guesswork and risk out of your efforts to establish your business.
If you are in Illinois, let me assist and guide you down the path of establishing, sustaining, and growing your business.
If you are not in Illinois, check out some of the other valuable resources the Bosses’ Lawyer
has for you too!