At John J. Pembroke & Associates LLC, our lawyers do business formation and planning for entrepreneurs and wealthy individuals in suburban Chicago, as well as business owners who want to create a separate legal entity for a new enterprise.

The first decision anyone faces when they start a business venture is whether they want to operate the business within a limited liability entity. Most people do. If you don’t, you will have unlimited liability and all of your personal assets including your savings and your house will be exposed to whatever comes your way from your business activities.

There are four different kinds of limited liability entities:

• Limited Liability Company (LLC), which are taxed as a flow-through entity similar to a general partnership.
• S Corporations, which are corporations taxed as a flow-through entity similar to a general partnership.
• Limited Liability Partnership (LLP)
• C Corporations, which is taxed as a separate entity.

Our attorneys will help you evaluate the different types of entities and select the type that is best for your needs. Our services include registering your business with the various taxing authorities and ensuring your business is registered and qualified to do business in Illinois each year.

The financial strengths of our firm add an important dimension to our work in the formation of new businesses. We often serve as general counsel for our small business clients, handing the firm’s corporate annual report and other legal transactional services they need. Our firm employs a certified public accountant and has acted as an interim chief financial officer for startup businesses.

With our income tax and estate planning background, our business law firm can help with a broad spectrum of financial matters of importance to business owners, including business succession planning, divorce and prenuptial agreements, bankruptcy, and income tax returns and tax controversies.

We invite you to contact the business law attorneys at our firm to schedule a consultation.