If you’ve never owned a business before, you may not realize that you’ll need a legal business structure for your entity. This business structure will have a significant effect on how your business is taxed and how your business operates.
There are a number of different business structures available in the state of Illinois, with each type carrying its own advantages and drawbacks. In order to choose the structure which best fits your business, it’s wise to consult a business lawyer.
For example, a business lawyer will be able to tell you whether your business is best suited as a sole proprietorship, LLC, C corporation, S corporation or other entity.
You may think that you’re free to name your business whatever you want to name it. While this is true to an extent, it’s not quite that simple. There are legal restrictions on what you can name your business.
Not only should you avoid names which are already being used by other businesses in your state, you should avoid names which could potentially infringe upon established trademarks as well.
A business lawyer will be able to thoroughly check out your business name to ensure that it’s not infringing on any established business with the same or similar name. . You don’t want to underestimate the importance of this, as it could prevent a lawsuit down the line.
A key question to ask a business lawyer before starting a new business is what type of licenses your business will require. Depending on the type of business you’re starting, you could need any number of different licenses.
Some licenses are required for almost all businesses. These include everything from business licenses, to sales tax licenses, and more. Other licenses are industry-specific. For instance, a roofing contractor will typically need a state contractor license.
Speaking with a business lawyer will ensure that you have all of the necessary licenses, and that you’re operating your business in a legally approved manner.
Something to know before your business is established is how you should protect your intellectual property. Your intellectual property essentially includes any idea which is original to your business.
Examples of intellectual property include logos, blueprints, photos, web designs, and brochures, to name just a few. These entities make up the identity of your business, separating you from your competitors.
An experienced business lawyer will know exactly how to protect your intellectual property. He or she will not only provide you consultation, but, if necessary, will refer you to a specialist to help you to register for copyrights and trademarks as well. This will help prevent any of your competitors from stealing or infringing on your intellectual property in the future.
Are you thinking about starting a business? Looking for a business lawyer? If so, and if you live in the Des Plaines, Illinois area, the experts at John J. Pembroke & Associates can help you.
Our seasoned team of lawyers is well versed in business law, boasting several decades of experience. We can answer each and every legal question pertaining to your new business, and help you get headed in the right direction.
Contact us today to discuss your business!