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Deciding to start a small business can often feel like diving into the deep end of the pool. On top of fighting against competitors to stay afloat in your market, you'll also need to account for things like employee benefits, insurance, taxes, codes and regulations and more. A misstep could leave you with expensive legal problems.
For business owners in Joliet, Rockford or Chicago, it's important to understand state and federal laws and know how to proceed when a legal issue develops. LawInfo has the Illinois small business law information you need from buying business insurance to workers' compensation.
An inherent risk of owning a business is liability for accidents and mistakes. You or your business could end up responsible for compensating losses from a variety of issues like defective products or the destruction of workplace property. You can significantly reduce that liability using business insurance.
There are many kinds of business insurance policies, each of which can protect your business from specific types of liability. Some of the most common policies include:
When you start a new small business, you must decide how it will be structured. Business structure is a crucial component to the startup process as it will define ownership, personal liability and responsibilities for you and your co-owners (if any). It will also affect your business's tax qualifications.
Illinois legally recognizes several major types of business structures, including:
A small business owner should get assistance with legal matters as they can ruin a business if mishandled or ignored. Issues like defending against wrongful termination claims or negotiating the acquisition of another company's assets are complex and time-consuming. Retaining an attorney to help prevent legal problems is a wise move.
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified business lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local business attorney to discuss your specific legal situation.