Wheaton, IL Business Formation Lawyer

Practiced Business Law Attorney Helping to Start Strong Companies in DuPage County, IL

The future success of your business can depend on what you do before your company officially exists. Taking the time to create a strong business plan and making the right decisions when you are forming your business will make an enormous difference once your company is open for business. In the very beginning, you will need to make decisions like what type of corporation you open and how much control each owner will have. Choosing the right type of business entity could protect you from personal liability if your company gets sued, and structuring your ownership agreement properly can protect your interest in the business. The best way to make the right decisions during the business formation process is to work with an experienced DuPage County, IL business formation attorney.

The McCormick Law Firm, LLC is skilled in business law. We can begin providing invaluable support from the moment you decide you want to start a company. Our attorneys are experienced in working with businesses of all sizes and in all industries. Once your company has opened its doors, we can continue providing support with contract review and drafting or real estate needs. Our goal is to help you build the strongest and most successful company possible.

Choosing The Right Type of Business Entity

One of the first decisions you will have to make is what type of business entity you want your company to be. If you will be operating a small business, like a single-location retail outlet for specialty items or a local landscaping company, a Limited Liability Corporation may be one of your best options. Opening an LLC can help to protect your personal assets if your company is ever sued. This may be especially important if your business has high start-up costs and you will be using substantial business loans. A Limited Liability Partnership may be more suitable if you are going into business with a partner in certain industries, like accounting.

Our attorneys will review your options with you and discuss the risks and benefits of each type of business entity.

Structuring Co-Ownership Agreements

If you are not going into business alone, how you structure your co-ownership agreements is also of vital importance. A strong ownership structure clarifies the rights and obligations of each person involved. Even if you and your partners or co-owners work together like a well-oiled machine right now, these relationships can sour once a company has opened its doors. Business partners may find that they have substantial disagreements about how to run a company. This can result in an unproductive power struggle if roles and rights are not well-defined during the business formation stage.

Your Company's First Contracts

The very first contracts your company enters into are essential. Before you can open your doors to the public, you will likely need certain contracts in place. You may need to hire employees, which means drafting an employment contract. You may need to make initial purchases from vendors so you have the tools of your trade ready. Most companies will need to buy or lease commercial real estate so they have a space to work in. Our lawyers can help by both drafting the contracts your company is responsible for as well as reviewing any contracts you are asked to sign by other companies. Having a contract your fledgling company was relying on fail for lack of enforceability or because you did not decode the incomprehensible legalese in the fine print of your commercial lease can present an enormous setback. Our attorneys seek to prevent such problems and ensure that you are secure in your business contracts.

Contact a Wheaton, IL Business Formation Lawyer

The McCormick Law Firm, LLC will do all it can to help you set your business up for success. Our dedicated DuPage County, IL business formation attorneys can help with everything you need to get your business up and running smoothly. We offer discounts for veterans, first responders, and active duty military personnel, so please let us know if you are one of these. Contact us at 630-517-8570 for a complimentary consultation.