In this article...

Watch Our Video
Contributor
Kevin O'Flaherty

Please enjoy part 1 of the Small Business Primer seminar presented by O’Flaherty Law.  Parts 2 and 3 of this seminar can be found on our YouTube channel along with our previous seminar on wills and trusts and all of our informational videoblogs.

The topics discussed in our Small Business Primer seminar include:

I. Entity Selection – how to choose between S Corps, LLCs, C Corps, and Partnerships

II. How to get your business up and running

  • Incorporation and maintenance of your corporate book
  • Quickbooks
  • The initial meeting with your accountant
  • Insurance
  • How to obtain an EIN (Employer Identification Number)
  • Contacting the Illinois Department of Revenue for a Tax Identification Number
  • Dealing with special licenses and regulations that are necessary for your particular business
potential business owners discussing starting a business

III.  How to make the transition to being an employer

  • Hiring a payroll service
  • Dealing with benefits – steering clear of ERISA problems
  • Obtaining Department of Labor posters
  • Registering with the Illinois Department of Employment Security & Dealing with Unemployment Insurance
  • Worker’s Compensation insurance
  • The elements of an employment agreement
  • Non-compete clause
  • Confidentiality of trade secrets and other info
  • Enforcement clause
  • Probationary period
  • Creating an employee handbook for systematized and documented expectations and discipline
  • The importance of termination letters
  • Considering independent contractors as an alternative

‍IV.  Finding space for your growing enterprise.If you are a small business owner, please do not hesitate to contact us with any questions you may have, or to set up a free consultation.

Disclaimer: The information provided on this blog is intended for general informational purposes only and should not be construed as legal advice on any subject matter. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship. Each individual's legal needs are unique, and these materials may not be applicable to your legal situation. Always seek the advice of a competent attorney with any questions you may have regarding a legal issue. Do not disregard professional legal advice or delay in seeking it because of something you have read on this blog.

FREE E-Book

Get my FREE E-Book

Similar Articles

Learn about Law