How to Start a Business in Illinois

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

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.