Our Tinley Park business attorneys have the knowledge and commitment to represent you on complex matters and the best approach to take regarding different aspects of your business. We will be there for you and your business to give assistance with incorporation, contracts, exit strategies, asset purchase agreements, commercial disputes or employees.
Please contact our friendly
Tinley Park Corporate Attorneys
at our nearest location to schedule a free consultation:
See below for our other locations. If our office locations are not convenient for you, we are happy to speak with you by phone.
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Kevin O'Flaherty oversees all legal matters and is actively involved in making sure every client's case, big or small, is handled with excellence and attention to detail. He is available to contact through phone and email and his rates are available upon request.
In this Learn About Law podcast & videoblog, attorney Kevin O'Flaherty of O'Flaherty Law discusses the 11 situations in which you should consult your business attorney, including: (1) Incorporation; (2) Annual Reports; (3) Employees; (4) Contracts; (5) Investor Agreements; (6) Trademark and Copyright Applications; (7) Dispute Resolution, Litigation & Collection; (8) Solutions for Distressed Businesses; (9) Exit Strategies; (10) Estate Planning; (11) Business Consulting
As a new business owner, there are many areas of your company that need attention to protect your business and your personal assets. Here is a partial list of situations that often require consultation with your business attorney:
(1) Incorporation – Once you create your business, the first step to complete is to incorporate your company. You can choose to incorporate as a Limited Liability Company (LLC) or a corporation. Your attorney will advise you on the most beneficial corporate entity for your business. They will prepare your documents and register your business with all required governmental entities.
(2) Annual Maintenance – One of the most common mistake made by business owners is incorporating their business without a corporate attorney. This often leads to the failure to maintain a corporate status which, if your company is audited or sued, your corporate status won't protect you or your assets and you may have to repay self-employment tax breaks you've received. Our business attorneys prepare annual meeting minutes, file annual reports and ensure that your incorporation status remains active.
(3) Employees & Independent Contractors – You should meet with your business attorney who will assist you in understanding the advantages and disadvantages of structuring an agreement as an independent contractor. They will help create an employee handbook, the disciplinary process, create and prepare independent contractor and employee agreement. If you terminate an employee, you need to consult your attorney to ensure that you will not be liable for a wrongful discharge claim or unemployment insurance premium hikes. Your attorney will also help you register as an employer with governmental entities to ensure your business remains in good status with worker’s compensation law.
Learn more about how our Tinley ParkIncorporation, LLC and corporate law attorneys assist you in these different situations. We will be your advocates when you need your business yto be successful.
In this Learn About Law podcast & videoblog, attorney Kevin O'Flaherty of O'Flaherty Law discusses why it makes sense to hire an attorney to set up your corporation or LLC. (1)Ensure that you are selecting the most advantageous and proper corporate entity. (2) Ensure that corporate formalities are maintained. (3) Ensure that you are registered with the required government agencies. (4) Advise you on tax issues and file necessary paperwork. (5) Build a relationship for your future business needs.
There are two primary benefits to incorporating your business, either as a corporation or LLC;
(1) Liability Protection: A major source of liability business owners face comes from people you make contracts with. Employees, landlords, independent contractors, money lenders and disputes with customers are the source of many of the liabilities companies face. Incorporation protects your business when you're faced with a lawsuit by only allowing litigation against assets owned by your company. All of your personal assets will be protected against any litigation whether you're incorporated as a corporation or LLC.
(2) Saving on Self-Employment Tax: If you're business isn't incorporated, in addition to income tax, you will be required to pay self-employment taxes on all money taken out of your business. If you file an S-Corp election, either as an LLC or corporation, you only are required to pay a self-employment tax on your salary, not on profits distributed as a shareholder. We recommend consultation with an accountant to determine the smallest amount of salary that will be reasonable, and the rest taken as a self- employment tax and profit free. Even if you're not concerned about liability protection, your accountant will educate you when incorporation makes sense from a financial stand point.
Our Tinley Park incorporation attorneys, in this article outline why you should consult a business attorney to: