Starting and running a business is often both exciting and intimidating. Business formation is generally the first step in establishing a new business. The entity selected to operate the business will control your company’s financial structure, tax liabilities, and operations. At Kasan Law, our Chicago and Illinois entity formation attorneys work diligently to help our clients achieve their legal, financial, and business objectives.
In general terms, a business entity means the organization that has been formed to conduct business. Before your business venture begins, clients should consult with an attorney and accountant in selecting the proper entity structure. We provide our business clients with a wide range of entity organization and formation services, such as:
We frequently collaborate with other business professionals, accountants, financial advisors, and other attorneys to determine which entity structure is best for achieving your goals and objectives. Bankers can assist with providing loans. Accountants can suggest solutions for implementing and streamlining payroll and explore tax options. An insurance broker can review your insurance coverage needs and present options to protect the business from potential losses.
The selected entity structure will have significant legal and financial implications for operating the business. Each type of entity structure has its own strengths, weaknesses, and tax implications. The various entity structures include:
In selecting the proper entity, there are a variety of factors to consider and generally include:
Our communicative attorneys work with you to determine which business structure best suits your needs, priorities, goals, resources, and vision.
When starting a business, individuals agree to go into business with the best intentions for the company, themselves, and each other. In handling numerous other issues involved with starting and operating a business, the potential for conflicts with partners or other owners is usually overlooked. Sadly, disputes among members, shareholders, partners, and owners are a common reality for many businesses.
An ownership agreement is a contract among the owners that establishes and defines the rules, responsibilities, and procedures for operating the business. The entity selected to operate the business will dictate the type of ownership agreement required, such as:
An ownership agreement provides the basic rules for operating the business and generally establishes the following:
Business disputes can be costly and, in some instances, even catastrophic for the businesses. A well-drafted and unambiguous ownership agreement may avoid any business disputes and dictate the procedure to follow in resolving the conflict. If a business dispute occurs, a well-drafted and unambiguous ownership agreement might be enforceable and avoid costly litigation.
According to the United States, Patent and Trademark Office, “[a] trademark is a word, phrase, symbol, and/or design that identifies and distinguishes the source of the goods of one party from those of others. . . . Some examples include: brand names, slogans, and logos. The term ‘trademark’ is often used in a general sense to refer to both trademarks and service marks.”
In the early stages of formation, business owners need to understand the importance of registering their trademarks, both in Illinois and federally. While registering your trademark is not required by law, it is a good business practice to register the trademark to obtain legal protections. A business that fails to register a trademark may expose itself to trademark infringement lawsuits or cease and desist letters from trademark owners.
Whether it’s a new business or the re-branding of an existing business, Kasan Law’s lawyers can provide you with legal assistance and guidance to register your trademark.
At Kasan Law, our approach to lawyering enables us to efficiently provide creative, flexible, and individually tailored solutions to the specific needs of each client’s legal issues. Our consultations are free and carry no obligations.
Whether you are starting a new business or require other business transaction services, contact our Chicago and Illinois corporate and business transaction attorneys to schedule your free and no-obligation consultation by calling (312) 300-6724, e-mailing us at Info@LawKasan.com, or schedule your consultation online.