December 15, 2016 Business Counseling and Litigation Attorneys Assisting Clients in Chicago, IL At The Finn Law Firm, we are committed to helping small business owners and corporate clients throughout the Chicago area with all business counseling and business litigation needs. No matter how large or small your company might be, we have experience with a wide range of business issues, from those concerning business formation and startups, to those involving contract disputes, trademark infringement, and/or the tortious interference with contract rights. It takes many entities to successfully run a corporation and to handle the various disputes that arise within the course of business, and our dedicated advocates are here to assist with your business needs. If you have questions about business counseling issues or business litigation concerns, an experienced Chicago business attorney can answer your questions today. Different Types of Chicago Businesses We Serve There are many different kinds of businesses in the Chicago area, and each of them faces a wide variety of legal issues and disputes. In some instances, founders of startups and small business owners want to learn more about growing their businesses and improving the services they offer. For larger companies or those that are more firmly established in the Chicago area, we routinely handle many different types of disputes arising in the course of doing business. We have the experience to help any and all business entities regardless of size and type, including but not limited to: Startups; Small businesses; Restaurants; Breweries; Nonprofit organizations; Developers; Construction companies; Technology firms; and Vendors. There are many different types of companies that serve customers in Chicago, and we have the experience your business needs to assess its strengths and weaknesses, to consider options for staying afloat in the economy, to conceive of options for expansion and growth, to discuss succession of the business, and to visualize acquisitions and sales. And in the event that you are facing a business dispute, our advocates are here to assist you. From matters of employment law to commercial real estate disputes, we can help you to understand what is at stake and what legal steps are possible. Understanding Business Structures and Legal Implications Some of the legal issues you may face as a business that can require business counseling or corporate litigation depend upon the type of business structure you are looking to create or under which your company operate. As a fact sheet from the U.S. Small Business Administration explains, there are numerous different business structures that impact how a company is started and managed, including: Sole Proprietorship: this is the most basic business type, and it involves a single individual establishing a company and maintaining responsibility for the assets and liabilities of the business. Sole proprietorships are among the easiest businesses to form, in addition to being among the least expensive businesses to form. Partnership: in a partnership, there is a single business, but two or more persons will share ownership of that business. A partnership assumes that all partners will contribute equally to the business and will share in the profits or losses of the business. Partnerships generally fall into one of three categories: general partnerships, limited partnerships, or joint ventures. Corporation: typically, corporations are business structures that are best for larger companies that are already established, and that have a number of employees. This type of business structure sometimes is referred to as a “C corporation” or a “C corp.” Limited Liability Company (LLC): an LLC typically provides a business with some of the features associated with a corporation, but some of the flexibility associated with a partnership. In an LLC, the persons who own the business are described as “members.” The SBA describes an LLC as a “hybrid” business structure since it combines elements of a corporation and a partnership. S Corporation: this type of business structure is similar to a corporation or a “C corporation,” but it has a different designation from the IRS for tax purposes. In short, as the SBA fact sheet explains, an S corp is different from a C corp because in an S corp “profits and losses can pass through to your personal tax return,” and as a result, “the business is not tax itself.” Accordingly, shareholders in an S corp are taxes. Cooperative: this type of business structure is different from many others in that it is both owned and operated for the benefit of those using it. A cooperative is formed much differently from other businesses in that, according to the SBA, “a group of potential members must agree on a common need and a strategy on how to meet that need.” In a cooperative, members share in profits. Areas of Illinois Law in Corporate Counseling and Business Litigation As we have mentioned, there are a wide variety of matters that can arise in the life of a business. We handle many different types of legal issues, including but not limited to the following: Real estate law; Contract law; Employment law; Intellectual property; Trusts and Estates; Antitrust law; Trade regulation; and Mergers and acquisitions. An Experienced Chicago Business Law Attorney Can Assist You If you have questions about business counseling or corporate litigation, an experienced Chicago business law attorney can help. Contact the Finn Law Firm today.