Monday, June 20, 2011

Illinois Business Formation | Recommended Reading for Small Businesses

Recommended Reading for Small Businesses

The link above is from the IRS. This link provides further links to amazing publications that business can use to better understand how their tax liabilities are to be computed and how to categorize different transactions within your business. There are a number of publications in this link. Click through and find how you can better plan your business with taxes in mind. Who knows, perhaps you were missing a tax you could have written off. Who wouldn't like to save a few bucks. As always, cal (708) 529-7794 to speak to an attorney about your business and how you can reduce your tax liability.

Wednesday, June 8, 2011

New Business Formation | How do I start a new business?

Congratulations, you have decided to open a business. Now you ask yourself, "How do I do this?" There are a number of things you need to think about while opening your business. First, you have to ask youself if what you are offering, others would be willing to pay you to have. I am an attorney, so my offering is advice after years of education, training, and life experience. People are willing to pay for my advice because they know I have been through the required training, as determined by the bar association. Let's pretend that you sell dog scarves. Why would an individual give you money for you dog scarf? Do you have the skills to make a quality scarf for a price that is low enough for people to affored and want to purchace. Plus, you have to be able to make a profit. If you can answer this question with a resounding are ready to take your business to the next step. I will give you a short list, which will be added to later, that will get your mind thinking about the steps neeed for a sucessful business.

1. Secure Financing - either a loan or your savings
2. Limit Your Liability - Speak to an attorney about business vehicles
3. Purchase Accounting Software - Most people choose quickbooks, you should talk to your accountant first.
4. Purchase Business Insurance
5. Set Up Office Protocol
6. Create Promotional Materials
7. Check with City about Business License
8. ENsure you are in compliance with zoning law
9. Get a Federal EIN number
10. Start Selling Your Product.

During all of these stages, the advice of a lawyer will ensure you are doing everything legally and protecting yourself from risk. The Law Office of Jonathan W. Cole is happy to provide legal advice to you though the entire new business formation. Unlike some attorneys, Jonathan is willing to assist with more than just the filing with the Secretary of State. The Law Office of Jonathan W. Cole knows there is more to the formation of a business than the filing of a few papers. Look for upcoming posts on each of these steps and more steps that are omitted. Good luck with your new business.

Friday, April 1, 2011

Welcome to Illinois Business Formation

Welcome to the Illinois Business Formation blog. This blog will be rich with information about forming a business in Illinois. It will include the methods of forming a business in Illinois, the types of business that can be formed, the advantages and disadvantages of each type, and tips for starting each type. If you would like to speak to a professional about starting your business, please contace me at Good luck with your journey and happy reading. I hope this blog helps you on your way.