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b2ap3_thumbnail_stimulus.jpgThere is no denying that the spread of COVID-19 caused a health and economic crisis throughout the United States. Fortunately, the United States House of Representatives recently passed a $1.9 trillion COVID-19 relief package, which contains $1,400 stimulus checks for individuals (who make up to $75,00 annual gross income), unemployment benefits extension, and billions of dollars in federal aid to help small businesses and non-profit companies. President Biden is expected to sign the bill, and Democrats consider the American Rescue Plan Act of 2021 not just a bill to combat the financial downturn caused by the coronavirus pandemic but also an anti-poverty measure in general.

Financial Assistance for Business Owners

With several brands of vaccines being administered across the country and certain restrictions lifted, the economy has shown signs of rebounding. However, millions of Americans are still unemployed. The American Rescue Plan Act will provide $350 billion to cities and states and $130 billion to schools to aid in reopening them. In addition, the stimulus bill will devote billions more to a national vaccination program, expanded COVID-19 testing, food stamps, and rental assistance, to name a few. As more and more people are vaccinated, non-essential businesses that were temporarily shut down may be allowed to open their doors for customers again. This can include salons, casinos, bars, restaurants, movie theaters, concert venues, as well as other small businesses.

The Act also includes several provisions for small business owners. It allocates an additional $7.25 billion for forgivable loans in the Paycheck Protection Program (PPP). Additionally, it provides grants targeted to small businesses in those areas of the economy that have been hit the hardest by coronavirus-related shutdowns. Specifically, the bill will provide the following in financial relief funds:

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IL business attorneyIf you are an entrepreneur, you may have a dream of opening your own business someday. Being your own boss can provide a flexible schedule and control over daily operations. In addition, it can be rewarding to build a company from the ground up. Regardless of the type of industry or field you go into, it is imperative that you research and take the necessary legal steps before launching your business. An experienced Illinois business law attorney can explain what you need to do to get started off on the right foot.

Things to Do Before Opening Your Doors

There are numerous issues to address before you can say you are officially open for business. Here are several steps to take with the help of your attorney to make sure you are successful:

  • Build a business plan: Develop your pitch, determine your business structure/entity, create a budget, address desired markets.
  • Register your business: Once you decide on the type of business formation, you need to register it with the state of Illinois so it is legally recognized as a business organization.
  • Consider tax obligations: Depending on which county your company is located in, the tax codes may differ.
  • Obtain required licenses and permits: Licensing requirements may depend on if you are opening a retail store versus a restaurant or a bar.
  • Open a business account: It is important to keep personal assets separate from business assets by having different bank accounts for each. This is also essential for accurate record keeping.
  • Choose a location for your business: Consider your target customer base when selecting a place for your company’s headquarters. Some people may want it to be located in a city or metropolitan area instead of a more rural town.
  • Finance your company: You will need money to rent space, buy inventory and supplies, and hire personnel, which can be obtained by taking out small business loans, or state and local grants.
  • Build your brand: To stand out from the crowd, create a dynamic online presence with an engaging website and social media pages to market your brand.

Contact a Wheaton, IL Business Lawyer

Becoming a business owner is no small endeavor. It requires careful planning and attention to detail. An experienced DuPage County business law attorney will ensure that your rights are protected when drafting your business contracts. The qualified team at Stock, Carlson & Duff LLC is prepared to take on your case and handle the legal details of your business so you can focus on the day-to-day tasks. Call us today at 630-665-2500 to set up a confidential consultation.

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Buying a house is likely the biggest purchase you will make in your lifetime, next to purchasing a business or company. Depending on your wish list and budget, you may consider an older home or new construction. Besides being brand-new, one of the benefits of new construction is getting to pick out all the appliances, tile, flooring, fixtures, and more. However, it is also important to understand the legal details of your construction contract to make sure your rights are protected and you are not taken advantage of as a new homeowner. An experienced real estate attorney can guide you through this major endeavor so you can build the house of your dreams.

Reading the Fine Print

New residential construction contracts are legal documents that typically have been prepared by the builder. They will include many details of the agreement between the builder and the buyer, such as tax information, blueprints and specifications, warranties covering materials and workmanship, zoning ordinances, closing date, and more.

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When you decide to start a business, you will experience many challenges and important decisions early on, from securing funding, to attracting clients, to determining the type of business entity you should establish. As you go through the process, you should be sure not to overlook the importance of obtaining the permits and licenses your business will need to operate in compliance with the laws and regulations for your area. A business law attorney can help you identify the permits and licenses you will need and guide you through the process of getting them.

Common Business Permits and Licenses

Different permits and licenses are necessary depending on your business’s location, industry, and the products or services you provide. There are likely others that your business will need to pursue, but some of the most common examples include:

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succession, DuPage County bueiSuccession planning refers to passing on ownership or leadership roles in a business. If you are a small business owner, proper succession planning can help you avoid many of the negative consequences of a sudden change in ownership or management. Even if you do not plan to give up ownership in the immediate future, it is never too soon to get started on a business succession plan. Once you are ready to move on to a new business venture or retire, the plans for selling or passing on the business will already be started. Ideally, succession planning should be an ongoing process that is updated as your business changes and grows.

Hire Employees Capable of Taking on Leadership Roles

Sometimes, a business owner wants to keep a business in the family. He or she may have an adult child or other relative that he or she hopes will eventually take over the business. However, passing the business to a family member is not always be the best option. It is also possible that the intended recipient of the business decides that he or she does not want to be a business owner. This is why it is crucial that business owners hire employees who are capable of filling leadership roles as they become available.

Choosing an employee as your successor is not the right choice for everyone, but it does come with certain benefits. If your successor is an employee, you will have time to properly train him or her and set the business up for success—even if this success occurs in your absence. Furthermore, if employees know that there are opportunities for advancement and even the chance of being an owner, they will be more inclined to put in the maximum effort at their current jobs.

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