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IL business attorneyFor many people, starting a business is the ultimate dream and though it may seem unattainable to some, it has been a reality for millions of Americans. According to the Small Business Administration (SBA), there were 31.7 million small businesses operating in the United States in 2020. Small businesses play an essential role in the U.S. economy, as they are responsible for employing nearly half, or around 47.1 percent of the American workforce. Starting your own business may seem daunting, especially when it comes to the legal side of things, but a business formation attorney can help guide you through the process. Here are a few things you should keep in mind when starting your business:

Make Sure You Have a Clear and Understandable Business Plan

The first step to creating any successful business is having a business plan written out. A business plan is exactly what it sounds like -- a plan for your business. A thorough business plan will contain information about the industry in which your business will operate and information about the scope of your business itself, a sales and marketing plan, how the business will be owned and managed, the way the business will operate, and basic information about the business finances.

Research the Market You Are Interested In

Before you start your business, you should do a lot of research. Writing your business plan will take a lot of research, but you should be intimately familiar with your industry if you are not familiar with it already. You should have a basic idea of what your competitors are doing, what they are selling, and how they are selling it. This can also help you develop and implement goals for your own business.

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Posted on in Dissolving a Business

Illinois business law, federal business laws, Illinois business lawyer,If you are considering dissolving your business, there are many things to be aware of before you begin the proceeding. The first is that you should speak with a business attorney to determine the bests steps to take and whether or not your business is applicable for tax breaks and what financial legal burdens you have to handle before you walk away. Also be aware that you have to file an annual tax return for the year that you go out of business, even if your business closes in the first quarter. Other financial burdens that must be resolved include the closing of all accounts and the resolution of all business debt.

These tax returns are in addition to the reports that you must file to officially dispose of your business, which must be filed no matter what type of business you operate. This is true for a corporation, S corporation, LLC, or trust. If you fail to file these dissolution papers, you could still be liable to pay taxes and filings. If you are operating as a partnership or sole proprietorship, you may not be required to fill out these dissolution papers. If you have any question as to whether or not you should file these, it should be discussed with a legal professional.

Another major step is to make sure that you have canceled all registrations, permits, licenses, and business names. This ensures that you will no longer be responsible for any additional payments and responsibilities. Most of these filings will be done at the state or local level, which is why it is important to work with a legal professional who is in your area and familiar with local laws.

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Illinois business law attorney, Illinois employment lawyer, Illinois business lawyerIf you are running a business and have a product or service that isn't offered elsewhere or is relatively unique, chances are you have considered a confidentially agreement. All businesses operating in an industry in which secret formulas or recipes could compromise the ability of the business to make a profit should have a confidentiality agreement in place with employees. It is best that this agreement is considered and signed before an employee begins work in earnest — any hesitation can lead to murky legal waters regarding the divulgence of company-specific products or services.

The reason that confidentiality agreements need to exist separation from patents or copyrights is because they, in large part, protect trade secrets. The difference between trade secrets and copyrighted products or processes is that a trade secret is considered intellectual property. Confidentiality agreements are implemented in addition to the protections afforded by copyright infringement laws, however, because trade secrets are intellectual property that is considered non-public. Laws regarding intellectual property are complicated to enforce and often confusing for both parties involved. Confidentiality agreements allow for some of this complication to be ironed out.

The importance of such agreements cannot be overstated. It is estimated that the theft of trade secrets costs the American economy billions of dollars annually. There are federal criminal laws, in large part monitored and enforced by the Federal Bureau of Investigation, to combat and punish such theft, but because of the wide scope of incident and the myriad of red tape that must be cut in order to prosecute such cases, these incidents are often best left to be handled by the parties involved. This is where confidentiality agreements come into play.

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