Chicago Business License

Chicago Business License

Where to I get a Chicago business license?  The City of Chicago’s Department of Business Affairs and Consumer Protection (BACP) issues Chicago business licenses.

Do You Need a Chicago Business License?

If you are starting a business in Chicago, you probably need a business license.  As a general rule, the City of Chicago requires a business license to conduct, engage in, maintain, operate, or manage any business in Chicago.  However, there is an exception to this rule for professions regulated by the Illinois Department of Financial and Professional Regulation.  The City of Chicago does not require a business license for such professions unless the business offers additional services not covered by the State of Illinois license.  Finally, check the City of Chicago’s Small Business Center if you require further details.

Also, consider whether to set up an LLC or corporation for your business.  Retain Chicago CPA and business lawyer Brian J. Thompson to set up your Illinois LLC.

Free Business Logo Generator

Free Business Logo Generator

Free business logo generator for small business owners looking to stretch their marketing and advertising budget.  First of all, branding your small business can really help you stand out from your competition.  In addition, hiring a graphic designer is costly.  So, check out this logo generator article from Yahoo!’s small business advisor blog.

Governor Quinn Proposes Lowering Illinois LLC Filing Fee to $39

In what may be good news for those planning to start a small business in Chicago or Illinois generally, Gov. Pat Quinn said in his recent address to the State that he will introduce legislation to reduce the filing fee to create an Illinois limited liability company from $500 to $39:

Which social network is best for your small business?

Small business owners who’ve recently launched a new business venture or are looking to raise their profile and find new customers often turn to social media, but which social network is best for your business?  Chicago small business lawyer and CPA Brian J. Thompson wants to direct your attention to this helpful article courtesy of CNNMoney:

Starting Your Own Company? Officers, Directors and Controlling Shareholders Beware

Starting your own Limited Liability Company or corporation?  Chicago business lawyer Brian J. Thompson wants you to know that officers, directors and controlling shareholders who leave one corporation to start a competing enterprise need to beware of the corporate opportunity doctrine.   A corporate opportunity refers to any business opportunity that becomes known to an officer or director of a corporation due his position within the company.  The corporate opportunity doctrine holds that the directors, officers and controlling shareholders have a duty of loyalty to the corporation and cannot to take such opportunities for themselves without first disclosing the opportunity to the board of directors of the corporation and getting permission from the board of directors.  Failure to follow this procedure can be a violation of the duty of loyalty.  As a result, the corporation may be entitled to a constructive trust of all profits obtained from the violation of the corporate opportunity doctrine.   Contact Chicago business lawyer and CPA Brian J. Thompson for to form your Illniois LLC or Illinois S-Corporation.

Cost to form Illinois LLC?

Cost to Form Illinois LLC

How much does it cost to form Illinois LLC?  In Illinois, the Secretary of State charges $500 in fees ($614.10 for expedited service).  Illinois Secretary of State fees must be paid whether or not you use an attorney.  New lower IL LLC filing fee . . . Illinois reduced the LLC filing fee to $150 ($255.88 for online filing) effective January 1, 2018.

How much are attorney’s fees to form an Illinois LLC?   Attorneys’ fees to form an LLC vary.  Several online services advertise that they can form limited liability companies for as little as $99 to $359 + state fees.  If that is true, why should you nonetheless choose an attorney to form your LLC?

Your attorney can draft an operating agreement that fits your unique needs and situation. An operating agreement is the basic contract that governs the management of the LLC – who has the legal authority to make binding contracts and decisions, which members contribute capital and who can deduct losses.   Unlike the generic form template supplied by online services, an the attorney can tailor the operating agreement to the client’s actual needs after interviewing the client.

In addition, the newly formed LLC might benefit from other related contracts.  For example, your attorney can include a non-compete contract to prevent a key member or employee from leaving the new enterprise and starting his own competitor.  Similarly, a non-solicitation clause to keep a key member or employee from stealing your clients.  In addition, only an attorney will recognize if you may be violating the corporate opportunity doctrine by leaving your current employer and starting a competing business in the same or similar industry.  An online service will not ask the client the right questions and recognize these legal issues.