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2021 Midwest Road, Suite 200, Oak Brook, IL 60523

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Elk Grove Village business law attorney

Many business professionals dream of owning a business, but they may not want to start from scratch. While entrepreneurialism is a common way to own a business, it can also be daunting and risky. Building a business from the ground up involves much more than just coming up with a product or service. A business structure must be selected, a location for the establishment must be found, employees must be interviewed, hired, and trained, and that is just the tip of the iceberg. And did I mention the marketing and breaking into the chosen industry? An alternative to this risky endeavor is buying a business that is already established. While the company will still require time and dedication, the groundwork for the business has already been laid,  alleviating the risk of starting a new business. That said, buying a business also comes with its own risks that require the advice of a few experts, including a knowledgeable Illinois business law attorney.

Discovery and Research

Numerous businesses are for sale and you should never settle for the first one that you find on the market. First, you should decide which type of business you want to buy. Depending on your past professional experience, you may want to stick within the same field or you may have realized that you would like to forge a new path. Choosing the industry that you would like to work in and finding an appropriate-sized business for you is a critical first step. 

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Hinsdale business law attorney

Anyone who is starting a business will need to select a business entity or model with which they will follow. A corporation and limited liability company (LLC) are two different types of business entities that both offer their own benefits. Depending on how you would like ownership, taxation, and management to look for your business, you can select a business entity that reflects these professional goals. You may have an idea of how you want your business to run, but may not be sure which business entity this aligns with. Before deciding upon your business entity, speak with a reputable business attorney for advice on how to proceed with your business.

Business Ownership

If you are beginning your business with a few investors or partners in mind, you should understand how corporations and LLCs differ in this regard. In corporations, the ownership of the business is divided by shares of stock purchased by owners, known as shareholders whereas LLCs’ owners are called “members.” These shareholders can determine how much ownership they would prefer to have by purchasing additional shares to own a larger percentage of the company or selling their shares if they wish to reduce their ownership amount. Corporations are a good option for those who are seeking outside investors.

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