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Business Formation Archives

The basics of Sarbanes Oxley

Company executives in Michigan and Illinois who have worked for private companies but now may be looking to switch employment to a public company or who may work for a company looking to go public will quickly learn that a very different set of oversight is involved for publicly traded companies. There are many advantages for a business to becoming public including the infusion of cash into the business that happens with an initial public offering. But, executive staff must be educated about their responsibilities and understanding Sarbanes Oxley is a good place to start.

Evaluating corporate status and tax options

Entrepreneurs who are looking to start a new business always need to choose an operational stucture. In so doing, they also choose a corresponding tax model and when it comes to C and S corporations, the tax model can vary greatly. Many companies elect to use the S corporation structure in large part due to the tax advantages they enjoy compared to with a C corporation. However, with the new tax code in place, many companies may be re-evaluating this decision.

Common start-up problems

For many Chicago and Detroit residents who have taken the plunge, there is no better feeling than starting a new business. As thrilling as a new start-up can be, there are often an equal amount of stressors. One of those speed bumps involves the initial stages of the process. The following information goes over some of those common challenges, and what new business owners can do to avoid them.

Re-evaluating S and C corporation benefits

Like their counterparts around the nation, business owners, entreprenuers and executives in Michigan and Illinois are likely very interested to learn how the new tax plan might change some of the decisions they make about their ventures. One of these key decisions often faced is whether to establish a business as a traditional C corporation or as an S corporation.

What is a limited partnership?

As business-minded folk in Chicago like you work toward making your entrepreneurial dreams a reality, you're likely to run into questions of whether or not to get other people involved in your plans. There are plenty of different partnerships you can look into, and each offers its own benefits. Let's take a look at limited partnerships first.

Considerations in choosing a business model

People who are creating new businesses in Illinois must at some point make a choice about how they will structure their new company. As explained by Entrepreneur magazine, there are multiple factors that should be reviewed in order to ensure that the right selection for the company's needs and goals is made.

Understanding business formation: What is an L3C?

One of the most important decisions that a prospective business owner will have to make before opening their doors is selecting a legal structure for their business. In other words, a choice will need to be made as to whether the enterprise should organize as a corporation, limited liability company, partnership, sole proprietorship, or other entity.

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