BUSINESS INCORPORATION

Incorporating a business provides protection to the principals. The corporation, once established, is a distinct entity recognized by the law. It can sue and be sued. It has a FEIN Number for tax purposes, and most importantly for the small business person, it protect your personal property from risk of loss as a result of a corporate error, omission, or lawsuit.

Small businesses may also take advantage of the tax laws to avoid double taxation of the entity and then the shareholder by declaring the entity as an “S” corporation which allows a pass through of dividends to the shareholders directly as though the entity were a partnership.

My office will provide the following legal service to small business seeking to incorporate and protect personal assets in your business venture.

• Search for corporate name availability with the Office of the Secretary of State of Illinois

• Prepare and submit the “Articles of Incorporation” to the Secretary of State. (Rush orders can be processed at an additional cost)

• Record the approved Articles of Incorporation with the appropriate County Recorders Office

• Obtain an FEIN for the corporation

• Conduct the initial meeting of directors and shareholders and issue stock certificates

• Provide the corporation with a corporate book and corporate stamp

• Prepare the initial minutes of the corporation

• Prepare the Corporate By-laws which are adopted at the first meeting of the Directors

The typical incorporation process costs less than $1,000. Given the fact that the corporate structure serves to protect personal assets, it is a cost of the business start-up process that will provide you with peace of mind.