Start Illinois Business

Subchapter S Versus LLC Showdown…

admin — Wed, 01 Apr 2009 03:08:56 +0000

For many new Illinois businesses the choice will come down to two of the most often considered types of corporations: Subchapter S (S Corp) and LLC (Limited Liability Company). Here are some key points about each type of incorporation: Both owners of S Corporations and Limited Liability Companies have limited personal liability. In contrast, sole [...]

Why Incorporate Here?

admin — Wed, 01 Apr 2009 02:33:56 +0000

Some of you will arrive on this site and ask yourself, “Why should I incorporate with StartIllinoisBusiness.com?” Here’s why: 1. It’s easier, more logical, less risk of error. Incorporating, while not rocket science is a bit difficult to keep all the details in order and get it done right the first time. Government sites are [...]

Great Reasons to Incorporate!

admin — Tue, 31 Mar 2009 10:08:49 +0000

Incorporation is not required. You can operate your business as a sole proprietor or in a partnership as long as you want. However, there are profound benefits to incorporating your business especially as a subchapter s or LLC entity. Some GREAT Reasons to Incorporate Your Business: 1. If you’re not incorporated and you’re sued by [...]

What is a Profit Corporation?

admin — Tue, 31 Mar 2009 09:30:36 +0000

A profit corporation is a type of corporation. Another name that is often used for a profit corporation is “for profit corporation”. A for-profit corporation is one intended to operate as a business returning some profit to the owners (shareholders, officers, members). A for-profit corporation, depending what state it was registered in and where it [...]

Small Business Resources at IRS

admin — Tue, 31 Mar 2009 08:51:22 +0000

There is a large set of audio and visual (video) resources at the IRS.gov site that we must show you… these are high quality and give great information for getting your business up and running, and paying attention to tax specifics – staying within legal guidelines. Here’s the list – it’s very large! Adjusting Employment [...]

Starting a Business Resources

admin — Tue, 31 Mar 2009 08:28:02 +0000

At the same time we create this site, StartIllinoisBusiness.com we’re also knee-deep in developing another website called, “IncAnswers.com” which will be going live shortly – we hope! IncAnswers.com will be focused on providing all the steps necessary for your business like: 1. Starting your business. 2. Incorporating your business. 3. Marketing and growing your business. [...]

Subchapter S Incorporation Advantages and Disadvantages

admin — Tue, 31 Mar 2009 07:54:21 +0000

There are a number of options for business owners to consider when incorporating. You should be familiar with all of them because they are all a little bit different. Subchapter S, or S Corporations are created after an application to the IRS is approved. If you want to read more about what an S Corporation [...]

What is a Subchapter S (S Corporation)?

admin — Tue, 31 Mar 2009 06:56:15 +0000

Subchapter S is an IRS designation for a Profit Corporation that distinguishes it from other types of corporations. The IRS.gov site says of S Corporations (Subchapter S corporations)… An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation. Generally, [...]

Benefits of Incorporation

admin — Tue, 31 Mar 2009 06:18:43 +0000

There are many benefits of incorporation. We’ve focused the last ten years on helping people like you incorporate because we believe in the idea strongly. What other way can you limit your personal liability and save thousands of dollars on taxes? Incorporation is the way to go for every single person in the USA. It’s [...]

LLC Advantages and Disadvantages

admin — Tue, 31 Mar 2009 05:41:06 +0000

There are many advantages and some disadvantages you should be aware of if you’re considering incorporating your Illinois business as an LLC. This list is by no means inclusive, but includes some of the more commonly mentioned LLC advantages and LLC disadvantages in business articles. LLC Advantages “Check the box taxation” – LLC’s can choose [...]