Business & Commercial Law
Business And Commercial Law Attorneys
At the Law Office of Joel Rabb & Associates in Chicago, Illinois, we know how important it is to have prompt, responsive access to legal counsel throughout the growth of your company. Our business and commercial law attorneys are dedicated to providing innovative legal counsel in every aspect of business law. Our law firm is well-respected throughout the greater Chicago metropolitan area for our due diligence and ability to handle all aspects of business and commercial legal matters.
Comprehensive Legal Representation for Business
If you are planning to form a business, you likely have many questions about the variety of business forms recognized under Illinois law. There is no one-size-fits-all business structure to protect your unique plans. We will diligently listen to your concerns, your business plans and advise you about the options that best serve your needs in forming an Illinois business.
The lawyers at the Law Office of Joel Rabb & Associates are well-respected for understanding the needs of Illinois’s business community.
Our focus areas include:
- Providing business-savvy advice and guidance in every aspect of business formation, including providing proactive counsel on business succession issues to protect your future.
- Drafting, review, and negotiation of business contracts across the spectrum of business agreements, including employment contracts, purchase agreements, and real estate transactions and litigation.
- Ongoing legal counsel throughout the life of the business, ranging from collections to mergers and acquisitions and serving as trial-proven legal counsel in business litigation.
- Providing legal advice and counsel if your company is modifying its bylaws to reflect changes.
- Serving as a vital resource in collections, including diligent representation in enforcing foreign judgment
When forming a business, it is critical to start on the right foot. There are five different types of business classifications to consider: Sole proprietorship, partnership, limited liability company, “C” Corporation “S” Corporation.
Generally, S Corporation or “S Corp” is the most widely used choice available. There are also other variations on these classifications. Tax, legal, and estate planning issues play a significant role in your decision. Making the wrong choice can cost time and money. Each structure has a different legal and tax status that can be used to your advantage. Sites that “make it easy” for you to file your business forms can be extremely costly in the long run when an inevitable mistake is made in the filing.
Having a business-savvy attorney discuss your needs with you and help you file your incorporation papers will save you time and money. Building an essential relationship with legal counsel from the beginning.
A sole proprietorship is usually a small business with few, if any, employees. It is easy to form and there are few restrictions on flexibility. Profits and losses flow through the proprietor and are reported on his or her personal form 1040 income tax return. There is generally no protection for the sole proprietor against legal liability for the proprietor’s actions or inactions.
Like the sole proprietorship, the partnership’s profits and losses flow through to the partners. In addition, losses can be deducted; however, there are restrictions on the proportion. The disadvantage is the lack of legal protection against legal liability. Each partner is liable for all the partnership debts.
Limited Liability Company
A limited liability company may be taxed like a partnership (i.e. through the individuals). In addition, it offers its members limits to liability from the business’ and the other members’ liabilities.
A corporation is a legal entity having its own assets, liabilities, and privileges apart from those owning or forming the corporation. The corporation can own assets, borrow money, and perform business functions. Corporate earnings, however, are subject to double taxation of profits. A “C” Corporation pays its own income taxes and, when dividends are passed through to shareholders, they too are liable for taxes on that payment. A corporation’s stockholders are generally not liable for corporate debts and liabilities.
If an “S” Corporation qualifies, it may be taxed under a special section of the Internal Revenue Code which permits a corporation to be taxed as a partnership/sole proprietorship, i.e., through the individuals, generally, there is no “double taxation” problem.
Our comprehensive approach to the law allows us to build long-term relationships with our valued business clients. We view every transaction, every contract and every legal issue as unique. While we have a long-standing reputation for our proactive approach to solving legal issues, we do not rest on our past accomplishments. Our goal is to help your business succeed.