- Consumer's Choice Award 2019
- Consumer's Choice Award 2020
- Consumer's Choice Award 2021
- Consumer's Choice Award 2022
- Consumer's Choice Award 2023
- Consumer's Choice Award 2024
Starting a business in Illinois requires careful planning and proper formation. Whether you choose an LLC, a corporation, or a partnership, the right structure protects your personal assets, clarifies ownership, and supports future growth. Our guidance helps you navigate entity selection, filing requirements, and essential governance documents. We tailor advice to your industry and local regulations, helping you build a solid foundation for long‑term success.
From choosing an entity type to preparing operating agreements and corporate bylaws, professional guidance can save time and reduce risk. We outline the steps, the costs, and the ongoing obligations that accompany forming a business in Burbank and across Illinois. With a clear plan, you can focus on launching your venture while staying compliant with state and local rules.
Forming the right business entity establishes liability protection, defines ownership structures, and sets the stage for future growth. A solid formation strategy can help with tax planning, funding, and governance. Proper filings and tailored documents reduce exposure to disputes and streamline regulatory compliance. This service clarifies roles, responsibilities, and decision‑making processes so your business runs smoothly from day one.
Our firm brings wide‑ranging experience helping startups and established businesses establish Illinois entities. We work closely with founders, owners, and management teams to assess needs, craft practical formation strategies, and prepare governance documents that align with growth plans. Our approach blends clear communication with disciplined attention to detail, ensuring clients understand options and timelines while moving efficiently toward their goals.
Business formation is more than a one‑time filing. It involves selecting the right entity, drafting operating agreements or bylaws, and planning for governance and regulatory obligations. This service helps you clarify ownership, limit personal exposure, and establish a framework for management and accountability. We explain options in plain language and tailor recommendations to your specific business needs and plans.
As your venture evolves, the initial formation should support scalable operations and ease of future changes. Our guidance covers ongoing compliance, annual reports, and recommended governance practices that can adapt as your company grows. By understanding the process upfront, you reduce surprises and keep momentum as you launch and expand your Illinois business.
A business formation involves choosing a legal structure, preparing foundational documents, and filing with the appropriate state authorities. The decision influences liability, taxation, and governance. By outlining roles, ownership, and procedures early, owners can avoid disputes and align on long‑term strategy. The process also includes name clearance, registered agent designation, and compliance with state and local requirements that apply to Illinois businesses.
Key elements include selecting an entity type, drafting governing documents, appointing managers or directors, and filing formation documents with the state. Processes involve name search, obtaining an EIN, and establishing annual reporting and compliance routines. A well‑structured formation plan anticipates future needs, such as adding members, issuing shares, or reorganizing ownership as the business grows.
This glossary explains common terms used in Illinois business formation, outlining definitions and practical implications for LLCs, corporations, and partnerships. Understanding these terms helps owners communicate clearly, align expectations, and navigate filings and governance with confidence.
An LLC combines limited liability protection with flexible management and pass‑through taxation. Owners, called members, enjoy protection from personal liability for business debts while maintaining a flexible structure for profit distribution and decision making. Forming an LLC typically requires filing articles of organization and creating an operating agreement to govern internal rules and ownership.
A corporation is a separate legal entity owned by shareholders. It provides strong liability protection and can issue stock to raise capital. Corporations are governed by bylaws and board oversight, with formal meeting procedures and record‑keeping requirements. In Illinois, corporations file articles of incorporation and establish ongoing compliance practices to maintain good standing.
A partnership is a business arrangement where two or more people share ownership and profits. It can be a general partnership or a limited liability partnership, with varying levels of liability protection and management responsibility. Partnerships typically rely on a partnership agreement to outline roles, contributions, profit sharing, and dispute resolution.
An operating agreement outlines ownership, management structure, voting rights, and operating procedures for an LLC. While not always required by law, it is a critical document that prevents misunderstandings, defines member duties, and provides a framework for handling disputes or changes in ownership.
Choosing between an LLC, a corporation, or a partnership involves tradeoffs in liability protection, taxation, and governance. LLCs offer flexibility and pass‑through taxation, corporations enable easier fundraising, and partnerships provide collaborative structures for shared ownership. Each option has compliance requirements and long‑term implications for growth, funding, and control. This section helps you weigh benefits and constraints to select the best path for your business.
For smaller ventures with straightforward ownership and modest growth plans, a limited formation approach can reduce complexity and initial costs. This path focuses on essential documents and filings, providing faster activation while maintaining essential protections. It suits startups with clear governance and limited outside investment, enabling a lean launch with room to expand later.
If your business operates with a simple structure and predictable revenue, ongoing compliance demands can be more manageable. A limited approach minimizes ongoing filings and governance burdens, helping you focus resources on core operations. As the business grows, you can transition to a more comprehensive structure to accommodate new needs.
A comprehensive service aligns governance, ownership, and growth strategies from the start. It helps you anticipate future changes, such as adding members, issuing equity, or expanding into new markets. A holistic approach reduces the risk of gaps between formation and day‑to‑day operations, providing a stable framework that supports strategic decisions.
A full service plan emphasizes ongoing compliance, risk management, and readiness for investment or financing. It includes robust governance documents, audited records, and scalable processes that facilitate due diligence and attract investors. This approach helps you maintain good standing and operational resilience as the business expands.
A comprehensive approach provides consistency across documents, improves governance, and supports scalable growth. By integrating formation, governance, and compliance, you reduce the need for revisiting foundational structures as plans evolve. This clarity helps owners and managers navigate decisions, align on priorities, and present a cohesive strategy to lenders and partners.
Additionally, a holistic plan helps with risk management, tax planning, and regulatory adherence. By anticipating future requirements, you can avoid last‑minute changes that disrupt operations. The result is smoother transitions during funding rounds, leadership changes, or strategic pivots, with solid documentation to back up decisions.
A comprehensive strategy defines ownership rights, voting procedures, and management authority. This clarity reduces disputes and improves coordination among members or shareholders. It creates a stable platform for accountability and efficient decision making, even as the business evolves and grows.
A well‑structured formation plan includes ongoing compliance calendars, reporting schedules, and governance checks. This durable framework helps ensure timely filings, accurate records, and proactive risk management. It supports sustainable operations and reduces the chance of penalties or delays due to missed obligations.
When starting, carefully evaluate ownership goals, potential growth, and funding plans. Selecting the right entity type from the outset reduces future restructuring needs and aligns tax treatment with business objectives. Take time to review ownership, management control, and liability protections to ensure the structure supports your long term ambitions.
Document roles, ownership percentages, voting rights, and decision thresholds early. Clear governance reduces conflict and helps management execute strategies smoothly. It also supports investor conversations and due diligence by presenting well organized, transparent information.
If you are launching a new venture, choosing the right structure from the start can protect personal assets and establish a solid foundation for growth. This service helps you align ownership, governance, and tax considerations with your business goals, reducing risk and ensuring smoother operations as the company scales.
For existing businesses, arranging proper formation and governance can simplify transitions, support financing, and improve regulatory compliance. By reviewing current structures and updating documents, you create clarity for partners, lenders, and future leadership while maintaining adaptability for strategic changes.
Starting a new venture, adding members or partners, seeking investor funding, or reorganizing ownership are common scenarios that benefit from formal formation. Establishing appropriate governance documents and compliance plans early helps prevent disputes and supports clear decision making as plans evolve.
When launching a new business, selecting the correct entity and drafting foundational documents sets expectations and protects interests. A well planned start reduces future complications and helps you meet state requirements efficiently.
Raising funds or bringing partners requires clear ownership, control structures, and governance frameworks. Proper documentation supports due diligence, aligns stakeholders, and preserves organizational stability during growth.
As laws change and business needs shift, updating operating agreements, bylaws, and filings helps maintain compliance and ensures decisions reflect current objectives. Ongoing governance reviews prevent misalignment and disputes.
If you are planning to form an LLC, corporation, or partnership in Illinois, our team provides thoughtful guidance and practical documents tailored to your goals. We aim to simplify complex requirements, communicate clearly, and support you through every step of the formation process.
Choosing the right structure is foundational for your business. We provide clear explanations, customized formation plans, and precise documentation to support your goals. Our approach emphasizes practical, understandable guidance designed to help you move forward with confidence.
We focus on concrete steps, timelines, and deliverables so you know what to expect. Our team helps ensure compliance and governance are established in a way that aligns with your business strategy, funding plans, and long‑term objectives.
With steady communication and organized documentation, you can navigate the formation process more smoothly and position your business for successful growth and resilience.
From initial consultation through filing and governance, our process emphasizes clarity, efficiency, and accuracy. We work closely with you to define goals, prepare necessary documents, file with the state, and establish ongoing compliance measures. You receive practical timelines, transparent pricing, and ongoing support as your business evolves.
During the initial consultation we discuss business goals, preferred entity type, ownership structure, and financing plans. We outline the formation steps, anticipate potential challenges, and agree on a roadmap with realistic timelines and deliverables tailored to your Illinois business.
We explore your short and long term objectives, assess liability concerns, and determine the most suitable entity type. This phase establishes the framework for all following steps and ensures alignment with your growth plans.
We draft the preliminary documents and set a realistic timeline for filings, approvals, and governance appointments. Clear expectations help you prepare and stay on track as approvals move forward.
We prepare and file the necessary formation documents, draft operating agreements or bylaws, and appoint governance structures. This step establishes your legal entity and the rules that will guide management and ownership.
We assemble and file articles of organization or incorporation, update registrations, and coordinate with the appropriate state agencies to secure good standing for your entity.
We prepare operating agreements or bylaws, define ownership and voting rights, and set governance procedures to guide future decisions and conflicts.
We establish ongoing compliance calendars, annual filings, and governance reviews. This phase ensures your entity remains in good standing and ready to support growth and investment as needed.
We implement a schedule for annual reports, meeting minutes, and regulatory updates to keep your entity compliant and transparent.
We conduct periodic governance reviews, update documents as needed, and adjust processes to evolving business needs and legal requirements.
At the Frankfort Law Group, we take great pride in our commitment to personal service. Clients come to us because they have problems, and they depend upon us to help them find solutions. We take these obligations seriously. When you meet with us, we know that you are only doing so because you need help. Since we started our firm in northeast Illinois, we have focused on providing each of our clients with personal attention. You do not have to be afraid to tell us your story. We are not here to judge you or make you feel ashamed for seeking help. Our only goal is to help you get results and move past your current legal problems.
At the Frankfort Law Group, we take great pride in our commitment to personal service. Clients come to us because they have problems, and they depend upon us to help them find solutions. We take these obligations seriously. When you meet with us, we know that you are only doing so because you need help. Since we started our firm in northeast Illinois, we have focused on providing each of our clients with personal attention. You do not have to be afraid to tell us your story. We are not here to judge you or make you feel ashamed for seeking help. Our only goal is to help you get results and move past your current legal problems.
An LLC provides liability protection and flexible management, often with pass‑through taxation. A corporation offers stronger fundraising capabilities and formal governance. Your choice depends on factors such as the desired level of formal structure, planned growth, and funding strategy. Illinois allows various combinations, so it is important to align your choice with your business plan and long‑term objectives.
Yes. An operating agreement is highly recommended for LLCs as it sets ownership, management, and profit sharing rules. Even in states where it is not required by law, having a written agreement helps prevent disputes and clarifies expectations among members. It is a practical tool for ensuring smooth day‑to‑day operations and future changes in ownership.
Formation timelines vary based on the entity type and filing method. In Illinois, standard filings can take a few days to a few weeks, depending on processing times and completeness of documents. Working with a seasoned attorney helps ensure every form is accurate, reduces back‑and‑forth, and minimizes delays. We provide a clear schedule tailored to your situation.
LLCs and corporations in Illinois must file annual reports and maintain up‑to‑date records. You may also need to renew licenses and update ownership information as changes occur. A proactive approach to compliance helps you avoid penalties and keeps your business ready for growth and financing. We help you set reminders and organize filings effectively.
Yes, partnerships can form professional entities in Illinois under certain conditions. Crafting a clear partnership agreement helps delineate responsibilities, profit sharing, and dispute resolution. The right structure supports collaboration while protecting individual interests and ensuring lawful operation.
Common documents include articles of organization or incorporation, operating agreements or bylaws, an EIN, and any required state or local registrations. You may also need ownership schedules, consent documents, and governance policies. We help assemble and organize these items to streamline filings and establish a durable foundation.
Tax treatment differs: LLCs typically benefit from pass‑through taxation, while corporations may face corporate tax rates with potential double taxation on dividends. Your choice can influence self‑employment taxes, distributions, and tax planning. We help you assess options and coordinate with tax advisors to optimize results.
A registered agent receives official notices and service of process for your business. In Illinois, maintaining a reliable registered agent is essential for timely communications. We can assist with designating a compliant agent and ensuring records are kept up to date for seamless correspondence.
Governance documents should be reviewed whenever ownership, management, or business plans change. Updates may be needed after funding rounds, new partners, or strategic pivots. Regular reviews help maintain clarity and prevent disputes as the business evolves.
Yes. Converting to another entity type is possible, but it requires careful planning, filing, and potential tax considerations. We guide you through the conversion process, ensuring compliance and aligning the new structure with your strategic goals.