- 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 thoughtful planning, correct formation paperwork, and ongoing compliance. Our firm guides entrepreneurs through choosing the right entity, drafting foundational documents, and aligning ownership structures with long-term goals. By taking a practical, transparent approach, we help you move from concept to operation with confidence, while protecting your interests and reducing risk from day one.
Whether you are forming an LLC, a corporation, or a partnership, the process involves name availability, filings, operating or shareholder agreements, and registration with state authorities. We tailor guidance to your industry, ownership model, and growth plans. Our goal is to simplify complex requirements and provide a dependable framework so your business can start and scale smoothly in Logan Square and across Illinois.
Choosing the right business structure impacts taxes, liability, fundraising, and daily operations. A well-planned formation helps protect personal assets, clarifies management roles, and sets the stage for clean financial reporting. By examining options early and documenting decisions, you can avoid costly missteps and establish a solid foundation for long-term success.
Frankfort Law Group serves clients in Logan Square and throughout Illinois with a practical, results-focused approach to business formation. Our attorneys bring hands-on experience guiding startups, growing companies, and established businesses through entity selection, required filings, and essential governance considerations. We emphasize clear communication, transparent timelines, and collaborative planning to help you reach milestones with confidence.
This service covers the legal steps involved in forming a business entity, from choosing structure to filing documents and drafting initial governance agreements. You will learn what a company needs to operate legally, how ownership and management are defined, and the responsibilities that come with each option.
Understanding the formation process supports tax planning, liability protection, and future growth. We explain the practical implications of LLCs, corporations, and partnerships, and how ownership, funding, and governance influence decision making, budget planning, and compliance requirements.
Business formation is the set of legal steps and documents required to establish a new entity with the state and to create internal agreements that govern ownership, management, and financial obligations. It includes choosing an entity type, reserving or filing a name, preparing formation documents, obtaining any necessary licenses, and establishing governance rules through operating agreements and records.
Key elements and processes include entity selection, name availability, formation filings, and initial governance documents such as operating agreements or bylaws. The structure defines ownership, contributions, voting, and distributions, while timelines and filings ensure compliance and a solid foundation for future growth.
This description highlights essential terms and processes you will encounter during formation, including type of entity, required filings, ownership agreements, governance documents, and compliance steps. Understanding these elements helps you navigate state requirements efficiently and establish a solid framework for your business operations.
Entity: A legally recognized business form capable of owning assets, entering contracts, and incurring liabilities separate from the owners. Selecting the right entity affects liability, taxation, and ongoing governance. The choice shapes profits, losses, and how ownership interests are structured within the business.
Operating Agreement: The internal document that outlines ownership, management, and financial arrangements for an LLC, guiding day-to-day decisions and dispute resolution. While not always required by state law, it provides clarity and reduces ambiguity among members.
Articles of Organization: The document filed to create an LLC with the state, establishing the entity’s existence and basic information such as name, address, and registered agent. Filing confirms legal status and enables subsequent steps in the formation process.
Shareholder Agreement: The contract among investors and owners that defines voting rights, transfer restrictions, and economic arrangements for a corporation. It helps align expectations and provides a framework for governance and dispute resolution.
Choosing between an LLC, a corporation, or a partnership involves considerations of liability, taxes, management structure, and funding needs. LLCs offer flexibility and pass-through taxation; corporations provide familiarity for investors and clearer stock structures; partnerships can suit professional service firms or small teams. Each option carries distinct documentation and ongoing obligations, so proper early planning helps you avoid surprises while aligning with your business strategy.
For simple ventures with straightforward ownership, limited liability, and minimal regulatory needs, a focused formation plus a basic operating or partnership agreement can be sufficient to start operations while keeping costs reasonable.
In some cases, a streamlined approach allows you to establish a compliant foundation quickly, enabling you to begin operations while you refine ownership arrangements and future expansion plans.
A thorough formation process supports long-term growth by planning for future ownership changes, fundraising, and tax planning. It reduces the likelihood of costly amendments and helps your business adapt smoothly as needs evolve.
A comprehensive approach provides proactive risk management, clear governance, and documented procedures that support investor relations, lender requirements, and regulatory compliance.
A thorough formation strategy clarifies ownership, liability protection, and profit allocation while setting a clear path for governance and accountability. This approach helps you align with growth plans and capital-raising goals.
With a comprehensive plan you gain consistency across filings, documents, and governance, reducing friction during investor talks and day-to-day operations as your business scales.
A well-defined operating or shareholder framework helps owners make decisions efficiently, resolve conflicts, and maintain alignment as the team grows.
A documented plan with clear ownership and financial terms supports negotiations with investors and lenders, improving credibility and closing timelines.
Begin with a clear ownership structure and a reasonable equity plan. Document initial contributions, roles, and decision rights to avoid future disputes and align expectations as the company grows. Keep governance terms flexible to accommodate future changes while preserving core protections.
Set up a reliable record-keeping system and a calendar for annual filings, license renewals, and necessary updates. Regular reviews help keep your entity in good standing and ready for growth.
Forming the right entity and drafting governance documents early can prevent costly missteps and provide a stable base for growth, financing, and partnerships.
Owners benefit from clarity on liability, taxes, and profit sharing while gaining a framework for strategic planning and risk management.
When starting a new business, changing ownership, or seeking outside investment, proper formation and governance help avoid disputes and ensure compliance.
New business ventures benefit from early structure planning, clear ownership terms, and governance documents to support growth and investor conversations.
Changes in ownership require updated agreements, revised filings, and a fresh governance framework to reflect current control and financial arrangements.
When seeking funding, documented ownership, voting rights, and compliance records strengthen credibility and speed up due diligence.
Our team is ready to guide you through every step of formation, from initial consultations to filings and ongoing compliance, offering practical, clear guidance tailored to your business and budget.
Choosing our firm means working with professionals who understand Illinois regulations, local business climates, and the needs of startups and small businesses.
We focus on listening to your goals, delivering transparent timelines, and providing documents you can rely on for success and growth.
From initial strategy to final filings, we aim to minimize disruption and support your long-term vision.
At our firm, formation begins with a structured intake, a clear plan for entity type, and a timeline for filings. We coordinate with state authorities, ensure accuracy in documents, and keep you informed through every step. Our goal is to start you on solid footing and maintain momentum as you move toward operations and growth.
The first step is an in-depth consultation to define goals, select an appropriate entity, and outline a practical filing plan. We review ownership, funding, and governance to align with your business strategy and budget.
During the initial meeting we listen to your objectives, explain available entity options, and establish a realistic timetable. We gather necessary information and set expectations for the formation journey.
We assess eligibility, perform name searches, and determine the optimal entity type based on liability, taxes, and management preferences. We outline the steps needed to move forward efficiently.
Next we draft and file foundational documents, preparing the governing instruments and submitting filings to the state. We coordinate with relevant parties and ensure filings reflect the agreed structure and governance.
We prepare operating agreements, bylaws, and the initial filing materials, then submit them to the appropriate state agency. Our team reviews every line to ensure accuracy and alignment with your goals.
After filing, we establish and organize governance documents and corporate records, including member or board actions, to support compliance and future planning.
With the formation complete, we provide ongoing compliance support, annual filings, and updates to governing documents as your business evolves.
We implement a compliance calendar, track deadlines, and coordinate necessary renewals and reports to keep your entity in good standing.
We continue to monitor changes in law, address ownership updates, and help you adapt governance as your company grows.
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.
Yes. In Illinois, many formation tasks benefit from legal guidance to ensure accuracy in filings, naming, and governance documents. An attorney can help you assess liability, tax considerations, and ownership structure, and can coordinate with state authorities to avoid delays or issues. By engaging professional support, you gain confidence in how documents are prepared, reviewed, and filed, reducing the risk of errors that could impact your business from day one.
Typically you will need proof of identity and address, the chosen entity name, the proposed ownership structure, and the initial governance documents. Additional items may include registered agent information, initial lists of members or directors, and any required licenses or permits. Our team can provide a tailored checklist based on your entity type and location. We tailor guidance to your specific situation, ensuring you have all necessary items before filing to avoid delays.
Formation timelines vary by entity type and the complexity of filings. Basic LLCs or corporations may take a few weeks from submission to approval, while more complex cases with additional permits or licenses may take longer. We can give you a realistic timeline during the initial consultation. We monitor each step and communicate any adjustments to keep you informed and prepared for the next phase.
While not strictly required, working with a lawyer helps ensure filings are accurate, documents are complete, and governance terms are clear. An attorney can explain options, prepare tailored documents, and help you navigate state procedures efficiently. Professional guidance also helps align formation with tax planning and long-term business goals, avoiding avoidable missteps.
An LLC generally offers flexible management and pass-through taxation, while a corporation provides a more formal governance structure with potential investment and stock options. The right choice depends on ownership plans, funding needs, and desired level of regulatory oversight. Understanding these differences helps you select an entity that supports both current operations and future growth.
An operating agreement outlines ownership, management, and financial terms for an LLC. While not always required, it clarifies rights and responsibilities and can prevent disputes as the company grows. Drafting this document early creates a framework for decisions, distributions, and dispute resolution that supports smooth governance.
Yes. An LLC can have multiple members, with ownership interests defined in an operating agreement and, if applicable, a member agreement. This arrangement supports collaboration while allowing structured decision-making. We help tailor membership and voting provisions to your business needs and anticipated growth.
Formation can provide liability protection and separate business assets from personal assets, but protections depend on proper structuring and compliance. We can review specific circumstances and advise on steps to maximize protection. Ongoing compliance and careful record-keeping further support asset separation and governance.
Formation costs vary by entity type and complexity. Typical fees include state filing fees, similar to articles of organization or formation papers, as well as professional service charges for preparing documents and coordinating the filings. We provide transparent estimates and a detailed scope before starting any work so you know what to expect.
Ongoing compliance includes annual reports, meeting minutes, updated notices, and timely tax filings. We help track deadlines, maintain corporate records, and ensure you meet state and federal requirements as your business grows. Regular reviews help prevent lapses and keep you in good standing with authorities.