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Investing in Yourself in 2014, Opening a Small Business -- The ISBA Discusses Business Structure

Question:  I am planning to open a small business in 2014. What is the simplest type of business structure? Answer:  A sole proprietorship is generally considered the easiest type of business structure. Unlike partnerships, limited liability corporations (LLC) and corporations, sole proprietorship does not require you to file annual reports or obtain and renew a state business license. A lawyer can provide other options and help you decide which alternative is right for your situation.   For more information about Illinois law, visit www.illinoislawyerfinder.com. If you have a legal question, send it to illinoislawcolumn@isba.org. Illinois Law Now is a series of newspaper and internet posts prepared by the Illinois State Bar Association that address legal issues of interest to the public. For additional information about the law, visit http://www.illinoislawyerfinder.com/legal-faqs

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