Business Entity

Business Entity

You may have heard phrases like “business types” or “business entities,” but do you know what those phrases mean?

Before you file paperwork with the Illinois Secretary of State, you need to decide what legal type of business structure you want your business to be. While it may not seem like it, this is an incredibly important decision that an entrepreneur needs to make. The legal structure or classification of a business determines things like:

  1. Whether the business owner will be responsible for loans or contracts that are in the business' name
  2. The type of taxes that need to be paid
  3. What meetings or records need to be kept or held
  4. Who needs to vote on routine business matters

A business attorney can talk to you about your business and give you legal advice on what options are available to you.

List of general types of business entities:

  1. Sole proprietor
  2. Partnership
  3. General partnership (GP)
  4. Limited Partnership (LP)
  5. Limited Liability Partnership (LLP)
  6. Limited Liability Limited Partnership (LLLP)
  7. Corporation
  8. For-profit or non-profit
  9. Limited Liability Company (LLC)
  10. Professional Corporation (PC)
  11. Close Corporation
  12. Limited Worker Cooperative Association

Initial Consultations

The Law Office of Rachael J. Leah, LLC offers a no-obligation 60-minute initial consultation for just $25. For more information, visit the "About My Firm" page on the website.

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