The Things You Need to Know Before Starting a Business in Illinois
Brad Smith • October 25, 2019
Starting a business seems easy, but sometimes, the amount of information online can be overwhelming.
To help ease your mind, here are the things you need to know before starting a business in Illinois.
Have you conducted market research?
One of the most important things you need to know before starting a business in Illinois is whether you have customers. That’s where conducting market research comes in to play. The Small Business Administration
has a great post about market research and competitive analysis.
What will your business name be?
If your business name is different than your full legal name, Illinois
requires through the Assumed Name Act that sole proprietorships and general partnerships must register the business name with your local county clerk.
Where will your business be?
The location of your business determines to which licenses and permits it is subject. In Illinois, you must contact your local city or county clerk to help you understand how your business’ location impacts you. If you’re running a business based out of your home, check out the SBA’s post on home-based business
licenses and permits.
How should the business be structured?
Many considerations go into how a business should be structured. Choose from a sole proprietorship, general partnership, C corporation, or S corporation. You can also create a limited liability company, and you can view how they are regulated here.
How will you secure financing?
Businesses need financing to survive. Illinois has many options for loans and financing. Of course, you could also consult with your local bank.
How will you get paid?
Businesses can be paid in many ways. You should think through each of the types of ways you can get paid—through a register, invoices, subscriptions, e-commerce, on the go, or some combination of them. Business owners should also be familiar with the Illinois Wage Payment and Collection Act.
How will you classify workers?
Workers can either be employees or independent contractors. Please look through Illinois’s Employment Classification Act
to help you determine whether you have hired one or the other.
How will you do accounting?
At a basic level, you’ll need to track income and expenses. Tracking income helps you know who owes you money so you can keep up to date on cash flow. Tracking expenses may help you save on taxes when April 15 comes around.
What taxes do you need to file?
MyTax Illinois
allows taxpayers to electronically file tax returns, make payments, and manage their tax accounts. The site or the Illinois Revenue Department
will help you understand what forms you need to file.
Have you created a business plan?
Many of the things you need to know about starting a business Illinois can be revealed by drafting a business plan. The Illinois Department of Commerce has linked to a handbook with directions to each of the states Small Business Development Center’s locations (PDF).
If you’ve reviewed this list and would like further help in starting a business in Illinois, please contact us.
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