Schaumburg business formation attorneys at Kelley, Kelley & Kelley can assist you in your business formation needs including LLC’s, S corps, corporation, and partnerships.
News reports of small businesses shuttering, with many facing the prospect of never reopening may make the title of this article seem impossible. However, some of the fastest growing and most innovative and adaptive companies were born out of financial collapse, national emergencies and times of great crisis. Square, Groupon, Instagram, and AirBnB were all formed following the housing market collapse, Disney launched during the Great Depression, Apple and Microsoft were created in the midst of oil crisis’ and recessions.
How can you prepare to capitalize on new business during and following the pandemic and economic fallout? The first thing to do is to pay attention to your own ideas. Do you have a specific hobby, passion or obsession that you have spent more time on since the lockdowns and stay home orders were issued? These avenues are ripe for new businesses. Have you observed people in need of new products or services that you believe you can provide or provide more efficiently?
While there is no formula, trick, tip, or pattern to ensure your company is the next billion-dollar machine there are a few things you can do to help ensure your new company can start off on the best foot. First, determine what your product or service is and how and why it can succeed in the marketplace. Once you have an idea of your product or service you will want to begin preparing a business plan. Your business plan should outline why your product or service is needed and why it will succeed, it will explain why others should invest or partner with you and it will outline your paths and roadblocks that you anticipate encountering. Some of the many things that should be considered in your planning are the markets you want to enter, the ways in which you hope to receive funding (self funding, friends and family, crowd sourcing, small business loans, venture capital, angel financing), the branding of your product or service, and importantly, the legalities of your new business.
One of the most important aspects of starting your new business will be starting off on the right legal foot. How do you determine your business name, how do you form an entity and how do you ensure you operate with all necessary licenses, permits and in compliance with all laws and regulations? Often times these tasks seem daunting and insurmountable but rest assured they are not daunting when you partner with the right legal counsel. Choosing the right Schaumburg business attorney at this junction can save you considerably in the long run. At Kelley, Kelley & Kelley we have worked with hundreds of new businesses and assisted them in acquiring and clearing use of a business name, creating plans for the protection of your brand and intellectual property, determining the licenses and permits that you may need to apply for and most importantly assisting in the formation of the right entity. Kelley, Kelley & Kelley works closely with small businesses and entrepreneurs to help them decide the benefits of forming LLC’s, corporations, S corporations, partnerships, limited partnerships and sole proprietorships. We can explain the tax benefits, asset protection benefits, liability shield benefits and the downsides of each so that you can make the best decision for you and your new business. The attorneys at Kelley, Kelley & Kelley work with businesses throughout Schaumburg, Hoffman Estates, Bartlett, Streamwood, Barrington and Arlington Heights. We have strong practices in Schaumburg business law, Schaumburg business formation, intellectual property, and tax law. The attorneys at Kelley, Kelley & Kelley enjoy nothing more than watching our clients grow and prosper. As our clients grow and succeed their needs often grow and we are always available to assist in contracting drafting and negotiation, real estate transactions, issues concerning liabilities facing your business, succession planning for your future and ensuring that your businesses and your own assets are shielded from unnecessary liability. Call our Schaumburg business formation law firm to speak with our business formation attorney’s and see how we can help you get your new business off the ground. We look forward to partnering with you in the success of your business.