It’s easy to start your own business.
It sounds like a dream.
If you start your own business, you can reap the many benefits associated with entrepreneurship, such as being your own boss, making more money, and being more flexible with your time.
One of the most frequently asked questions we received has to deal with manager-managed vs. member managed businesses.
For some time, you’ve probably invested energy and resources into a hobby.
It could be time to think about whether your hobby is a legitimate business.
When you start a business, you have several options to choose from to determine your business structure.
Fantastic! You’ve got an idea for a new business that you think will really take off. This kind of entrepreneurial spirit is what helps the American dream work.
The harsh reality, though, is that most businesses don’t make it. Approximately 20 percent of businesses survive their first year. Half of them are gone after five years, and only one-third see their 10-year anniversary.
Starting a new business is tough.
While prosperity isn’t guaranteed, creating a legal business plan can help you decide whether your business will be successful.
Great news: You have a found a partner to go into business with, and you both have a grand vision for your product or service.
Now, it’s time to form a partnership and a business partnership agreement.
“A partnership is the relationship existing between two or more persons who join to carry on a trade or business,” says the IRS. “Each person contributes money, property, labor, or skill, and expects to share in the profits and losses of the business.”
Partnerships must file an annual information return to report on income, losses, and more from its operations. In addition, income tax passes through the partnership to the partners, who include income or loss on their own tax returns.
The Illinois Department of Commerce has published an excellent guide to starting a business in Illinois.
Among other helpful tips, we’ve pulled out four facts you need to know about starting and operating a business in Illinois.
1. You Must Register Your Business Name If It’s Different Than Your Legal Name
When we wrote about the things you need to know before starting a business in Illinois, we included this fact.
However, here’s a little more detail about it.
According to the handbook, the Illinois Assumed Name Act requires businesses operating as sole proprietorships or general partnerships register with their local county clerk’s office when their business name is different than the owner’s legal name or names. The handbook gives the example that “‘John Doe’ would not need to file, but ‘John Doe’s Cleaners’ would.”
You’ve got an amazing idea.
It’s so amazing that you want to start a new business in your home state of Missouri.
Here are six tips to help ensure your business prospers in the “Show Me State.”
1. Consult Others For Advice
Prior to starting your business, talk to trusted authorities. These include attorneys, accountants, financial advisors, and anyone else whose input would be valuable to the idea you have. Experts will help you determine whether your new business is feasible.