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Des Plaines and Hoffman Estates Law Firm Frequently Asked Questions Video

What to consider when structuring my business?

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Transcription


What is your business structure? That’s the second item in the ABC’s. Making sure you know what business structure you have, what entity type, and who the key players are in that entity type.

Each particular player has a certain role, but there are also liabilities attended with those roles. Who are your owners? Who are the directors? Who are the officers of your corporation? If you have an LLC that’s a limited liability company. Who are those members or the owners? Who are the managers? If it’s a manager managed LLC versus a member managed LLC. And then obviously making sure that you stay on top of the record keeping related to your particular entity type.

If you have a corporation, you need to maintain corporate records and keep those up to date and that minutes or consents of the annual or periodic proceedings of your owners as your shareholders or the board of directors of the corporation.

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