New Laws for Small Businesses in 2022
From salary and benefits, to the hiring process, to non-compete agreements, an array of new state legislation that affects small businesses in one way or another has taken effect as of the first of the new year, 2022.
The legislation focused non-compete agreements (SB 6
When is the Best Time to Start a Business?
During the pandemic there were over 400,000 new businesses formed, the most since 2007. This outpaced the number of businesses which closed during the pandemic.
We have seen a number of businesses which were formed over the past year by well-meaning and cost-conscious entrepreneurs. These new ventures – both corporations and limited liability companies – frequently overlook some critical elements of a new business. In fact, the first question to ask is whether you should organize as a small corporation or a limited liability company. There are tax consequences and managment questions that should be considered in making the choice.
Attorneys Misty Cygan and Geo Bellas can help your get business off to a good start.
We’ve run a series of posts recently about the steps involved in launching a business. These have covered issues like deciding what type of business you want to start and what your business model will be; putting together a business plan and identifying sources of capital investment; and naming and registering your business.
This final post will flesh out how forging a beneficial relationship with a law firm that delivers services in a punctual, professional and affordable manner is key to the endgame of getting started with your new venture.
Considerations for Starting a Small Business
Recently, we ran a post What to consider when Starting a Small Business, Part One about some of the early steps in starting a small business—deciding you’re ready, figuring out what type of business you want to start, surveying your competitors, and figuring out the optimal business model.
At that point, it’s time to get down to the proverbial brass tacks and put together a business plan, which really doesn’t need to be more than one page long unless you’re going to apply for a loan from a bank (in which case you should find out what the lending institution requires).
Are you thinking about starting a small business?
It can be an exciting and challenging endeavor, although it’s more likely to succeed if you plan ahead, take it step by step, and surround yourself with trusted, experienced advisers. Of course, such an important endeavor – not to mention a life alternating event – requires hard work, ingenuity and more than a little legal advice. You can start by going to our webpage on What to Ask When Staring a Business.
Keep in mind that there might never be an absolutely perfect time to start your own business – so for starters you need to take stock of your mental state and make sure you’re as ready as you will ever feel.
Chicago Business Attorney Blog