Illinois Attorneys Offering Counsel on Business Entity Selection

Orland Park Lawyers for Business Formation and Maintenance

Choosing a business entity is one of a business owner's most important initial decisions. As an owner, your personal liability, legal rights and obligations, and tax responsibilities are affected by the business entity that you select. At Sosin, Arnold & Schoenbeck Ltd., our attorneys have extensive knowledge and experience in helping clients understand the legal aspects of business entity selection and formation.

Whether you are an Illinois business owner testing a new venture, a seasoned business executive interested in a merger with another business, or a small to mid-size business owner looking to expand your company, our attorneys will assist you in developing and implementing an entity formation strategy commensurate with your goals. Thereafter, we can help you move forward with all of your business planning needs.

We advise our clients of their legal options and discuss practical business formation ideas available to them, including the use of the following types of entities:

• C-Corporations;
• Limited Liability Companies (LLC);
• Limited Liability Partnerships (LLP);
• Partnerships; and
• S-Corporations.

The different types of business entities offer varying governance structures, liability protections, and tax attributes. Our attorneys work closely with our clients and develop strong relationships so that we can help them make the best possible choices for their companies.

In forming a business entity, Sosin, Arnold & Schoenbeck Ltd. will draft or assist in drafting the organization's governing documents and critical agreements, including:

• Buy-Sell Agreements;
• Corporate By-Laws;
• Employee Handbooks;
• Operating Agreements for LLCs;
• Partnership Agreements;
• Shareholder Agreements for Corporations;
• Owner and Key Employee Employment Contracts; and
• Voting Trusts.

Our attorneys take a business approach to resolving your legal concerns.

Corporate Maintenance

At Sosin, Arnold & Schoenbeck Ltd., our accomplished attorneys also provide guidance with corporate maintenance, an often overlooked element of running a business. Depending on the entity type chosen, there are different requirements for properly maintaining the company year over year, and we are equipped to assist our corporate clients with all of them. We provide guidance and assistance with satisfying corporate meeting requirements, governmental filing obligations, and detailed corporate record keeping.

A minute book or records book is an important element in the efficiency of any corporation. At our law firm, we help our clients maintain their corporate books, which generally include:

• The Certificate or Articles of Incorporation or a corporate charter as filed with the state, along with any amendments;
• Bylaws and amendments;
• Board of Directors records, including organizational consents, meeting minutes, and written consents approving actions between meetings;
• Shareholder records, including actions taken by shareholders and minutes from shareholder meetings;
• A list of current directors and officers;
• Certain IRS filings;
• Stock ledgers and certificates; and
• Other documents relevant to the operation of a company.

Other business entities have varying degrees of formality in record keeping and formal actions. We assist our clients in ensuring their compliance with all such requirements applicable to their entities.

For guidance with forming your business, choosing a business entity, and maintaining corporate records, contact our office. Call 708-448-8141 and speak with a business law attorney at Sosin, Arnold & Schoenbeck Ltd.