The majority of American small business operations are poorly organized and improperly maintained. Unfortunately, this puts the hardest working among us at risk of losing their personal and professional security.
The solution is often inexpensive and relatively simple to implement. Without the proper structure, the work of a business may open the owner to personal liability and place his family’s financial security at risk.
Tuohy Law Offices has represented small business owners for over 18 years. We analyze your current business and determine the most appropriate structure for maximum liability protection. We provide ongoing support and complimentary updates on the laws that affect your business and your family.
Depending on your circumstances, a simple “S” Corporation may be appropriate. However, if your business investments are varied, or if you have several partners, a Limited Liability Company (LLC) may be best for you. If you invest in real estate, it is essential to consider an LLC. Illinois is one of the few states to permit “series” in LLC’s. This allows for different members, liabilities and assets in each series and permits for segregation of liabilities in separate series. This is especially useful for investment real estate and it is useful for managing additional investors in different series.
It is essential to properly maintain your corporate records. Unfortunately, many business owners never keep these important records current. Failure to do so could “pierce the corporate veil,” exposing you and your family to personal liability for the debts of your business.
If you are a small business owner, contact us today to determine if your professional and personal interests are protected.
Tuohy Law Offices have attorneys who are regarded at the highest level of skill and success. Call us toll free today at 1-866-729-2454 for a free no obligation consultation about your potential claim.