Incorporation in Illinois

Find the right Business Incorporation attorney in Park Ridge, IL

In Illinois, businesses are allowed to incorporate, thereby becoming their own legal entities. This means that the business may buy or sell property, offer and accept contracts and exercise legal rights in its own name. The Illinois Secretary of State receives and processes applications for incorporation, which must be submitted in compliance with local guidelines.

Benefits of Incorporation in Illinois

Advantages of incorporation are many. The primary benefit is that the liabilities of the business can only be satisfied by the assets specifically invested into the company by the owners. If the business had remained a personal asset of the owners, they would run the risk of losing their personal property to pay for the company's financial liabilities in case of default. A corporation may also find it easier to finance itself through loans, allowing creditors in the Park Ridge area to evaluate their investment by assessing the corporation rather than the individual credit-worthiness of its owners. Lastly, a corporations charter requires that ownership be divided into stakes or "shares" of stock, all of equal size. This makes the process of transferring control much more practical.

Costs of Incorporation

These advantages come at a price. First, incorporation in Illinois may require a filing fee. Second, a corporation pays taxes just like any other entity. In other words, the profits a corporation makes are now taxed separately, while any disbursements to shareholders are taxed as individual income. This is called double taxation. However, a business may avoid this disadvantage with proper planning and assistance from a local Park Ridge lawyer.

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Life in Park Ridge

Park Ridge is one of Chicago's most affluent suburbs. It has a little over 38,000 residents and conveniently located near O'Hare International Airport. Ironically, the suburb is located "on a ridge," hence the name Park Ridge.

Some popular spots to visit include the Des Plaines River, Rodham Corner, Pickwick Theatre, the main auditorium theater and Park Ridge Public Library.

Park Ridge is also famous because it is the hometown of former First Lady and current Secretary of State Hillary Clinton. When Clinton goes back to visit, she makes sure to visit all her favorite childhood spots.

Park Ridge residents, being so near Chicago, have available to them a very competent and strong legal force. Chicago is home to top-tier firms that train excellent attorneys in all areas of law.

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