Introduction Starting and running a business can be exciting and challenging, but it is important to know and follow the legal requirements that apply to your business. The state of Illinois has regulations that businesses must follow to operate lawfully. Understanding and complying with these legal requirements helps ensure the success and longevity of your business. This comprehensive guide provides an in-depth look at legal requirements for businesses in Illinois. Legal Structure One of the first steps in starting a business in Illinois is choosing the legal structure that works best for you. The legal structure you choose influences your tax obligations, personal liability, and governance structure. The following are some typical legal structures that businesses can adopt in Illinois: Sole Proprietorship This is the simplest business structure and may be the best option for small businesses. Sole proprietors own and operate the business alone and are personally liable for the busin...
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