The main purpose of a business plan is to communicate the vision of the company so that everyone who gets involved is on the same page. This includes potential partners, investors and vendors. It is an important element of business formation because it substantiates the initial idea of the business with a concrete plan of action. For both established and new businesses, the business plan sets the path for moving forward. A business plan maps out a company’s route to success, and its audience … [Read more...]
How to finance commercial real estate
Posted on June 7, 2014 //
Buying commercial real estate represents a smart investment for many business owners in Chicago, Illinois. However, obtaining financing for these purchases can be difficult, and choosing the wrong form of financing can place a significant burden on owners and their businesses. Business owners should make sure they understand the variables that influence loan offers and the available sources of funding before they begin looking for commercial real estate financing. Factors affecting … [Read more...]
How to protect your business with written agreements
Posted on June 6, 2014 //
Many Illinois business owners may rely on oral or implied arrangements when making deals with others. These business owners may think written business contracts are unnecessary or show a lack of trust. However, these contracts play an essential role in protecting the interests of a business. Written contracts clarify any confusion between both parties. They also act as binding proof of the agreement in the event that one party violates it. Business owners should always draw up written … [Read more...]
Avoid these common accounting errors
Posted on June 5, 2014 //
Good accounting information is essential for any business’ success. Accuracy, timeliness and integrity in financial management are vital because inaccuracies can lead to uninformed decisions made by those who manage the business’ operations and those who have invested capital in the company. Additionally, mistakes made in the accounting process can result in ethical, logistical and legal problems. Mistakes to avoid There are many common accounting mistakes business owners are prone to … [Read more...]
Illinois legislation seeks to amend property tax code for tool and manufacturing business property
Posted on May 27, 2014 //
Recently, Chicago Business announced that a manufacturing company has decided to relocate to Illinois from Indiana. The company is the latest business to move to Illinois and revealed that one of the deciding factors was the offer of a tax abatement in Munster. The tax abatement will eliminate property taxes for the manufacturer over the next 10 years, providing the company with a yearly relief of around $200,000. Property tax incentives are commonly used by states to attract more … [Read more...]
Settling a business dispute without litigation
Posted on May 26, 2014 //
Although companies hope that clearly defined contracts and strong business relationships will prevent disputes, disagreements are bound to happen from time to time. These disagreements can arise over employment contracts, differing views held by company owners, agreements made with suppliers or simple misunderstandings. Costs of litigation When disputes arise, it is usually in everyone’s interest to avoid litigation. This is because lawsuits tend to be long, drawn out and, most … [Read more...]
Independent contractor contracts
Posted on May 25, 2014 //
Independent contractors work in many professions and their earnings vary widely. It can be difficult to pinpoint the thing that groups them together into a single category, apart from the fact that they bear full responsibility for paying income taxes. Since an increasing number of companies are taking on new workers as independent contractors, particularly in the information technology industry, it is important for people joining the workforce or considering a career change to understand the … [Read more...]
Tax registration for businesses in Illinois
Posted on May 24, 2014 //
Anyone who is setting up a business in Illinois must go through the steps required to complete tax registration. Sole proprietors, tax-exempt organizations and government agencies that deal with Illinois residents also need to register with the Illinois Department of Revenue to legally conduct business. Getting started Tax registration for businesses can be completed either electronically or by paper mail. To register electronically, a business owner can create an account with the Illinois … [Read more...]
Which legal structure is right for your business?
Posted on May 22, 2014 //
Among all of the choices made when a business is formed, legal structure is an important decision many people in Chicago, Illinois, overlook. Legal structure determines how a business is taxed, how much liability the owners take on and even how much paperwork owners must maintain. Choosing the wrong kind of business structure can have lasting consequences, which is why business owners should carefully research their options and consider seeking expert help. Basic structures Four … [Read more...]
Setting up the financial portion of your new business
Posted on May 21, 2014 //
For virtually every new business owner, managing business finances properly is a top concern. Poor accounting and bookkeeping can lead to problems ranging from financial loss to legal violations. Although professional guidance is essential for important decisions and unexpected snags, the owners of most Illinois small businesses can benefit from understanding the basic guidelines for setting up the financial portion of a business. Starting steps Opening a business bank account is … [Read more...]
