Why Every Business Owner Should Have an Accountant and Lawyer

Posted on in Business Law

Illinois business attorney, Illinois business structureWhen you have a small business in Oakbrook Terrace, it is extremely important to have an accountant and a lawyer on your side. While an accountant can sometimes answer questions that might seem relevant for your attorney and vice versa, both accountants and lawyers can help with specific tasks related to the finances and day-to-day running of your business.

For many members of the Muslim community in DuPage County who form small businesses, you should understand the importance of working with an accountant and a business law attorney. At Farooqi & Husain Law Office, we have been serving Muslim clients in Oakbrook Terrace for years and can provide you with some helpful information to get you started.

Choosing a Small Business Structure

One of the first steps of starting a small business likely will require the expertise of both an accountant and a lawyer. Your accountant can help you to think through various tax implications of your business structure, for instance, while your attorney can help you to consider various legal issues that may arise in each type of business structure. Examples of business structures include the following:

  • Sole Proprietorship;
  • Corporation;
  • Limited Liability Company;
  • Partnership;
  • Cooperative; and
  • S Corporation.

Depending upon the type of business structure you choose, you may need to consider not only tax and financial implications of the business, but you also may need to draft contracts and other legal documents related to the business formation. Each year, your accountant may be responsible for doing your business taxes, but your lawyer will also play an important role in registering your business for tax identification numbers at the state and federal levels, as well as helping you to understand the legal consequences of your business’s financial record.

Keeping Your Business Profitable and Growing

One of the primary benefits of having an accountant for your business is that your accountant can frequently analyze your business data for new opportunities to promote growth and profitability. If you have a lot of business data but you are not interpreting it on a regular basis and using the data interpretation to shift your business practices, you may be losing out on significant growth and profitability opportunities.

Real Estate and Leasing Property for Your Business

When you have a small business, you will likely need to find commercial real estate and will need to enter into a commercial lease agreement. Commercial lease agreements typically are for office spaces, retail shops, and other areas in which small businesses operate. Commercial leases are extremely complex, and landlords often try to draft them with the landlord’s best interest in mind.

You should know that commercial leases often are negotiable. By working with an experienced DuPage County business lawyer, you will have an advocate on your side who can negotiate with the landlord to develop a commercial lease agreement that also suits your needs and provides you with benefits.

Contact a DuPage County Business Law Attorney

In addition to assisting you with financial issues and commercial real estate matters, a business law attorney is also essential to have in the event of a business dispute. From contract disputes to disagreements with business partners, a dedicated DuPage County business law attorney can help with your situation. Contact Farooqi & Husain Law Office today to learn more about the services we provide to the Muslim community in and around DuPage County.

 

Sources:

https://www.sba.gov/starting-business/choose-your-business-structure

http://www.theglobeandmail.com/report-on-business/small-business/sb-money/nine-reasons-why-entrepreneurs-should-hire-an-accountant/article17023309/

https://www.entrepreneur.com/article/58326

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