For members of the Oakbrook Terrace Muslim community who are thinking about launching new business enterprise, it can be complicated to figure out how to draft an owner’s agreement. Different business structures have different forms of owner’s agreements.

The U.S. Small Business Administration helps to explain the distinctions among different kinds of business structures and the ways in which owner’s agreements can differ. Depending upon the type of business structure you have selected, your owner’s agreement will be entitled differently, but it should generally contain similar information. For instance, if you are forming a corporation, then you will need to create a shareholder agreement. If you are launching an LLC, however, you will need to create an operating agreement.

The information that you ultimately include in the owner’s agreement will provide guidance for handling a wide variety of issues that might arise at a later point in the life of the business. You should always discuss your situation with an experienced Oakbrook Terrace business lawyer before making decisions about a new business. An advocate at Farooqi & Husain Law Office can speak with you today.

If you are thinking about starting a business in DuPage County, it is important to understand the differences between forming an LLC and a corporation. Generally speaking, both of these business structures have the benefit of reducing an individual business owner’s liability in the event of a lawsuit or bankruptcy, for instance. However, these business structures are taxed very differently, and those tax differences can make a big difference in the long run. In addition, there are distinct types of corporations — namely, C corporations and S corporations — and the type you choose can have very different results in the long run.

It is important for members of the Muslim community in DuPage County to understand some of the distinctions between various business structures before launching a new enterprise. Once you have a sense of the pros and cons of each, you should always speak with an experienced business litigation attorney in Oakbrook Terrace. One of the dedicated lawyers at Farooqi & Husain Law Office can analyze your situation and discuss your options with you today.

Differences between an LLC and a C Corporation