Please enjoy part 1 of the Small Business Primer seminar presented by O'Flaherty Law and DDZ accounting. Parts 2 and 3 of this seminar can be found on our youtube channel along with our previous seminar on wills and trusts and all of our informational videoblogs.
The topics discussed in our Small Business Primer seminar include:
I. Entity Selection - how to choose between S Corps, LLCs, C Corps, and Partnerships
II. How to get your business up and running
- Incorporation and maintenance of your corporate book
- Quickbooks
- The initial meeting with your accountant
- Insurance
- How to obtain an EIN (Employer Identification Number)
- Contacting the Illinois Department of Revenue for a Tax Identification Number
- Dealing with special licenses and regulations that are necessary for your particular business
- Hiring a payroll service
- Dealing with benefits - steering clear of ERISA problems
- Obtaining Department of Labor posters
- Registering with the Illinois Department of Employment Security & Dealing with Unemployment Insurance
- Worker's Compensation insurance
- The elements of an employment agreement
- Non-compete clause
- Confidentiality of trade secrets and other info
- Enforcement clause
- Probationary period
- Creating an employee handbook for systematized and documented expectations and discipline
- The importance of termination letters
- Considering independent contractors as an alternative
If you are a small business owner, please do not hesitate to contact us with any questions you may have, or to set up a free consultation.
O'Flaherty Law is based in Downers Grove and Chicago, Illinois. Our attorneys have expertise in Corporate Representation, Commercial Litigation, Divorce, Bankruptcy, Estate Planning, and DUI defense. Please visit our website at www.oflaherty-law.com for more information and resources or e-mail us at info@oflaherty-law.com with any questions or suggestions for future articles.
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