Maintaining Business Control Tips

Summary

To maintain control while sharing profits in a business, consider forming an LLC with an Operating Agreement or drafting a Shareholders Agreement. A Shareholders Agreement outlines the rights and obligations of shareholders, management, and dispute resolution. Pro bono legal assistance is available in Illinois through organizations like Illinois Legal Aid Online. To start a consulting business in Illinois, you need to register your business, obtain an EIN, and apply for necessary permits and licenses, including a Home Occupation Permit if operating from home. This permit ensures that your business activities do not negatively impact your neighborhood.

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I'm starting a business with * other people. I wanted to start it alone but they wanted to join in. How can I make it so that they are co owners but no matter what, it's still my company? Is that called profit sharing>
Hello ****, it seems like you're looking to maintain control while sharing profits. This can be achieved through:
- Creating a Limited Liability Company (LLC) with an Operating Agreement that specifies your control.
- Drafting a Shareholders' Agreement if it's a corporation.
Remember, it's important to consult with a local attorney to understand the implications.
Whats a shareholder's Agreement?
A Shareholder's Agreement is a contract among the shareholders of a corporation. It outlines:
- The rights and obligations of shareholders.
- The management of the company.
- The protection of minority shareholders.
- The procedure for selling shares.
- How disputes are resolved.
It's advisable to consult a lawyer when drafting this agreement.
Are there probono lawyers that can help?
Yes, there are pro bono lawyers in Illinois who can assist with your situation. You can contact:

Illinois Legal Aid Online


Phone: (*) *-*
Address: * N State St # *, Chicago, IL *
Website: www.illinoislegalaid.org

They can guide you on finding a pro bono lawyer for your business concerns.
do you need anything to open a consulting business in illinois
To open a consulting business in Illinois, you need to:
- Choose a business name and check its availability.
- Register your business with the Illinois Secretary of State.
- Obtain an Employer Identification Number (EIN) from the IRS.
- Apply for necessary permits and licenses.
- If needed, hire employees and set up payroll.
What permits and licenses would you need?
To start a consulting business in Illinois, you may need the following permits and licenses:
- General Business License: Required by most municipalities.
- Professional or Trade Licenses: Depending on the type of consulting.
- Home Occupation Permit: If you are running the business from home.
- Sales Tax Permit: If your business will be selling goods.
- EIN: For tax purposes.
Please check with Illinois Department of Commerce for specifics.
What's an home occupation permit?
A Home Occupation Permit is required for businesses that operate out of a home. In Illinois, it ensures that the business activities won't negatively impact the neighborhood. It often includes restrictions on:
- The type of business
- The amount of space used
- Customer visits
- Noise levels
Check with your local city or county office for specifics.