Entrepreneurs who develop great ideas that lead to business opportunities must not only be concerned with the operations, sales, and marketing necessary to bring their product/service to market, they must also consider the legal structure under which their company will operate. Section 805 of the Illinois Compiled Statutes enables business formation in various ways. The form the entity takes determines many things, including how it will be taxed, where liability within the entity falls, and who may act on behalf of the entity. When starting a business, it is important for entrepreneurs to understand the differences between each business structure in order to properly determine which type of entity best suits their needs. This article provides a brief synopsis of entities authorized by the Illinois statute.
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