How to legally start a small biz... Partnership, LLC?

Jimbo45

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  • / How to legally start a small biz... Partnership, LLC?
Looking into small business insurance for my teenage sons lawn care biz, I am realizing it will be wise to get a legal business named and started. I will take over this business when I retire in a few years and he goes to college. So, what do I need to do in Illinois? I'm guessing register m biz with local county clerk at a minimum? Get LLC name from the state? What all is required legally with an LLC? WHAT DOES IT EVEN MEAN? It's a partnership easier/cheaper?
 

Jimbo45

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  • / How to legally start a small biz... Partnership, LLC?

bertsmobile1

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  • / How to legally start a small biz... Partnership, LLC?
Don't know how it goes in the USA, but down here a strait out company ( PTY LTD ) is the easiest way to go
Partnerships become very complicated and have a massive amount regulations.
Sole traders are the easiest way to start a business but does not have all of the protections of a LLC.
There might be an age limit as well, down here sole traders need to be 14+ , Directors need to be 18+
OTOH you son probably does not have a lot o assets to loose, but you might be deemed responsible.
You really should have a chat to your accountant or solicitor before you do anything that can backfire latter on.

I have heard of a pair of sons sueing their father for under paying them & not paying superannuation to them .
He bought a shelf company because they were too young and the shelf company employed them.
We have minimum 2hr shifts so they needed to be paid at least 2 hours every afternoon when they mowed after school.
So get some qualified advice apart from what you get here.
 
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