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?
Thanks, that sounds like the way to go for us, and still be able to modify the arrangement, should things change down the road, or add employees maybe down the road. I'm guessing for now, I just need the LLC registration with the state, and legal structure won't be needed just yet for father/son partners under an 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.
