Experienced Chicago Corporate Lawyers: Your Partners In Business

Last updated on March 26, 2025

An experienced corporate lawyer is an important resource for any business. They can help start-ups choose the most appropriate corporate entity, negotiate and draft contracts, and provide invaluable legal guidance and advice when those contracts lead to disputes. As seasoned negotiators, our corporate law attorneys have been helping business owners and companies in the greater Chicago area for more than 30 years.

The Importance Of Contracts In Day-To-Day Business

It is important to have well-written contracts. An experienced corporate lawyer can assist your business with its contracts in several ways, including:

• Draft clear and comprehensive contracts: A well-drafted contract minimizes the potential for misunderstandings and disputes.
• Negotiate favorable terms: We can advocate for your interests and negotiate terms that protect your company.
• Review existing contracts: We can review your existing contracts to identify potential problems or areas for improvement.
• Enforce contracts: If a party breaches a contract, our commercial litigators can help you take legal action to enforce your rights.

Our attorneys can help with drafting and negotiating terms that protect your company’s interests. However, even with a well-drafted contract, disputes can still arise.

Choosing The Right Corporate Entity

When forming a new business entity, you must first consider how the business will be run and how profits will be distributed. The key factors to consider include:

• Long-term goals
• Potential liabilities
• Tax implications
• Potential for growth
• Power structure for decision making
• Regulatory compliance issues

Each type of entity offers distinct advantages in day-to-day operations, risk and potential awards based on the success of the business Below are outlines of the most common types of business entities.

Sole Proprietorship: This is the simplest structure and the easiest to set up. This entity allows the owner to have complete control over the firm but also puts full personal liability for any debts or legal actions on the owner. This option is straightforward but risky in terms of personal financial exposure.
Partnership: This entity is similar in most ways to a sole proprietorship except that ownership and responsibilities among two or more partners. This structure allows for shared decision-making and resources, but it also means each partner is jointly liable for any action or debt incurred by the firm.
Limited Liability Company (LLC): An LLC provides the benefit of protecting your personal assets from business liabilities. An LLC combines elements of partnerships and corporations, offering flexibility in management and tax advantages while limiting personal liability.
Corporation: This type of company is a more complex structure involving shareholders, a board of directors, and officers. A corporation provides strong protection against personal liability and can facilitate raising capital through the sale of stock, but it involves more regulatory requirements and potential double taxation.
Limited Liability Partnership (LLP): An LLP allows owners to limit their personal liability for the actions of other partners, while still enjoying the benefits of a partnership structure.

In choosing the right entity, we must carefully weigh these options, considering our goals for growth, liability concerns, and the level of regulatory compliance we are prepared to manage. This decision will fundamentally shape our firm’s future.

Schedule A Consultation With A Chicago Corporate Law Attorney

Are you in the midst of a contract dispute? Our business lawyers at Otubusin & Otubusin have experience facilitating resolutions to all types of contract disputes and are available for initial consultations. To schedule an appointment, you can send us a message through our website or call us today at 312-251-1480.