It’s time to get your Illinois startup off the ground. So let’s look at five legal considerations with which you need to familiarize yourself.
Formal Business Registration Makes a Big Difference
A lot of startups don’t register their companies, and it’s a mistake. Formal registration, like forming an LLC with your state, affords you certain protections and in some cases, tax breaks. To get started, visit the Small Business Administration website. Or, enlist an Illinois startup lawyer who knows all the ins, outs, and loopholes that will best serve your situation.
The Family and Medical Leave Act
When you’re ready to hire employees, familiarize yourself with the Family and Medical Leave Act. It ensures job security for workers if they need an extended sabbatical for pregnancy, personal illness, or family illness. The law outlines how much time you must allow and related salary requirements.
Workers’ Compensation and OSHA
All states have workers’ compensation laws that mandate financial support in the wake of workplace accidents, and compliance is a must. Additionally, all businesses must follow guidelines and standards developed by the Occupational Safety and Health Administration (OSHA). Many startups make the mistake of not paying attention to these laws because their businesses don’t involve manual labor. But ignoring them is a huge mistake. Accidents happen all the time, and if they occur on your premises, there’s a chance you’ll be held liable.
FTC Marketing Rules
The Federal Trade Commission is the nation’s consumer watchdog that enforces a host of marketing rules and regulations. Every business, brand, and individual that promotes products and services in the United States must adhere to truth in advertising standards, substantiation guidelines, and disclosure parameters.
The FTC also enforces the Children’s Online Privacy Protection Act and the CAN-SPAM Act. The former applies to all websites, apps, and software that may be used by kids. The latter regulates when and how you can send solicitation e-mails.
Tax Positioning Can Make a World of Difference
Taxes are an unavoidable part of life for both humans and businesses (unless you’re FedEx of Facebook). When forming your startup, consult with a tax law attorney who can determine the best positioning plan for your operation. In which state should you incorporate? Would it be smart to establish your business offshore? What about strategic investments? Are there obscure credits and deductions that apply to your situation? Is it best to hire people or stick with contractors? Can your business take advantage of the Opportunity Zone program? A startup tax lawyer can answer all these questions and more.
Consult with an Illinois Startup Lawyer
The Gordon Law Group helps startups launch smartly. We’re a one-stop-shop that handles contracts, FTC compliance, tax matters, and employee-related issues. We’ve also got an e-commerce team and deal with international matters.
Got legal questions about your Illinois startup? Get in touch today. We’ve got answers.