Law Office of Franklin J. Furlett, Ltd.
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Corporations

We are here to help you incorporate your business and maintain your corporate books...

If a corporation is done properly, it may limit your personal liability.  A properly formed and maintained corporation may protect you from losing personal assets like your house, car and bank accounts.  In the state of Illinois, if you do not have a corporation you will likely be personally liable or any actions done by your business. 
 

For-Profit Corporations (S corporations and C corporations):

If you have a business, you may be interested in a “for profit corporation.”  There are two main types of for profit corporations, “Subchapter S corporations” and  “C corporations.” If you use a “Subchapter S corporation” you may be able to deduct corporate losses from your personal taxes, subject to advice from your accountant.  In a “C Corporation,” the IRS treats the corporation as a separate taxpayer that files its own taxes.  Each of these type of corporations has tax benefits and burdens which can be explained to you by an accountant. 
​

Not-for-profit Corporations (501c3 corporations):

Not-for-profit corporations are an option for organizations that are pursuing certain religious, charitable, agriculture, or research goals.  While Not-for-profit corporations give tax incentives that your accountant can discuss with you, not all corporations are eligible to become Not-for-profit corporations.  In addition to the necessary charitable purpose of this type of corporation, a Not-for-profit corporation also needs to be accepted by the Internal Revenue Service (IRS) to get Federal tax benefits.
​

Limited Liability Corporations (LLC's):

Another option for a corporation is a Limited Liability Corporation (“LLC”).  An LLC is different from a regular corporation because it may be treated as a partnership under federal law rather than as a corporation.  Because an LLC may be treated as a partnership under federal civil procedure, the place where members of the LLC live can change which courts have jurisdiction over lawsuits.   When members of an LLC live in a state In which a lawsuit is being filed, this may prevent a Federal lawsuit from being filed against the LLC.  Instead, an LLC would be liable in the state where a member has domicile (domicile is a fancy legal word which in general refers to where a person lives, pays taxes, and resides ).  This also means that there could be different statutes of limitation (timelines/deadlines) for lawsuits being brought against the corporation from different states.  A longer statute of limitations means a longer window of liability for a business, and a shorter statute of limitations can reduce the window of liability.  The laws about making LLC’s are a bit different from state to state. While in some states, LLC’s can be not-for-profit corporations, in Illinois LLC’s are reserved for commercial use. 
​
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CCopyright © 2016 Joseph F. Furlett.  All rights reserved.
​Law Office of Franklin J. Furlett, Ltd., 335 West Wise Road, Schaumburg, IL 60193

​ATTORNEY ADVERTISING DISCLOSURE:
Please note that the information on this website is not and cannot be considered legal advice.  The website contains advertising information for the Law Office of Franklin J. Furlett.  Reading this website does not create an attorney-client privilege and the materials you are reading are not legal advice.  Please be advised that the Law Office of Franklin J. Furlett and its attorneys cannot be held liable for any statutes of limitations that run out before you talk to an attorney at the Law Office of Franklin J. Furlett.  You as the reader must be aware that if you do not contact an attorney quickly any claims you have may be barred by law.  To contact an attorney at the Law Office of Franklin J. Furlett in Schaumburg, IL to get legal advice, either use the contact form in the navigation panel or call 847-352-6226.

Our Office:

335 West Wise Road, Schaumburg IL 60193
Picture
Our Office: The blue house on Wise Road in Schaumburg, IL across from Robert Frost Junior High

Our Attorneys:

 Frank Furlett, Principal and Founder 

​
Joseph Furlett, Associate Attorney
Picture
Law Office of Franklin J. Furlett
   General Practice since 1980


Franklin J. Furlett, Principal

Joseph F. Furlett, Associate Attorney



Practice Areas:

Business Law
Civil Rights Compliance
Clemency Petitions
Corporations
Contracts
Criminal Defense
Elder Planning 
​Estates & Probate
Internal Investigations
Medical Malpractice
Personal Injury
Probate & Estates
Real Estate
Real Estate: Commercial
Real Estate: Residential
​Wills & Trusts
Workers' Compensation
Wrongful Death

Tel: 847-352-6226
Contact Us
ATTORNEY ADVERTISING DISCLOSURE:
Please note that the information on this website is not and cannot be considered legal advice.  The website contains advertising information for the Law Office of Franklin J. Furlett.  Reading this website does not create an attorney-client privilege and the materials you are reading do not contain legal advice.  Please be advised that the Law Office of Franklin J. Furlett and its attorneys cannot be held liable for any statutes of limitations that run out before you talk to an attorney at our office.  You as the reader must be aware that if you do not contact an attorney quickly, any claims you have may be barred by law.  To contact an attorney at the Law Office of Franklin J. Furlett in Schaumburg, IL, either use the contact form in the navigation panel or call 847-352-6226.
​The lawyers at the Law Office of Franklin J. Furlett, Ltd. help clients in Schaumburg, Hoffman Estates, Glendale Heights, Bloomingdale, Roselle, Chicago, St. Charles, Naperville, Wheaton, Lombard, Bartlett, Inverness, Mt. Prospect, and other neighboring areas.  The Law Office of Franklin J. Furlett is located in Cook County and our lawyers help clients in Cook, DuPage, Kane, McHenry, Kendall, Grundy, Will, and Lake Counties.  

​We are proud and honored to help and serve our clients.  Trust the Law Office of Franklin J. Furlett when you or your family need legal help.
​
Click here to see our full list of our practice areas.
Copyright © 2020 Joseph F. Furlett.  All rights reserved.
​Law Office of Franklin J. Furlett, Ltd., 335 West Wise Road, Schaumburg, IL 60193
Stock photos courtesy of BigStock
  • Home
  • Our Attorneys
    • Franklin J. Furlett
    • Joseph F. Furlett
  • Practice Areas
    • Business Law
    • Civil Rights Compliance >
      • ADA Accommodations
      • Title VI Compliance
      • Title VII Compliance
      • Title IX Compliance
      • Gender Equity in Athletics
    • Clemency Petitions
    • Criminal Defense >
      • DUI / DWI
      • Misdemeanor
      • Felony
    • Commercial Real Estate >
      • Commercial Purchases
      • Commercial Sales
      • Commercial Leases
    • Contracts >
      • Nursing Home Contracts
      • Employment Contracts
      • Tech Contracts
      • Music Recording Contracts
    • Corporations
    • Divorce >
      • Contested Divorce
      • Uncontested Divorce
    • Elder Planning >
      • Assisted Living
      • Nursing Home Contracts
      • Medicare Plans
      • Retirement Homes
      • Hospice
    • Internal Investigations >
      • Academic Dishonesty Investigations
      • Firing Consultations
      • National Origin Harassment Investigations
      • Private Business Personnel Misconduct Investigations
      • Racial Harassment Investigations
      • School and State Personnel Misconduct Investigations
      • Sexual Harassment Investigations
      • Workplace Investigations
    • Medical Malpractice >
      • Bad Surgery
      • Wrong Diagnosis
    • Personal Injury >
      • Car Accidents
      • Dog Bites
      • Trip and Fall
      • Bus Injury
      • Negligent Acts
      • Intentional Acts
    • Pre-nuptual Agreements
    • Probate & Estates >
      • Small Estates
      • Complex Estate Administration
      • Intestacy (when a loved one dies without a will)
      • Funeral Home Contracts
    • Real Estate >
      • Property Litigation
      • Residential Real Estate >
        • Property Purchase
        • Property Sale
    • Wills & Trusts >
      • Complex Estate Administration
      • Trusts
      • Wills
    • Workers' Compensation >
      • Workers' Comp FAQ
      • Back Injury
      • Broken Bones
      • Joint Injury
      • Torn Muscle
      • Rotator Cuff Tear
      • Herniated Disc
      • Repetitive Stress Injury
      • Complex Injuries
      • Degenerative Disease
      • Death Benefits
      • Lung Problems
    • Wrongful Death
  • Contact Form