According to the Small Business Administration Office of Advocacy, small businesses represented more than 98 percent of all Illinois employers in 2010. In terms of quantity, there were approximately 1.2 million small businesses in the state at that time.
While these statistics change from year to year, it is safe to assume that updated numbers from the Small Business Administration, when released, will be similar.
The agency provides information on a variety of topics, including but not limited to:
How to get started.
The many types of business structures.
How to register a business.
Your responsibilities as an employer.
How to protect your product or idea.
Where to turn for future assistance.
Each one of these points encompasses a variety of details. For example, there is a lot to learn as you ponder the many types of business structures. Understanding the pros and cons of each option, both from a business and tax perspective, is extremely important. In Illinois, your can organize your business as: "C" Corporations, "S" Corporations, Limited Liability Companies (LLC), Limited Liability Partnerships (LLP), General and Limited Partnerships, and Sole Proprietorships.
Getting Help with the Start Up Process
If you are an Illinois resident with hopes of starting a business, you may need assistance along the way. Fortunately, the state understands the importance of promoting small business activity. The Illinois Small Business Development Center Network is comprised of the following:
Small Business Development Centers (SBDC)
Small Business Environmental Assistance Program (SBEAP)
Business Information Center
Procurement Technical Assistance Centers (PTAC)
SBDC - International Trade Centers
All of these resources share the goal of aiding in the process of starting a business.