Different businesses and different ownership structures (who puts in money and who puts in the time and work and who gets what) require an analysis of the appropriate kind of business structure.

Until recently in Illinois, professionals such as lawyers could not be organized as L.L.C.'s (Limited Liability Corporations). However, things have changed in the last several years and there are a variety of options available to every business start-up.

The trends seem to be as follows:

1. Limited Liability Corporations are being used by Accounting firms, progressive law firms (when allowed), real estate investment companies (including condominium conversion and development projects), and small retail stores and resturaunts. In addition, LLCs are being used when the individuals need flexibility in financing and ownership issues.

2. Partnerships are still the mainstay of collegial and professional business relationships. Tax issues play an important part in the business decisions.

3. S Corporations are used instead of Partnerships when the individuals want partnership tax status and corporate protections when they start the company, but want to grow the company quickly and then easily convert from a S Corporation to a C Corporation for financing and securities purposes.

Having said that, their are still reasons to look at Partnerships instead of other business entities as your business structure. The Limited Partnership gives a business plan the financial flexibility it needs to raise money from a great number of sources (investors) and manage major projects more effeciently than other entitiy choices.

Professionals sometimes want a more collegial environment and prefer a professional partnership.

Given all of the various business structures currently availble, it is important that the client know the positives and negatives to their business decision.

Mr. Cooke has prepared partnership agreements for his clients including legal and medical partnerships and investment and real estate development partnerships. He has also prepared Limited Liability Corporations and S Corporations for clients as client needs dictated.

Mr. Cooke's fee is $300.00 per hour.

Please feel free to contact Mr. Cooke directly at (312) 497-9002 or by email at "gc@Cookeslaw.com".