Posts Tagged ‘Technology’

Find An Illinois Business for Sale

March 15th, 2022

Illinois is the Midwest’s most economically productive state, and it has the largest population as well. In addition, while Springfield is its capital, the vast city of Chicago provides most of the state’s economic base, and Champaign, Peoria and Rockford play a role there as well.

Transportation

Since Illinois is located in the center of the country and provides access to both the Mississippi River and Lake Michigan, it is also a natural transportation hub for industry. This is readily acknowledged by the commercial sector because the state has the world’s greatest concentration of air, land water transportation facilities.

Two states in one

If you are considering relocating here and buying an Illinois business for sale, it may surprise you to know that the state is made up of two major contrasting components. The first being a vibrant metropolis and the second being a slower-paced rural sector.

That is why Illinois has become a leading producer of soybeans and corn. It is also the site of O’Hare airport, which serves as a major transportation center as well.

Doing business here

If you would like to buy an Illinois business for sale, you will be interested to know that an established business that is also profitable is usually able to obtain financing from a small-business lender or a financial institution.

This means that it will be easier for you to operate and expand an existing business than it would be to do with a start-up venture.

Note also that Illinois businesses reap the benefits of a first class workforce, abundant resources for energy, an infrastructure that is unparalleled, essential industries, an enviable lifestyle and vast array of business incentives.

Finding the right business model

Limited partnership, sole proprietorship and limited liability company are the most common corporate structures for small businesses in the state. They also have other choices such as S corporation, C corporation general partnership and limited liability partnership.

If you need help in determining which option is the right one in your situation the Illinois Entrepreneurship Network and the Small Business Administration are ready to discuss the details with you and assist you in making the right decision.

Getting the help you need

Under the Department of Commerce and Economic Opportunity (DCEO), the Office of Business Development offers entrepreneurs a wide range of services and programs to help their business succeed in today’s complex economy.

They provide technology support services, incentives for expansion, expertise in global marketing, workforce development and job training.

At the same time the Illinois small business tax credit for job creation provides an additional incentive to investors for growing their business.

When they create one or more full-time positions and meet all of the eligibility standards, they can receive a $2,500 tax credit for every new job.