There are millions of residents in the city of Chicago. So, in theory, there also are millions of business opportunities – – from selling diapers to dentures, and countless products and services to the consumers in and between the age groups for those products. To serve local residents and others, there are about 7,000 restaurants in the city and hundreds of entertainment outlets. The potential to make money in Chicago is very appealing to many. In fact, in June 2018, there were more than 62,000 active business licenses in “Chi-Town.” If you own a small business, these business lawyers in Chicago say there are a few things you should keep in mind:

1. Choosing a name for your business

As the owner of a business that is based in, or legally operates from, the city of Chicago, there are a number of proximity-based requirements and options for you to consider. You must decide what products or services your business will sell and select a name for that business. You also must determine whether the business will be a sole proprietorship, a limited liability corporation or a C Corporation.

2. Register your business

There are a number of government agencies to help you get started and established along the path of making money and paying taxes. You must register the name of your new enterprise. Also, a business license from the Chicago Department of Business Affairs and Consumer Protection is mandatory.

Whether you formed a corporation or are operating under an assumed name, your business will need to be registered with the Clerk of Cook County. That telephone number is 312-603-7790. You also need to register with the Illinois Secretary of State, if you plan to do business in the state of Illinois. That telephone number is 312-793-3380. If you plan to sell products or services to customers in the state of Illinois, you also will need an account identification number from the Illinois Department of Revenue. That telephone number is 800-732-8866.

3. IRS registration

You also need to develop a relationship with the federal government. You should get an employer identification number (EIN) from the United States Internal Revenue Service (IRS). That number is 800-829-4933.

4. Register for utilities

Depending upon the type of business you have decided to form and pursue, you may need business license inspections, to pay for water, recycling and/or sanitation, to meet property zoning requirements before you open and will move to a new location, to familiarize yourself with standing or loading zones and valet parking requirements, received the right building permits for your construction-related activities, and/or a permit for your commercial driveway, if needed.

The good news is that as you are paying for licenses, permits, employees, and more, many of the entities that charge for registrations also may provide opportunities for you to get that money back and more, in the form of government purchases or contracts.

Small and large businesses May win contracts from the city of Chicago, Cook County, State of Illinois, federal government and other local entities. The Chicago Park District, the Chicago public schools and other public entities offer a contractual opportunities. Federal contracts also may be available through the Chicago Housing Authority. Take advantage of the help.