Category Archive: Corporations

Feb 03

Did Minnesota Enact “No-Fault” Business Divorces?

Business divorces (where business partners split up) are difficult for owners, employees, and customers.  Unlike personal “no-fault” divorces, normally forced business divorces are reserved for instances of some type of fault by one owner against another.  In Minnesota, that fault is known as “unfairly prejudicial conduct”. Today, the Minnesota Court of Appeals issued a decision …

Continue reading »

Permanent link to this article: http://battenbeasleylaw.com/did-minnesota-enact-no-fault-business-divorces

Jun 10

Non-Tax Factors of Business Formation Minnesota

In choosing the most appropriate form of organization, the business owner will want to consider a variety of factors, including: complexity and expense of organizing the business; liability of the business owner; distribution of profits and losses; management control and decision making; financing startup and operation of the business; transferability of ownership interest; continuity of …

Continue reading »

Permanent link to this article: http://battenbeasleylaw.com/non-tax-factors-of-business-formation-minnesota

May 10

Forming a Business in Minnesota: Corporations

A corporation is a separate legal entity from its owners, owned by one or more shareholders. The corporation must be established in compliance with the statutory requirements of the state of incorporation. The shareholders elect a board of directors which has responsibility for management and control of the corporation. Because the corporation is a separate …

Continue reading »

Permanent link to this article: http://battenbeasleylaw.com/forming-a-business-in-minnesota-corporations

May 08

Starting a Small Business – How to Limit your Liability

Previously in the Starting a Small Business Series we discussed the importance of limiting your liability as a Minnesota small business owner. In this post we will discuss how small business owners can best limit their liability. The first step to limiting your personal liability is to create a limited liability entity. A local twin …

Continue reading »

Permanent link to this article: http://battenbeasleylaw.com/starting-a-small-business-how-to-limit-your-liability

Dec 14

Differences Between an S-Corporation and Limited Liability Company

There are three main differences between an S-Corporation “S-Corp.” and a Limited Liability Company “LLC”. These differences are (1) ownership restrictions, (2) the treatment of self-employment tax and (3) the distribution of profits and losses. The ownership restrictions for an S-Corp. are much more substantial than those of an LLC.  Pursuant to IRS code section …

Continue reading »

Permanent link to this article: http://battenbeasleylaw.com/differences-between-an-s-corporation-and-limited-liability-company