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Category Archive: LLC

May 22

Organizing a Minnesota LLC using a Legal Service Alternative – Is it worth it?

Doing business in the form of a limited liability company (LLC) provides entrepreneurs limited liability protection and can offer advantageous treatment of profit and loss for tax purposes.  To obtain these benefits, Minnesota companies must organize an LLC by filing Articles of Organization with the Secretary of State.  Although organization has traditionally been performed by …

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May 13

New LLC statute for Minnesota companies

The Minnesota legislature recently passed an overhaul of Minnesota’s LLC Act.  Before, Minnesota corporations and limited liability companies (LLCs) were structurally the same (Owner>Board>Officer).  Decisions between whether to use an LLC or corporation were generally left to tax considerations.  However, that is all changing and entrepreneurs will have new choices in establishing entities. New LLCs …

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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 …

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May 16

Forming a Business in Minnesota: Limited Liability Company (LLC)

A Minnesota business also may organize as a limited liability company. A limited liability company elects to be treated for tax purposes as a sole proprietorship (disregarded entity), partnership, or corporation. A limited liability company may have one or more members. As described further in the section on tax considerations in choosing the form of …

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May 09

Forming a Business in Minnesota: Sole Proprietor and Partnerships

Sole Proprietor In a sole proprietorship, the business is owned controlled by one individual. That person alone receives the profits and bears the losses from the business, and that person alone is responsible for the debts and obligations of the business. Income and expenses of the business are reported on the proprietor’s individual income tax …

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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 …

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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 …

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Nov 18

The Need for Member Control Agreements for LLCs

Often, new business owners question whether they need a member control agreement. They commonly don’t know of the possible pitfalls of operating without one. In this article we will address why a member control agreement for an LLC is a necessary component for the business. A member control agreement should address four primary issues. Determine …

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Oct 07

Benefits of a Limited Liability Company

When determining which entity an individual or group should form, one of the top choices is a limited liability company, also known as an “LLC”. While there are many benefits to forming an LLC, this post will discuss four of the more prominent ones. The first benefit, and arguably the most important, can be found …

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