Tag Archive: Business Formation

Apr 01

Buy/Sell Agreements, Shareholder Agreements, and Member Control Agreements – pretty much the same thing?

What is a Buy/Sell Agreement? A buy/sell agreement is a contract between the owners of a company. This agreement provides a mechanism and generally provides the terms and conditions for the sale and purchase of an ownership interest to the other owners, the company or a third party upon the occurrence of specific future events. …

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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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Dec 09

Will Minnesota be next for a “Right to Repair Law”?

A new Massachusetts law known as the “Right to Repair Law” requires car manufacturers to make diagnostic and repair systems, tools and information available to independent repair facilities upon “fair and reasonable terms.”  The purpose of this law is to put these shops on a more even playing field with dealers to perform non-warrantied work on …

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Oct 09

The Advantages and Disadvantages of Sole Proprietor in Minnesota

The attorneys at Batten and Beasley can help you make the best decision on the entity type that is right for you. A sole proprietorship will be a viable alternative for operating your business if you will be the only owner and the business is not a type that involves significant risks of liability to …

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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 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 …

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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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