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Tag Archive: Corporations

Oct 20

Annual Legal Business Review

It is important for a business to undergo an annual legal business review to ensure that the business is in compliance with all applicable legal requirements, and to recognize any prospective problems. A legal business review is a comprehensive review records, policies, contracts, agreements and procedures. Topics that will be covered in an annual legal …

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Dec 20

Minnesota Ban the Box Legislation takes effect

Minnesota employers should review employment applications prior to January 1, 2014, to make sure that they have removed questions relating to the criminal history of their applicants.  Chapter 61, signed by Governor Dayton May 13, 2013 but effective January 1, prohibits private employers from requesting or requiring disclosure of a criminal record when filling a …

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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 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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Mar 01

Why Small Businesses Need Legal Counsel

There are many old adages that apply to why a small business needs to consult with and use the services of an attorney. My favorite is “You don’t know what you don’t know!” It is your job as an entrepreneur to focus on what you do best, which would be to run your business. It …

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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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Sep 27

Starting a Small Business – Choosing Your Business Type

Over the next few months we will be discussing many of the choices small businesses need to make when they begin. Of all the choices business owners must make when starting a business, one of the most important is the legal structure they should chose.  Most new business owners would benefit from consulting an attorney …

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