Tag Archive: Minnesota Small Business

Jun 03

What is a Letter of Intent?

A letter of intent is a legal document that a Buyer and Seller contemplating the purchase and sale of a business may choose to execute at the start of a proposed transaction. There are several reasons for the Buyer and Seller to have a letter of intent in place. The letter of intent lays out …

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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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Jan 30

“Right to Repair” Truce

Earlier, we wrote about “Right to Repair” legislation that was recently passed in Massachusetts.  Since then, the major players on this issue came together to sign a Memorandum of Understanding earlier this month.  This MOU appears to be a temporary truce, intended to cool off the lobbying efforts for additional legislation. The parties to the …

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Jan 13

Suggested Maintenance for Your Small Business

Most of our lives are governed by suggested maintenance: Change your oil every 5,000 miles Get a colonoscopy when you turn 40 See your dentist and replace your toothbrush every six months Limit yourself to 2,000 calories per day Change your password every three months But what maintenance do you perform for your small business …

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Jan 10

How to Structure the Purchase and Sale of a Business: Asset Sale or Stock Sale?

When a Buyer is looking to acquire a business and a Seller is looking to sell a business the most common question is whether the transaction should be structured as an asset sale or a stock sale. These methods are the two primary deal structures used when businesses are purchased and sold. In an asset …

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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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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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