Tag Archive: Tax

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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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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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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May 08

Innocent Spouse Relief Under the Internal Revenue Code

Newlyweds are typically the recipients of well wishes and presents from friends and family alike.  Although Congress is neither friend nor family, it also leaves its imprint on the occasion by bestowing important tax benefits upon married couples.  For the typical taxpayer, the impact of this favorable treatment is most visible through the joint taxation …

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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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Oct 20

Something To Consider Before You Throw Away A Letter From The IRS…

There are two truths to consider when a taxpayer receives a letter from the IRS as the result of an erroneous or incomplete tax return. In this event, a taxpayer should take comfort in the fact that tax disputes involving the IRS are commonplace in modern society. Automated Collection Services, a core component of IRS …

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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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