Tag Archive: Tax Issues

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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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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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 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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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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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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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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