A Minneapolis Estate Planning Attorney Explains the Value of Drafting a Business Succession Plan for Small Business Owners Business succession planning is a practice or set of estate planning practices used by business owners to ensure that a small business can run successfully in the event of their death or in the unfortunate circumstance where…
Continue reading…For How Long Should a Business Keep Tax Records?
Minnesota Estate Planning Lawyer Talks About the Issues Related to Keeping Tax Records There are many reasons for retaining tax records. They can be a useful guide for business planning, for tracking receipts and expenses, and in cases where the company or shares are being sold to outside parties. The IRS expects taxpayers to keep…
Continue reading…Financing and Growing Your Small Business Through Crowdfunding
What is crowdfunding? Part social networking and part capital accumulation, crowdfunding is simply the collective cooperation, attention and trust by people who network and pool their financial resources together to support efforts initiated by others. Inspired by crowdsourcing, this innovative approach to raising capital has long been used to solicit donations or support political causes….
Continue reading…A Simple Will Is Not Enough
A Minnesota Estate Planning Attorney Explains Why You Need to do More Than Draft a Will A basic last will and testament cannot accomplish every goal of estate planning; in fact, it often cannot even accomplish the most common goals. This fact often surprises people who are going through the estate planning process for the…
Continue reading…Should I Incorporate My Business?
The primary advantages of operating as a corporation are liability protection and potential tax savings. Like any important decision, choosing whether to incorporate involves weighing the pros and cons of the various business structures and should only be done after careful research. Once incorporated, the business becomes a separate legal entity, and assets of the…
Continue reading…Which Business Structure is Right for You?
Which entity is best for your business depends on many factors, and the decision can have a significant impact on both profitability and asset protection afforded to its owners. Below is an overview of the most common business structures. Sole Proprietorship The sole proprietorship is the simplest and least regulated of all business structures. For…
Continue reading…Estate Planning Lessons, Part 3: The Family Business
This is a continuation of the series I’ve been writing on the estate planning lessons taught to me by the recent deaths in my own family. My father was a dreamer. He left a job with a large company here to follow his dream of having his own business. He founded that business over 23…
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