What’s involved in buying a business? It may be as simple as purchasing a truck, inventory, and equipment or as much as purchasing all the shares of a corporation. One way to proceed with the purchase of a business is to buy all the assets related to the operation of that business. This is often referred to as an Asset…
The following article is about the transition to the new Minnesota Revised Uniform Limited Liability Company Act. The old statute governing the formation, operation, and management of limited liability companies (LLCs) in Minnesota will be repealed and replaced by the new statute on January 1, 2018. The transition from 322B to 322C began on August 1 2015 when the new…
The following article is on the role of volunteers as board members and officers of community non-profit organizations. Our law firm assists many area community groups with their entity formation, governance, and other legal concerns. Volunteers are an integral part of our small communities. They help out at our churches, schools, and civic groups. Community organizations often ask volunteers for…
What comes to mind when we think of a lease agreement is often that first apartment we rented after high school or college. The first lease that I signed was a lengthy document on legal-sized paper with single-spaced paragraphs in small font. It contained words such as ‘term’, ‘security deposit’, ‘possession’, ‘abandonment’, and ‘hold-over’. The amount of rent and when…
This article addresses issues from the standpoint of a prospective buyer, and it’s the first in a series of articles on Common Interest Communities (CICs), homeowners’ associations, and other aspects of planned developments. Our law firm has expertise in the laws governing CICs in Minnesota and assists many area developers, associations, and CIC residents. So, you’ve decided to buy a new…
In our lakes area communities, there are many businesses that have been in business for 40, 50, 100 years or more. These ‘legacy businesses’ standout as a testament to the owners’ hard work, dedication, and planning. According to Inc.com, 96% of businesses fail within the first 10 years. So, it’s significant for a business to survive past its first decade…
The following article is on the importance of the protections of the corporate and limited liability company (LLC) statutes. Our law firm assists many area businesses with their entity formation and other business law concerns. The first corporations in America were formed in the late 18th century just after the American Revolution. As our nation grew and economy evolved, so…