Past articles have discussed the advantages of having your cabin in trust so that you avoid probate. Other articles have talked about why you should hold title in a cabin trust if the cabin is shared by multiple families. A more recent issue, however, is that many people now rent out the cabin on a weekly basis or just the…
With an improving economy people are again looking at buying rentals as another source of investment income. Although I personally like the added control of owning and managing your own investment, there are some things to consider: Get a security deposit. It’s common to have some needed repairs and major cleaning when your tenant terminates the lease. Minnesota law requires…
Often a new business is started with high expectations of success and profits, perhaps on a national or worldwide scale. We imagine that our little company will grow into the next Honeywell, Microsoft, or dare we say Snapchat. Or we just imagine that our company will succeed in the town in which we live, provide an income for us and…
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statute governing the formation, operation, and management of limited liability companies (LLCs) in Minnesota will be repealed and replaced by the new statute on January 1, 2018.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…
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…
Most buyers simply order title insurance from whatever company is recommended by their realtor or banker. They then pay for this insurance at closing without any understanding or explanation of what the insurance covers or more importantly, doesn’t cover. Our firm owns both Quality and Action Title Companies and we also assist other title companies with legal issues or get…
Many parcels in North Country are described by metes and bounds. That means that your land is not part of a subdivision and, as a result, your legal description is often a very long description of calls that trace your boundaries and then relate to government section pins. These descriptions are often quite old and most transactions simply repeat the…
Most people assume that if their road has a road sign or shows up on the city map they live on a public road. Or, at least if the road has been there for years, no one would question their access rights. Unfortunately, lending standards have changed over the years and you or your potential buyer will not be able…
One of the most common questions I ask during an initial consultation with an injured worker is whether they have had preexisting injuries to the same body part they injured at work. Many injured workers that come into my office are under the impression that because they suffered an injury to the same body part they are claiming for their…
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…