Practice Area:

Small Business Attorney MN

Berglund Law Office is a Small Business Attorney MN. 

Navigating Today’s Small Business Law in MN

Today’s business world has grown increasingly complex and difficult to navigate. State and federal regulations and recent caselaw continue to make setting up and operating a business more challenging than ever.

Every small business owner is faced with an ever-expanding array of hurdles from the outset including the choice of:

  • business entity,
  • necessary agreements,
  • financing arrangements,
  • compliance
  • and human resources issues and much more.

Business owners often require guidance relating to the purchase or sale of a business, buy-sell agreements, regulatory compliance, and business succession planning. Each of these matters requires experienced legal counsel to navigate the myriad of issues and challenges to keep your company operating smoothly.

Berglund Law Office has represented many local businesses and members of the business community for decades. Sound business and legal advice can be priceless when faced with the complexity of today’s business environment.

Starting Your Own Business

If you are considering starting your own business, you need to know that the State of Minnesota has a number of different options for you in forming your business at the outset.

The process begins with preparation of your business formation documents and filing these documents with the Minnesota Secretary of State’s office.

Berglund Law Office can assist you in deciding on your choice of entity, preparing the necessary business formation documents and filing with the State of Minnesota.

In Minnesota, the most common business entities used include the following:

  • The LLC or limited liability company — LLCs have become the most popular choice of business entity today. LLCs can avoid “double taxation” and can also protect “members” (the LLC version of “shareholders”) of the business from personal liability in case someone brings an action against the company. In the event of litigation, the personal assets of the LLC’s members will not be at risk;
  • The LLP or limited liability partnership— LLPs also limit the liability of partners and certain parts of the business if subject to legal claims;
  • Corporations — “C corporations” and “S corporations” are the traditional choices of business entity and also provide limited liability for their owners. With corporations, owners (“shareholders”) are issued stock in the business.

Minnesota also allows a number of other choices of business entity including the following:

  • The sole proprietorship
  • The partnership
  • The limited partnership
  • The sole proprietorship
  • The partnership
  • The limited partnership

 

 

How can I make sure my personal assets are protected if I go into business?

Small businesses owners need to take precautions from the outset to make sure that their personal assets will not be exposed as a result of their business operations. Business owners need to make informed decisions about their choice of business entity and agreements utilized (i.e. operating agreements, bylaws, etc.) to protect their personal assets from liabilities incurred by their businesses. Experienced legal guidance can help you take the necessary steps to achieve this protection.

The proper choice of business entity can protect your personal assets so that only the business assets will be available to creditors. A number of options are available to businesses with multiple locations and multiple sources of revenue, including forming multiple entities, wholly owned subsidiaries, and certain types of trusts.

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