Following the financial crisis, the risk management policies of financial institutions are under greater scrutiny. Although banks have always had a duty to control risks - in part through loan evaluations - financial institutions must more effectively identify loans...
Business Law & Litigation
The Current State of Non-Compete Agreements in Minnesota
Minnesota has traditionally been an employee-friendly state on the issue of non-compete agreements. Past court rulings cited the restraint on trade imposed by non-compete contracts when the court decided in favor of employees on these matters. In light of this...
Avoiding Litigation Through Early Exit and Succession Planning
The time to develop an exit strategy is when you form your business partnership or corporation. The exit strategy is an agreement regarding business assets, debts and liability should a partner or another principal no longer be able to, or want to, engage in the...
Options for Shareholders in Closely Held Corporations
New businesses frequently begin on a wave of exuberance and optimism. Riding this wave, entrepreneurs often have difficulty accepting the fact that the trust and goodwill they currently have with their business partners may not be permanent. As the business develops,...
Designing Your LLC: Member-Managed vs. Manager-Managed
Jurisdictions across the United States added limited liability companies (LLCs) to their business and corporations codes in order to provide many of the benefits of incorporation - while giving entrepreneurs the flexibility to design entities that met the particular...
Does It Make Sense to Convert Your Business from a Sole Proprietorship to an LLC?
Nearly three-fourths of all businesses in the United States start as sole proprietorships. The reasons are obvious: It is simple and uncomplicated. For many entrepreneurs and consultants, it initially makes sense because there is no cost. While there are certainly...
Six Issues to Think About When Considering an Asset Sale, Merger or Acquisition
Can you grow your business successfully through a merger or acquisition? Absolutely, and it often is a faster route to expanding market share and moving into new markets, improving distribution channels, accessing funds, diversifying and reducing your own costs and...
Key Considerations When Dissolving a Business Partnership
In September of this year, the former New York landlord of the now-defunct law firm Dewey & LeBoeuf LLP, initiated a legal action against 450 of the firm's former partners. The landlord, 1301 Properties Owner, is suing for debts owed under their lease following...
First Steps for Setting up Your Minnesota Business
In September of this year, Forbes ranked Minnesota as the biggest gainer on its list of the Best States for Business. With its economic hub located in the Minneapolis-St. Paul area, the state jumped 12 places to take 8th position in the rankings for best business...
What’s the Best Structure for My Minnesota Business?
If you are establishing a Minnesota enterprise in any field, the first step on your journey involves choosing the most appropriate business structure. There are several structures to consider, including: Sole proprietorships This is an unincorporated business....
