Many individuals start their small business as a sole proprietorship or as a simple general partnership with a friend. As some point, the question always arises, "Should I form an LLC or a corporation?" Minnesota has a variety of different types of corporate entities of which both a limited liability company and a corporation are included. Each has its advantages and disadvantages as far as taxes and management, but the general questions that should typically be answered when forming a company are as follows:
For anyone who established a limited liability company (LLC) prior to August 1, 2015, you probably received an email from the Minnesota Secretary of State recently letting you know of certain changes in the law. Effective January 1, 2018 all LLCs will be subject to the new Minnesota statutes chapter §322C.
A common theme in estate planning here in lake country involves what to do with the family cabin. Two frequently utilized options are a family cabin in a trust or limited liability company (LLC). Each method, as an estate planning tool, has its pros and cons depending on the specific circumstances.