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.
When developing an estate plan, I often hear clients say, "I need a trust because I want to avoid that probate thing."
A buy-sell agreement is typically associated with the ownership of a small business. As the name might imply, a buy-sell agreement defines the terms under which an owner of a business can buy out or sell out to others - other owners, third parties, etc. With multiple owners, an up-to-date buy-sell agreement can give a good estimate of the value of the small business.