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August 2017 Archives

What you should know about a Minnesota power of attorney

When people in Minnesota will not be in a position to take certain actions regarding their money or property matters, they can name someone else to take care of these tasks for them. According to the Minnesota Legal Services Coalition, a person can complete a power of attorney form designating an attorney-in-fact to fulfill certain legal duties. The attorney-in-fact does not have to be an actual lawyer, although he or she could be. A spouse, adult child or other family member is often a logical choice, as whoever is designated must be completely trustworthy.

3 benefits to consider about LLCs

If you are thinking about starting a small business, you may want to think about its structure. Many entrepreneurs in Minnesota find that incorporating or forming LLCs are the most beneficial way for them to run their companies with minimal personal risk. According to LegalZoom, LLCs offer flexibility unlike corporations and are often much easier to manage because there are fewer requirements and rules to adhere to. 

Beginning with the end in mind: your business exit strategy

Many people who go into business in Minnesota envision their companies growing, expanding and making them rich. According to Chron.com, one way to realize this dream is to create a way to wind up the business while it is still going strong. This process, called an exit strategy, should be a part of every business plan.

Trusts: beyond the basics

Trusts may seem like the inevitable choice for people in Minnesota who are considering their estate planning alternatives. In fact, a trust is a tool that has many advantages and disadvantages, and the key to making this option beneficial is finding the type that best suits the circumstances. 

What are the tax differences between a C corp and an S corp?

As you prepare to start your business in Minnesota, one of the first and biggest choices you have to make is the legal structure. If you know already that you want to incorporate, you have a further step to take in choosing whether a C corporation or an S corporation would be best. Although they have many similarities, there are some tax differences that may be worth your consideration.

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Dunlap & Seeger, P.A.
30 3rd Street SE
Rochester, MN 55904

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