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Rochester Business & Commercial Law Blog

Business formation can benefit from the 4 Ds

Being an entrepreneur is not for everyone. However, if Minnesota residents feel that it is a journey they want to take, it can be helpful to know from the start which characteristics could help them during business formation and when reaching success in the years to come. In particular, the four Ds may be worth considering.

First, parties wanting to start their own businesses need to have the desire to succeed. This may seem like an obvious characteristic, but not everyone feels the need to work hard for success. That desire coupled with the drive to do what it takes to reach a goal and work around any obstacles that may pop up along the way is vital toward having a successful business venture.

The new year can be a catalyst for estate planning, updates

Creating an estate plan can be a prudent resolution to make in the new year. Even if Minnesota residents have already created a plan, they can resolve to review and update those plans as needed. Estate planning can certainly be helpful, but the information is the most helpful when it is up to date.

If individuals are not starting their plans from scratch, they may still find that they have a considerable amount of work to do with them. If someone has not reviewed the plan in decades, it may need more work than someone who updates his or her plan every few years. When going over possible updates, individuals may want to look at tax changes that have taken place since the plan was created and those that could occur during this election year.

Skills assessment is important when wanting to start a business

Wanting to work for oneself is a desire that many Minnesota residents have. However, they may not feel that they have what it takes to start a business. It is also possible that individuals feel like they would be a great entrepreneur but feel uncertain about the type of business they should start. Fortunately, some time and research could help.

First, parties interested in starting a business may want to assess their skills. Some people may have a hobby that they are particularly skilled in that could potentially become a business venture. Additionally, individuals may have skills learned from a college education, previous jobs or personal experience. By going over these skills, people may have a better chance of seeing where their strengths lie and how they could apply them to business.

Should you back up that handshake deal?

You decide to work with another business owner. Maybe they're a vendor. You're going to buy products or services from them. It seems like a lucrative deal for both of you. You hash it out at lunch one day, at an impromptu business meeting.

The company you run is a small, local business. You only have a few employees. The same is true for the other business owner. The two of you went to high school together and you have known each other for years. You're doing well, but this isn't two Fortune 500 business owners sitting down together.

Starting small may be a good first step for estate planning

Getting any type of important affairs in order can be tricky. When Minnesota residents are trying to figure out where to start when it comes to estate planning, they may feel overwhelmed by the amount of information they may need to organize. Fortunately, an estate plan can start small and turn into a more comprehensive plan.

The first document that often comes to mind when creating an estate plan is the will. This document can cover certain important information like who will act as the executor and who parents desire to act as the guardian for minor children. Individuals can also indicate who they would like to receive certain property. However, a will is not the only important document for an estate plan to have.

Starting a business may be a goal for the new year

With the new year comes new goals, and because 2020 is just around the corner, many Minnesota residents may be thinking that now is the time to take steps toward achieving some of their life's dreams. For some individuals, those dreams could include starting a business. If so, it may be the right time to gain information on the steps to take to reach that goal.

First, it is important that individuals have a good business idea. Unfortunately, not all ideas are able to become profitable business ventures, so it is important that prospective business owners evaluate their ideas thoroughly. To determine whether an idea is sound, parties may want to determine whether it could help people in some way. Offering a solution to a problem can often start the path to a successful venture.

Estate planning is not just for after-death matters

When carrying out almost any action in life, there is room for mistakes. The same goes for estate planning, which can be a very involved process. Some Minnesota residents may think that they have created a plan that will be beneficial for themselves and their families, but too many make mistakes during this process.

For some, a mistake may be thinking that they have a solid estate plan when they do not. They may think that because they quickly created a will online that they have all of their bases covered. However, a will may not be enough to address the many aspects of settling an estate that could come up, and if a person does utilize a DIY online option, the chances for mistakes increase because such a document may not comply with specific state laws.

Trusts can help achieve estate planning objectives

Finding the right way to plan for the future is not always easy. Fortunately, Minnesota residents who are interested in estate planning can find the best options that fit their particular needs. Various planning tools exist for specific purposes, and some parties may find that trusts could suit their needs.

When creating a trust, individuals may want to think of an objective for their document. Parties could create a trust for charitable giving or to provide funds for the care of their pets after their passing. Determining an objective may allow grantors to determine which type of trust could best suit the needs of their objective. Once they make that decision, they can work on adding assets to the trust to achieve that goal.

Issues that can lead to fraud in a small business

While many business partnerships do last and thrive, the reality is that a fair amount also fall apart. Sometimes, two partners just decide they cannot run the company well together. Other times, they have different visions of what the future should look like. Still other times, one partner commits fraud or theft, abusing their position within the company.

All of these situations can lead to litigation and the dissolution of a partnership contract. Let's spend a little time looking at the last example: fraud. Why does it happen and what situations lead to it?

Using estate planning to disinherit family members

When they think of their end-of-life wishes, many Minnesota residents may think of whom they want to leave assets to. However, some of them may also think about who they do not want to receive anything. Family relationships are not always loving or healthy, and as a result, some individuals may be interested in ways to disinherit family members as they go through the estate planning process.

Some people may reach a point where they are no longer happy in their marriages but do not feel that divorce is the right step, or they may worry that they will pass away before a divorce is finalized. As a result, they may want to use their estate planning documents to disinherit a spouse. Because most state laws allow for a spouse to be entitled to a portion of the estate, even if a divorce was underway, it is important that individuals use the right documents to disinherit a spouse, which may involve getting the spouse in agreement.

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