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Rochester Business & Commercial Law Blog

Building a foundation for your business partnership

Building a business from the ground up is bound to bring you some incredible opportunities to take risks and enjoy the reward of making strategic decisions. Working with other like-minded professionals certainly has its benefits, but must be built on a strong foundation to provide support and advantage to your company. At Dunlap & Seeger, we have experience in helping people in Minnesota as they prepare to start their own company. 

Business partnerships provide you with the opportunity to draw upon the strengths and competencies of other professionals who share your passion for business and have characteristics that are in alignment with the vision you have for your company. However, guaranteeing that these types of relationships work out can be a whole different story sometimes. According to Entrepreneur.com, one of the most important preventative steps you can take to reduce conflict is to develop and draft a contract for both parties to sign. 

Do corporations pay more or less tax?

What you owe in federal taxes for your newly formed or converted Minnesota S corp or C corp would depend on many things, including the size of your company, the nature of your operations and so on. The deductions and credits would also depend on your unique situation. Please read on for a brief review of what you may have to pay as a corporation.

You may want to note before beginning that, though corporations may have some unique benefits, they also have to pay a double tax. Taxation happens on profits when they come in, and then again when you redistribute them as dividends.

Protecting your business from unscrupulous competitors

Capitalism allows individuals an opportunity to develop their own path toward financial freedom, often by following their passions or working in a field where they are particularly skilled. People can work jobs or sell goods or services they provide in order to accumulate capital and potentially start their own business.

Being your own boss is a big part of the American dream for many who don't wish to work for others for their entire lives. However, there must be some protections in place in capitalist countries, as otherwise many people would find themselves locked out of growth and advancement by existing companies. Companies making money want to continue to do so. That can prompt them to behave in an ethical or unscrupulous manner.

It could be time to update your estate plan

Considering the constantly changing nature of Minnesota and federal tax laws, it could be time to revisit your estate plan. In fact, even in the absence of major overhauls, such as the new tax bill that is going into effect, it may be a good idea to adopt a regular schedule for the review and revision of your plans for the future.

At Dunlap & Seeger, P.A., we always attempt to keep our clients abreast of the changes that could affect their wills, trusts and other estate planning tools. However, there are some times when it could benefit you to reach out first. After all, tax laws are not the only things that could affect your estate. Here are a few examples.

Use caution when naming an estate administrator

When it comes time to organize your estate and get your affairs in order, there are several items that you may want to consider. One critical element of the estate planning process involves appointing an estate administrator. This person will oversee the affairs of your estate after you pass. Not only is it important that you choose a person that is honest and trustworthy, but you want to select someone who has the time to handle your estate in a thorough manner. By understanding the estate administrator’s role, you can be sure to choose the right person for the job. 

Also referred to as the executor of the estate, the estate administrator is responsible for handling your property and assets through the probate process. If your assets were put directly into a trust, they will transfer to the designated parties without having to go through the probate process. In many cases, however, the estate must go through the process that involves the following:

Financial uncertainty and your estate plan

When it comes to estate planning, there is a myriad of factors to take into consideration. On the one hand, creating an estate plan (or making certain changes to an estate plan when necessary) can provide a great deal of security and allow people to rest easier at night knowing that the future of their estate is protected. On the other hand, people may experience financial uncertainty for any number of reasons, whether their job is lost, they face major expenses due to an unforeseen health crisis or they break up with their spouse. This uncertainty can carry over into one’s estate plan and it is important to address these challenges appropriately.

If you are having a hard time due to financial uncertainty, you should carefully look into your unique situation and figure out which steps need to be taken. You may find that revising your estate plan could help ease some of your concerns and get rid of the worries you have, or you may need to focus on other facets of your life (such as addressing job-related issues, for example). Everyone is in a different position when it comes to their financial situation and their estate plan, so you should take an approach that is individualized based on your needs and the needs of those you love.

Considering the potential of buying out another company

For business owners in Minnesota, the prospect of buying out an existing company and recreating organizational processes to match their initiative is both an exciting and risky decision. While the sheer weight of such a critical decision can be enough to turn some away, those who follow through with their idea may realize incredible opportunity if they implement the right strategies from the onset of their quest to buy out another company. 

The choice to acquire the assets of another company and incorporate them into an existing organization requires intense focus and comparison. Company professionals should weigh in on how their decision could affect future profits, the overall image and reputation of their brand, their methods for accomplishing business initiatives and even the impact of joining forces on their employee morale and company culture. 

Bankruptcy could actually help you keep your house

When people hear the word bankruptcy, they all too often immediately start to imagine losing everything they own and living in poverty. Bankruptcy, after all, means that you have reached a point where your debt overwhelms you and your income can no longer offset your financial obligations adequately.

However, even people who make six-figure salaries can find themselves in need of bankruptcy protections, and filing for bankruptcy doesn't mean you can't recover financially afterward or have a better future. It also doesn't mean you can't keep your most valuable assets. Bankruptcy has more to do with the amount of debt you have than the value of financial assets you possess.

Discussing estate plan revision with loved ones

People decide to revise their estate plan for an array of reasons, whether their financial circumstances have changed due to a personal injury settlement, a new job or the loss of their job, among many other issues. Moreover, divorce, the birth of a child or grandchild and changes with respect to the health and well-being of family members can also necessitate estate plan revision. However, some people may be unsure of which revisions are necessary and how these changes could affect those they love, which is why communication with family members can be very beneficial.

For example, you may have designated a child to be in charge of your estate after you pass away, but they may no longer want these responsibilities. When this occurs, it may be necessary to talk with other family members about your situation and identify someone else to manage your estate. Moreover, family members may disagree with changes that are made to an estate plan, from naming an executor to the manner in which assets are divided among beneficiaries. Sometimes, these disagreements can lead to heated disputes and talking about your estate plan with family members could help reduce tension.

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Rochester, MN 55904

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