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Rochester Business & Commercial Law Blog

Company history can be important to business formation

Many prospective and current business owners often need financial assistance to get their companies off the ground or to expand their current commercial enterprises. Often, individuals can contact potential investors in hopes of obtaining financial backing. During business formation, individuals can create a business plan that will explain the foundations of the company to those potential investors.

One part of the business plan that Minnesota business owners may want to focus on is the company history or background. This section can detail how an owner came up with the idea of the business and his or her qualifications for going after that idea. This section can help investors understand the owner's work experience, education, strengths, personal history and skills. This section can help investors see that business owners have the necessary abilities to make an idea work.

Reasons for the high family business failure rate

If you run a family business, you may be well aware of the dire failure rate. Even if you keep the company strong while it is under your control, the reality is that most family businesses fail as they move on to the second or third generation. It's just too hard to sustain. The vast majority end up folding.

This is an issue that impacts both your business decisions and your estate planning. You may want to pass that company on to your kids, hoping to beat the odds, but it's tough. What can you do to give them a chance? Among other things, you want to start by looking at the reasons that the failure rate is so high.

Estate planning can help address future business matters

Many Minnesota residents achieve their dreams of starting their own businesses. This accomplishment is one that can follow them throughout their lives and even continue after their passing. As a result, it is important to remember the business when estate planning.

Business owners need to include their business-related matters in various parts of their estate plans. For instance, it is likely that a business owner will want to distribute his or her business assets to loved ones or other beneficiaries, and creating a trust can help do that effectively. The trust can put a person in charge to manage those business assets in the event that the owner becomes incapacitated or passes away. It is important to review and update trusts and other estate planning documents periodically.

Many people choose an LLC during business formation

Entering the business world is a major step, especially if Minnesota residents want to start their own companies. A lot of information exists surrounding business formation, and many people may not know where to start. Often, individuals starting new businesses opt to create LLCs, or limited liability companies, but is that right for everyone?

The short answer to that question is no. However, an LLC can offer a number of benefits, and many company owners find that this structure meets their needs. One major benefit is that business owners who create an LLC are not personally responsible for debts related to the business. Additionally, if someone files a lawsuit against the company, the owner will typically not face personal liability during the lawsuit.

Inventorying is a good place to start when estate planning

The idea of having to assess their entire lives can make many Minnesota residents put off creating an estate plan. It may seem like too much work at the moment or something better left for another time. However, if estate planning is put off for too long, individuals may not have time to create their plans.

Getting started sooner rather than later is ideal when it comes to estate planning. If parties do not know how to get started, they can begin by taking inventory of their assets. They can go over their personal possessions, bank accounts, real estate, investments and much more. An inventory can be useful because it could allow parties to assess what they have and determine what they would like to happen with those assets. It can also give them the opportunity to write down any important information associated with the assets, like passwords, account numbers and contact information.

Can you avoid taxes with a trust?

You should have a professional look at the tax implications of any terms you include in or changes you make to your estate plan in Minnesota. The documents that support your plan probably deal with a variety of laws, from the municipal level up to the federal level.

This diversity makes attention to detail important, especially when you are trying to minimize the tax burden on your estate. While there are many techniques and tools by which you can do this, trusts are among the most common.

Taking inventory and creating an estate plan

Estate plans are a crucial part of protecting the assets that one has worked so hard to acquire over the course of their lives, and those who have decided to create one should not ignore any aspect of the process. The amount of effort that one puts into reviewing all of their options and approaching the estate planning process could have a significant impact on their loved ones in the years ahead, and there are many facets of preparing properly. In this post, we will examine the importance of taking inventory.

In order to protect your estate, you must have a solid understanding of everything you own and how to protect it with an estate plan. Taking inventory is a crucial part of the process, and you should make sure you examine everything you own carefully. For example, you should note the value of your home, jewelry, art, other properties and vehicles. You should review and list your liabilities, such as your mortgage and debts, and you should compile a list of your insurance policies. If you have safety deposit boxes, these should be listed as well, and you should also have statements from your bank and retirement accounts.

Taking some of the stress out of the death of a spouse

Preparing for the death of a spouse is not just something that people should be thinking about if their husband or wife is dying, but it is a consideration that everyone should take. Couples who openly discuss what each other should do if they end up as the surviving spouse may be able to instill confidence and hope in each other before anything happens to one of them. As such, these prepared couples in Minnesota may be able to reduce some of the stress and financial strain of losing a spouse. 

While death is certainly not a comfortable topic to discuss, people that help prepare their family members for what to do if a family death did occur, are often able to put the people they care about in a much better position than if discussions had been avoided altogether. This is especially important in relationships where one spouse is primarily in charge of planning an estate, coordinating life insurance policies, paying debts and managing financial records. When people in that type of role can educate and prepare their spouse, it is highly beneficial so that the surviving spouse knows how to proceed when a death occurs. 

What debts can you discharge in personal bankruptcy?

Bankruptcy is an area of law shrouded in mystery. The people who go through bankruptcy proceedings are often loathe to discuss it with their peers, worrying that people might judge them for experiencing financial hardship. Unfortunately, that means that many people who would likely benefit from bankruptcy are hesitant to file because they don't really understand what bankruptcy involves.

One of the biggest concerns that many people have about bankruptcy is that it won't address their major debts, as bankruptcy does only discharge specific kinds of debt. Familiarizing yourself with which debts are eligible to receive a discharge and which debts will likely remain due will let you know whether bankruptcy can help you regain control of your financial circumstances.

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