If you are ready to retire, want to exit one business deal so that you may pursue another or simply want to transfer part of your stake in a Minnesota business to another individual, you have several options for doing so. Each comes with its own merits and pitfalls, each of which you should inform yourself of before making any final decisions.
A health care proxy, or health care directive, is a document that names a person, or proxy, who expresses another person’s wishes and makes health care decisions on that person’s behalf if he or she is unable to do so him or herself. One does not have to be terminally ill to create a health care directive in Minnesota, and in fact, one should not wait until he or she has received a terminal diagnosis to follow through with such an important task as selecting a health care agent.
People include many different types of assets in their estate plans, and in the digital age, there may be additional considerations for you to go over when it comes to estate planning. For example, you may have invested a significant amount of money in a cryptocurrency, or you may have been an early investor who has acquired a great deal of wealth through cryptocurrency. Some cryptocurrency investors may be unsure of their responsibilities or some of the legal matters that can arise due to these assets, from tax matters to ensuring that assets are managed properly in the event that the owner passes away.
When forming your own business in Rochester, it is vital that those holding the authority to manage the direction of your company is clearly defined. If you run a sole proprietorship, that distinction is easily made. Yet what if you are in business with others? The issue of ownership interests is bound to come up. Many come to us here at Dunlap & Seeger PA questioning how such interest should be determined. If you share the same question, you may be happy to know that the state has provided you with some assistance in this regard.
Operating a successful partnership often depends on knowing when it is time to step back and let the partnership dissolve. If you know that it is time to end your partnership, it is wise to understand some important aspects of the process, whether it is a small venture with few assets and liabilities, or a more complicated arrangement.