March 28, 2020 Dunlap Seeger

The CARES Act–Paycheck Protection Program

The Paycheck Protection Program is a significant piece of the recently-passed Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). It is designed to help nonprofit and for‑profit businesses with less than 500 employees cover payroll and other expenses. Under the Program, small businesses may receive cash-flow assistance in the form of loans administered through banks and credit unions. Loan proceeds may be used to cover payroll, mortgage and debt interest, rent, and utilities. To qualify, the borrower must More +

February 28, 2020 Dunlap Seeger

Succession Planning for Small Businesses is Important

Family-run business owners have to make sure that they have a plan for what’s going to happen with the company if they pass away. Part of this has to do with the estate plan that they set up. Having everything in order with their personal estate plan can help to provide for their family members, which may make it easier for the business’ staff to focus on running the company. It is important to get your plan in place as More +

February 18, 2020 Dunlap Seeger

Business Formation Could Start with Assessing Interests

The idea of being one’s own boss is intriguing to many people in Minnesota and across the country. Some people may think that they would make great entrepreneurs, but they may feel stuck as to what type of business they could start that would lead them down a successful business formation path. Luckily, assessing various details could help individuals come to an answer. A good place to start when looking to find a business idea is one’s owns passions and interests. Often, people More +

January 28, 2020 Dunlap Seeger

Have Realistic Expectations When Starting a Business

It is admirable to have dreams that one wants to achieve. However, it is important to remain realistic about those dreams, and Minnesota residents may want to ensure they have the right information before creating upheaval in their lives. For example, many people think that starting a business will change their lives in positive ways. While this can certainly be the outcome, some may think that it is easier than it really is. Working a traditional job means that a person’s More +

January 26, 2020 Dunlap Seeger

Chapter 11 Bankruptcy can Reduce Obligations to Shareholders

Companies have financial obligations to many different parties. When a business hires people to work, they have an obligation to fulfill the promises made regarding that employment, including the payment of wages. Companies also have financial obligations to local and federal government agencies because they must collect and pay taxes. Businesses can also incur additional financial obligations to creditors that help them fund expansions, suppliers who do not demand payment up front, and shareholders or investors that use their own More +

January 13, 2020 Dunlap Seeger

Business Formation Can Benefit From The 4Ds

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 More +

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