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Saint Paul Estate Planning Law Blog

Starting a business: A route to success

Starting a business takes more than just a good idea. It requires motivation and persistence. You'll have to plan for the direction of your business and do the research it takes to get started and keep it profitable.

Before you start a business, it's wise to look at your reason for starting one. Having your own business is good for some people, because it allows for them to use all their specific talents. It gives them the freedom to create their own hours and workdays. People also enjoy the financial freedom of owning their own businesses.

Choosing the right legal structure matters in business

There are five kinds of businesses you may decide to open. The legal structures are partnerships, sole proprietorships, Limited Liability Companies, corporations and nonprofits. Depending on how many people you plan to work with, the goals of your company and the kinds of protections you want, one of these legal structures may be better for you than the others.

One of the most common kinds of businesses is a sole proprietorship. Why? It's easy to set up. Sole proprietorships have only one person in the business -- you. If you have a business you run on your own, this is potentially a good legal setup for you.

What is Ginnie Mae?

Ginnie Mae is a short name for the Government National Mortgage Association. This organization used to be the Federal National Mortgage Association, but it was split into Fannie and Ginnie Mae in 1968.

Ginnie Mae has a specific purpose. It is to support the market for Public Indian Housing loans, Rural Development loans, Veterans Association loans and Federal Housing Administration loans.

Popular commercial property sold in Downtown Minneapolis

When you look for commercial properties, you may have to move quickly, especially if the property available is one that many people find familiar. One such property, Renaissance Square, has sold in downtown Minneapolis.

The news reports that the building sold for $20.3 million by an entity that is associated with the Davis Companies. This is a company that focuses on real estate investment, management and development. The building was built in 1898 and was recently renovated. The renovations included a new lobby design, common areas and an underground parking lot.

These alternatives to foreclosure could help your debt concerns

You never thought you'd be in the position where you could lose your home due to missing payments, but you are. Now, you're not sure what to do. You're beginning to think that you should just allow your home to go into foreclosure, because that would be easier.

Before you decide to allow a foreclosure to continue, you may want to consider other alternative options. For instance, if you are falling behind on your mortgage, renting out a room in the property or the entire property might help you catch up on your payments.

A fiduciary relationship requires trust

When you want to make a purchase or entrust someone with your money or business plans, it's important that the individual keeps your best interests at heart. If someone doesn't, then it could mean that your business never gets off the ground or that you don't get the property you wanted to buy.

Fiduciary obligations are obligations between one party and another to act in a manner that is in the best interests of the other party. For example, a corporation has a duty to its shareholders. Equally, an attorney has a fiduciary duty to his or her clients.

What should you do if you have a dispute with a buyer or seller?

If a property you purchase isn't what it seemed or you sold something to a buyer who then didn't keep up on his or her end of the deal, you'll probably have a dispute on your hands. While some buyers and sellers are able to work out their problems outside mediation or arbitration, others need these services to come up with a solution to their legal conflicts.

If there is a problem between the buyers and sellers of a commercial property, arbitration is handled through the American Arbitration Association. The parties need to agree to arbitration before that will be considered an alternative for the dispute.

Schwans and tru Shrimp Company to work together in Minnesota

When businesses merge or create deals, they can help stimulate the economy and create jobs for others in an area. That may be happening in this case when these two well-known companies come together in Minnesota.

The tru Shrimp Company and Schwan's Company have announced that they'll be forming a partnership between their businesses to help propel the goal of an inland shrimp production process. The partnership between the two Marshall, Minnesota, companies aims to provide natural shrimp to consumers.

What should you do before choosing a mortgage?

If you're interested in purchasing a home or building, you'll need to obtain a mortgage unless you have enough money to buy the building outright. For most people, a mortgage is the best way to obtain a home.

Mortgage payments typically run for 15 to 30 years. Since they're long-term loans, it's a good idea to shop around until you find a low interest rate on a good mortgage loan. How can you make sure you get the best possible loan? Here are a few things to try.

With the right help, you can protect your interests while leasing

Before you sign a commercial lease, you need to understand what you're agreeing to. Not being completely certain of an agreement can end up causing you trouble later on. So, what can you do to prevent problems that you may not foresee at the moment?

Start by checking the terms of the commercial lease. Don't just browse the lease, actually take a good look at it and read it over a few times. Don't assume the landlord has everything right in the lease, because there could be errors. Know how you can terminate your lease and know what you're required to do to avoid breaking the lease.