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Business Formation & Planning Archives

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.

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.

New law allows for private stock sale to consumers in Minnesota

A new rule in Minnesota allows small businesses to sell stock to the general public, not just large investors. As a person considering building your business, is this something worth your time and effort?

What are some things to know about franchises?

You've always wanted to open a business, and you've decided to do so by purchasing a franchise. With a franchise, there are many opportunities. The brand is already well-known, and that means that customers should come flocking to your store.

Millennials: Entrepreneurial spirit runs deep in this generation

Business formation and planning might be on your mind if you're a millennial, according to a new study from June 2017. The study revealed that around half of all millennials are planning to start a business within the next three years, showing an entire generation with the aim of being entrepreneurs.

You can open a business by making business plans now

If your goal is to start a business, Minnesota is a good place to be. There are several steps you need to take to begin. When you're ready, it's a good idea to take your business plans to your attorney for a review. Your business plan can help you get the funding you need from a bank. Additionally, your attorney may need to help you with contracts and paperwork.

Protect yourself from liability with the right business entity

When you run a business, it's important that you protect yourself and your personal assets. If you decide to have a sole proprietorship, you run the risk of being held liable for anything that goes wrong with your business. That means that if your business goes bankrupt, you may go bankruptcy as well.

What is a partnership agreement?

A partnership agreement is a legally binding document that sets rules for your business relationship. The agreement might have information on what happens if one partner leaves, or it may have other important rules or guidelines that each person must abide by.

What do you need to start a nonprofit?

When you want to start a business, there are many steps to take to make it legal and to obtain the contracts you need to hire employees or to make purchases over time with other business entities. One of the first things you need to do is to determine what kind of business formation you're going to have. For example, you can opt to be a sole proprietor or to have a partnership. You could opt for a limited liability company or corporation, or you could open a nonprofit organization.