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Build Your Business a Solid Legal Framework to Stand the Test of Time

Lucere Legal helps businesses set up right
Categories: Business Formation

If there’s one thing the Great Recession taught us, it’s that we need to be able to make opportunities for ourselves, even in the face of widespread struggle–and many people do just that every day. According to the Kauffman Index of Entrepreneurial Activity, for the past few years approximately 300 of every 100,000 U.S. adults have started a business, with about 500,000 new businesses being started in each month. Though many definitely find the time to be right to be an entrepreneur, how many of these businesses will succeed in the long run?

The numbers are be daunting. A full half of all small businesses close up shop within the first five years of opening their doors while some others struggle to eke by, according to the U.S. Small Business Association. Business is filled with countless potential pitfalls and you can never prepare for every contingency.

Yet there are common behaviors among those that make it past the worst of it, hit their stride, and go on to succeed. Planning in advance and seeking professional advice is absolutely essential if you want to be prepared for whatever life has to throw at you, and are two of the behaviors common to those who endure. Key to your success is to intentionally take the time to plan out your business’s future otherwise your time will be gobbled up by the day-to-day business of running it.

As you plan out your business model, remember to turn to an experienced Creative Business Lawyer for crafting the legal framework for your company. No matter how successful your business is, lacking this piece of your business’ foundation risks everything you’ve built—and more!—being swept away in a lawsuit.

You need components like:

  • Articles of Incorporation or Articles of Organization
  • Bylaws or Operating Agreements
  • Buy/Sell Agreements
  • Business Succession Planning (it’s never too early to start!)
  • Employee/Independent Contractor Agreements
  • Intellectual Property Planning
  • Insurance reviews
  • Tax strategy

Think first and foremost of the structure of your business–sole proprietorship, partnership, corporation, or LLC—and seek out solid legal advice. The different ownership structures each entail differing tax implications and varying protection for your personal assets from business liabilities.

We recommend starting right by talking about this with us in a small business consultation session. Contact us today at 612-206-3701 or via our online contact form.

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The plain-English guide for Minnesota small business owners

When it comes to business, ignorance isn't bliss; ignorance is risk.

There's a handful of legal topics that business owners should be familiar with, at least on a rudimentary level, to reduce the risk of having something horrible come out of left field.

This book is a legal guide to help you put the most common business legal issues on your radar, with enough information for you to be on the alert for when you may need to get some professional advice.

The intention in arming you with this information is so that you can proceed in business confidently and with fewer legal quagmires.

Do you have a cabin?

The first generation that buys a cabin enjoys it to the fullest and it’s a magical place where happy memories are made and families go for some much needed respite. Unfortunately, without thoughtful planning, the chances of the cabin staying a place of happiness and tranquility into successive generations is very, very slim.

If you haven’t done the planning in advance and made it legally binding, the family members (and their ex-spouses and new spouses) will have to work every detail out for themselves. If they can’t, what is likely to happen is a lawsuit called an action for partition that forces everyone to sell their interest. This lawsuit is expensive, and the costs of litigation will come out of the proceeds of the sale of the cabin, so to add insult to injury to those who wanted to keep the cabin but couldn’t afford to buy the others out, they are footing part of the legal bills in the lawsuit against them. Ouch!

It’s no wonder that family members stop speaking for years after the cabin conflict is “resolved.” You can’t make family relationships perfect, but you can take away much of the fuel for the family conflict fire. That’s what cabin planning does, and it has the nice side effect of giving you peace of mind now.

That’s why Kimberly wrote The Minnesota Cabin Planning Guide and Workbook, and you can get a free electronic copy of her book on our cabin planning website, or you can find it in many county libraries in Minnesota, or you can get it on amazon.com.

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