The History of the Limited Liability Entity

September 25th, 2017

Limited Liability Companies (LLCs) were first introduced in 1977 in Wyoming and has since become a favorite choice for business formation for many different types of companies. Over two-thirds of the companies formed today are LLCs or some variation of a limited liability entity. Previously, only S-corporations were able to get the pass-through taxation treatment,… Read More

Standards of Conduct for Former Corporate Officers: The Uniform Rule

September 22nd, 2017

Business owners have specific duties to the business such as the duty of care, the duty of loyalty, and the duty of good faith. These responsibilities are part of the Revised Model Business Corporation Act, which states such as Minnesota adopt in whole or in part to guide the drafting of their laws. While it… Read More

How to Define the Scope of Services in an Agreement

September 20th, 2017

Whether your agreement is intended to cover a simple transaction such as a website design or a more complicated, long term service agreement governed under a master services agreement (MSA), you should focus on being very clear when defining the scope of services agreed upon and how changes are made to the services. With clear… Read More

Death Tax Repeal Act Introduced in House and Senate

September 20th, 2017

Identical bills have been introduced in the U.S. House and Senate that would permanently repeal the federal estate tax and generation-skipping transfer (“GST”) tax. Overview of Current Federal Estate, Gift, and GST Tax Laws Under current law, the exemptions from federal estate taxes, lifetime gift taxes, and GST taxes are indexed for inflation on annual… Read More

Asset Protection Opportunity: Retirement Trust

September 18th, 2017

If you’re considering organizing your assets in a way that will let you maximize your retirement savings, you’ve probably considered setting some aside in an individual retirement trust. These trusts maintain the same tax advantages that come from using an individual retirement account (IRA) while providing more long-term control of the trust assets. Retirement trusts… Read More

What Purpose do NDAs Serve in M&A Transactions?

September 15th, 2017

A nondisclosure agreement (NDA) or confidentially agreement is often the first step when businesses are conducting business together or considering a merger or acquisitions transaction. The purpose of this agreement is to protect sensitive business information that will be disclosed during the exchange and due diligence process from being used in an inappropriate fashion. When… Read More

Efforts by State of Minnesota to Standardize Workforce Laws

September 14th, 2017

In response to the new ordinances in Minneapolis and St. Paul covering paid sick leave requirements for all businesses, the state legislature has been busy drafting their own legislation which would overturn these local rules and, in addition, block other Minnesota cities from adopting their own sick leave ordinances, raising the minimum wage, or enacting… Read More

Minneapolis and St. Paul’s New Sick Leave Ordinances

September 13th, 2017

A new ordinance went into effect July 1 for the city of Minneapolis called the Sick and Safe Time Ordinance. This new local rule is designed to create time off for many employees in the area including part-time staff and paid interns who previously had little to no access to paid time off. Anyone who… Read More

Details of Minnesota’s Medical Assistance Program for People over 65

September 11th, 2017

If you’re approaching you 65th birthday, you’re probably very interested in how your healthcare costs and plan are going to change and how Minnesota’s Medical Assistance (MA) program factors into your plan. MA is our state’s Medicaid program and, for people over 65, it often picks up paying for your care when Medicare and other… Read More

What is a Limitation of Remedy Clause?

September 8th, 2017

In many agreements, you may find a clause labeled “limitation of remedy.” This clause is largely similar to a limitation of liability clause in that it controls how much responsibility a company has under a contract. Often, however, the limitation of remedy clauses limits the types of remedies you can pursue. Remedies for contract breach… Read More