August 31, 2020

Death is almost always a complicated event for the survivors, who have not only emotional but also logistical considerations to manage. However, when an owner (typically called a member) of a limited liability company (LLC) dies, it exacerbates the difficulties for the surviving members. In addition to bearing the loss, they must determine whether the LLC can or even should continue.

These questions are just a handful of the is...

December 31, 2018

One of the biggest factors driving business sales is simply that many small business owners are ready to retire. Combined with a strong economy and low interest rates, 2018 was a great year for many small business owners to sell. For the most part, many of these same factors will continue into 2019. I worked with a number of small business owners selling (and buying) in the past year and have put together the following list of...

November 8, 2018

The IRS recently announced that retirement savers will be able to save even more in 2019. This is great news for anyone that saves through individual retirement accounts like 401(k) plans, IRAs, and ROTH IRAs! The higher contribution limits also give savers a lower tax bill. 

Contribution Limits for IRAs and ROTH IRAs

The contribution limit for Traditional and ROTH IRAs for 2019 will be $6,000. This will be an increase of $500 o...

July 9, 2018

We’re going to be seeing numerous revisions to several of the Minnesota business organization statutes. Governor Mark Dayton signed into law amendments to the Minnesota Business Corporation Act, the Minnesota Revised Uniform Limited Liability Company Act, the Uniform Limited Partnership Act 2001, the Uniform Partnership Act (1994), and the Minnesota Nonprofit Corporation Act. A few of the highlights are outlined below.

MINNESOT...

December 21, 2017

For LLCs, 2018 is an especially important year for owners to review their bylaws and operating agreements because of a change in Minnesota law. Beginning on January 1, 2018, all existing LLCs will be subject to the new Minnesota LLC statute under 322C. There are a number of significant changes to the way an LLC operates under the new statute than under the old statute. Members of a Minnesota LLC should review their governing d...

December 9, 2017

If you own rental property, learn how you can protect your personal assets in the event of a claim and ensure your property is properly managed so your wealth remains invested the way you choose.