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...

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...

October 6, 2017

In 2016, the Department of Treasury proposed new regulations for Section 2704 of the Internal Revenue Code. The proposed regulations would have significantly minimized or eliminated discounts for family limited partnerships and other entities. Earlier this year, President Trump had directed the Treasury Department to review the proposed regulations. In early October, the Treasury Department announced it would withdraw its prop...

December 30, 2016

As 2017 approaches right now is a great opportunity to look at some New Year resolutions for your business. Like personal resolutions, the suggested resolutions below consider what your business can improve on from the past year, and what you can do to anticipate the changes of the New Year.

1. Evaluate Your Businesses Plan or Create a Business Plan

First, you should look back at what worked for your business and what needs impr...

September 30, 2016

On August 2, 2016, the IRS and the U.S. Treasury Department issued proposed regulations under Section 2704 of the Internal Revenue Code that would have the effect of eliminating or scaling back many valuation discounts for family-controlled entities for estate, gift, and generation-skipping transfer tax purposes. 

Section 2704 of the IRC was enacted as part of the special valuation rules to close perceived loopholes in how fami...

Please reload

Search By Topics