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.
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...
The process of transitioning the family farm often begins long before any assets are moved from the retiring farmer to the successor. Generally, the succession plan is a done gradually and involves some gifting/discount by the retiring farmer and buy-in and time commitment by the successor farmer. When farmers are ready to begin the transition there are a few common strategies they can use that are highlighted below.
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...
Starting a business can be a huge step for new entrepreneurs. After all the planning, research, and time put into your venture, you do not want to miss any of the legal paperwork to make sure you are getting started off on the right foot. While it can be relatively simple to register your business name and obtain a tax ID number, there are some other important legal protections that you should consider.
In Southeastern Minnesota, family farms are not just the land, business, or way of life, but a direct link to the heritage and history of several generations. Ensuring the farm operation will be there for the next generation is often a top priority. The actual process of transitioning the farm begins many years before the change in ownership. Planning ahead can make the transition a smooth one.