Air Pollution Control Requirements Minnesota businesses must comply with MPCA rules to protect air quality. Some rules apply even though the business will not have air emissions requiring permits. …
READ MORE →Large Franchise Investment Exemption The FTC Franchise Rule’s disclosure requirements do not apply to a franchise offer or sale when the franchisee’s initial investment totals at least …
READ MORE →Business Licenses And Permits In General The startup, operation or expansion of a business in Minnesota may involve securing one or more business, occupational or environmental licenses or permits. …
READ MORE →A company selling securities to residents of the state of Minnesota must comply with federal and state securities laws. State securities laws are collectively and individually referred to as “Blue Sky …
READ MORE →ITEM 17: THE FRANCHISE RELATIONSHIP This table lists certain important provisions of the franchise and related agreements. You should read these provisions in the agreements attached to this …
READ MORE →Introduction Here is a sample cover page of a franchise disclosure document. Franchise Disclosure Document Belmont Mufflers, Inc. A Minnesota Corporation 111 First Street Jackson, Minnesota 55000 …
READ MORE →Sample Item 19-1: Financial Performance Representation (Based on Actual Historical Performance Results) ITEM 19: FINANCIAL PERFORMANCE REPRESENTATION The FTC’s Franchise Rule permits a franchisor to …
READ MORE →Sample Item 21-1: Financial Statements ITEM 21: FINANCIAL STATEMENTS Attached to this disclosure document as Exhibit J are our audited, fiscal year end financials for 2005, 2006, and 2007. Attached to …
READ MORE →ITEM 13: TRADEMARKS We grant you the right to operate a shop under the name “Belmont Muffler Shop.” You may also use our other current or future trademarks to operate your shop. By “trademark,” we …
READ MORE →Table No. 1 – Systemwide Outlet Summary Table No. 1 of Item 20 presents the total number of all outlets nationwide – both company owned and franchised – operating at the beginning and at the end of …
READ MORE →The “Required Payment” Element The last of the three definitional elements of a franchise covered by the amended Rule is that purchasers of the business arrangement must be required to pay to the …
READ MORE →The “Significant Control or Assistance” Element The amended Rule covers business arrangements where the franchisor “will exert or has the authority to exert a significant degree of control over the …
READ MORE →Amending Articles of Organization A limited liability company may amend its articles of organization to include or modify any provision that is required or permitted to appear in the articles or to …
READ MORE →Subsidiaries When a corporation extends into a new product line or a new geographic area, it frequently establishes a “subsidiary” corporation. A subsidiary corporation is a separate legal entity …
READ MORE →Do you need to have a disclosure or disclaimer at the end of your emails? Most people don’t. Still, some professionals (like lawyers) may want an email disclosure. Email disclosures don’t …
READ MORE →Amending the Articles of Incorporation A corporation may amend its articles of incorporation to include or modify any provision that is required or permitted to appear in the articles or to omit any …
READ MORE →Other Provisions There is no publication (i.e., no “legal advertisement”) requirement for corporations incorporated under Minnesota Statutes Chapter 302A. There is also no statutory minimum capital …
READ MORE →Limited Partnerships A limited partnership is a type of partnership in which a limited partner is not personally liable for the partnership’s obligations solely by reason of being a limited …
READ MORE →Determining Whether a Name is Distinguishable General Rule In general, any name which contains a different word from existing names on file with the Secretary of State is distinguishable and the name …
READ MORE →Statutory Requirements Minnesota statutes set the naming rules for corporations, limited partnerships, limited liability partnerships, and limited liability companies. Before you commit to a name, …
READ MORE →Certificate of Assumed Name After you’ve decided what type of business entity is right for your business, you may have to decide on a business name. In this sub-series of posts, we’ll discuss: …
READ MORE →Net Operating Loss If the taxpayer’s deductions for the year exceed gross income, the taxpayer may have a net operating loss (NOL). The NOL is used to reduce taxable income in other years. There are …
READ MORE →Fringe Benefits Fringe benefits include items such as accident and health insurance, medical savings accounts, group term life insurance, salary continuation plans, reimbursements for educational …
READ MORE →Sample Item 23: Receipts ITEM 23: RECEIPTS Receipt This disclosure document summarizes certain provisions of the franchise agreement and other information in plain English. Read this disclosure …
READ MORE →What is the property tax refund program? The homeowner’s property tax refund program (sometimes called the “circuit breaker” or the PTR) is a state-paid refund that provides tax relief to homeowners …
READ MORE →Introduction Whether you are self-employed or an employee, if you use a portion of your home for business, you may be able to take a home office deduction, including some operating expenses for the …
READ MORE →Sole Proprietorship There are no federal or state regulations governing termination of the sole proprietorship itself. The sole proprietor simply winds up the affairs of the business and discontinues …
READ MORE →Sole Proprietorship A sole proprietor transfers ownership of the business by transferring the assets of the business to the new owner. The prior proprietorship is terminated and a new proprietorship …
READ MORE →A startup business, regardless of form, generally will find it difficult to obtain outside financing. The statistical failure rate for new businesses is high, and many lenders view financing the …
READ MORE →Sole Proprietorship The sole proprietor has full and complete authority to manage and control the business. There are no partners or shareholders to consult before making decisions. This form of …
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