When Should a Business Owner Hire a COO? Key Indicators and Considerations Running a successful business involves juggling numerous responsibilities, making crucial decisions, and ensuring the smooth functioning of various departments. As a business owner, there comes a point where you may feel overwhelmed with the increasing demands and realize the need for additional leadership….
When Should a Small Business Hire a CPA? Starting and managing a small business involves juggling multiple responsibilities, from sales and marketing to operations and finance. While many small business owners choose to handle their own bookkeeping and financial matters, there comes a point when it becomes essential to seek professional assistance. Hiring a Certified…
Can a Small Business Have a Board of Directors? When Is the Right Time? When it comes to growing a small business, many entrepreneurs contemplate the idea of establishing a board of directors. However, questions arise regarding the feasibility, timing, and benefits of such a decision. In this article, we will explore the concept of…
Understanding Land Trusts: Preserving Privacy and Ensuring Asset Protection In the realm of real estate and property ownership, the term “land trust” often emerges as a topic of interest. But what exactly is a land trust? To comprehend its significance and benefits, we need to explore the fundamental concept of a trust itself. At its…
The Pitfalls of Assigning Tasks to Most Employees: A Lesson in Effective Delegation As businesses expand and the number of employees grows, business owners often find it necessary to delegate tasks to ensure efficiency and productivity. However, there comes a point where assigning tasks to every employee becomes counterproductive. In this article, we will explore…
This article explains what an “affirmative defense” is and what is meant by each of the common affirmative defenses. What is an Affirmative Defense? A “defense” is a statement asserted by a party in litigation regarding why they should not be liable for the claim against them. A defense is “affirmative” if it must be…
Summary: Key Takeaways The Minnesota Statute of Frauds prohibits the enforcement of oral contracts, except for certain exceptions. The Minnesota Statute of Frauds applies to contracts exceeding one year, real estate transactions, and contracts for the sale of goods. Written documentation is required for contracts lasting more than one year and commercial leases lasting longer…
Exploring the Potential of Holding Companies: Should You Restructure Your S Corp or C Corp? Business owners often consider restructuring their corporations to optimize tax advantages, enhance asset protection, or streamline operations. One potential restructuring strategy is to create a holding company, which can offer several benefits. In this article, we will explore the concept…
When Paying Your Kids as Employees is Not a Wise Move for Business Owners Business owners often explore various strategies to minimize their tax burdens, and one popular suggestion found on the internet is to hire their children as employees. By paying their kids wages, business owners aim to reduce their taxable income. However, it’s…
Establishing a Holding Company or Trust for Your Existing Company: A Strategic Approach As a business owner, you may reach a point where considering the establishment of a holding company or trust for your existing company becomes a prudent strategic decision. This article aims to provide insights into the process of setting up a holding…
Understanding the Legal Implications of Maintaining Two Bank Accounts for Your DBA Starting a business can involve multiple ventures or branches, and it’s not uncommon for entrepreneurs to operate under a Doing Business As (DBA) name for a specific project or aspect of their overall business. One question that often arises in such situations is…
Copyright infringement is a serious matter that arises when someone uses, reproduces, or distributes copyrighted material without permission from the original creator. However, the question of whether making changes to someone’s work and presenting it as your own constitutes copyright infringement is a complex issue. In this article, we will explore the boundaries of copyright…
Unveiling Copyright Infringement In today’s digital age, where information and creative works are easily accessible and shareable, copyright infringement has become a prevalent issue. Whether you are an artist, writer, musician, or content creator, it is crucial to protect your intellectual property rights. In this article, we will explore the key indicators that can help…
Does Having a Will Avoid Probate? Understanding the Relationship between Wills and Probate The process of probate often seems daunting and mysterious, leaving many individuals wondering if having a will can help them avoid it altogether. While the purpose of a will is to guide the distribution of assets after a person’s death, its relationship…
Concealing Ownership: Strategies for Hiding Company Ownership In today’s business landscape, maintaining privacy and confidentiality has become a priority for many entrepreneurs and companies. Concealing ownership of a company can serve various purposes, including protecting personal assets, avoiding public scrutiny, and maintaining a competitive edge. While it is crucial to note that transparency is generally…
Exploring Trusts: Unveiling the Dynamic Realm of Legal Fiction for Purposeful Arrangements In the realm of legal structures, trusts stand as unique entities that offer individuals and organizations an avenue to achieve specific goals. With their roots in trust agreements, trusts serve as legal, fictional entities designed for particular purposes. In this article, we will…
Understanding Proxy Votes: Empowering Shareholders in Corporate Decision-Making In the realm of corporate governance, a proxy vote plays a pivotal role, allowing shareholders to have a say in the decision-making process of a company even if they are unable to attend meetings physically. A proxy, or proxy vote, is a mechanism that empowers shareholders…
Avoiding the “Family” Label: Why Business Owners Should Opt for More Professional Terminology In recent years, there has been a growing trend among business owners to refer to their employees as “family.” This metaphorical language seeks to convey a sense of camaraderie, loyalty, and a shared purpose. While the intention behind such terminology may be…
Making a Will with Online Companies like LegalZoom and Trust & Will The process of creating a will is a crucial step in estate planning that ensures your assets are distributed according to your wishes after your passing. In recent years, online companies like Legal Zoom and Trust and Will have emerged as convenient alternatives…
Safeguarding Your Funds: The Security of Money in Venmo and PayPal In an increasingly digital world, mobile payment platforms like Venmo and PayPal have become popular options for quick and convenient financial transactions. With their user-friendly interfaces and widespread adoption, it’s important to consider the safety of your funds should these platforms face financial difficulties…
Funds for Your LLC Contributing funds to your limited liability company (LLC) is an essential step in establishing and maintaining its financial stability. Whether you’re starting a new venture or injecting additional capital into an existing business, understanding how to contribute money to your LLC is crucial for its growth and success. In this article,…
In legal proceedings, the concept of a default judgment plays a significant role. It occurs when one party in a case fails to take appropriate action or fails to respond to a lawsuit within the designated time frame. This article aims to explore the nature of default judgments, their consequences, and the circumstances that may…
The Importance of NDAs: Do You Need Manufacturing Partners to Sign an NDA before Disclosing a Concept Product? Bringing a concept product to life requires collaboration with various partners, including manufacturers who will be responsible for turning your vision into a tangible reality. However, before sharing your concept with potential manufacturing partners, it is crucial…
Resolving Conflict: Power of Attorney vs. Healthcare Directive – Which One Prevails? Granting someone the authority to make important decisions on your behalf is a responsible and often necessary step to ensure your wishes are honored when you are unable to make them yourself. Two common legal documents used for this purpose are the power…
Navigating the Unpredictable: How Lawyers Handle Cases They Are Certain to Lose In the world of law, attorneys are often faced with challenging situations where they find themselves representing clients in cases that appear to be unwinnable. Despite the inherent difficulties, legal professionals are bound by their ethical obligations to provide competent representation to their…
Can You Work for Someone Who Signed a Nonsolicitation Agreement with Your Employer? When considering new employment opportunities, it’s essential to be mindful of any legal agreements you have signed with your current or former employer. Non-solicitation agreements are one such legal contract that restricts employees from soliciting clients, customers, or other employees from their…
The Power of Symbolic Lawsuits: Understanding the Significance of $1 Claims In the world of lawsuits and legal battles, it may seem puzzling when individuals file lawsuits seeking damages of just $1. While it may appear to be an insignificant amount, there are various reasons why people choose to pursue such cases. This article delves…
Finding a World-Class Mentor: Unlocking Wisdom in the Digital Age In our journey through life, we often seek guidance and inspiration from those who have achieved extraordinary success. The concept of having a mentor has gained significant popularity, as many believe that the company we keep directly influences our growth. However, finding a world-class mentor…
Video Transcript Does the Minnesota Non-compete Ban Affect Contracts Signed Before January 1st, 2023? No, it doesn’t. There was a huge law passed in Minnesota that banned non-compete agreements in all sorts of circumstances, both for independent contractors and employees. But this law specifically said it only applies to contracts signed on July 1st, 2023,…
When Does a Noncompete Agreement Expire? Noncompete agreements are contracts commonly used by employers to restrict employees from engaging in competitive activities after leaving their employment. These agreements aim to protect the employer’s business interests, such as trade secrets, confidential information, and client relationships. However, it’s crucial for both employers and employees to understand the…