Cooperatives: The Capper-Volstead Act

Cooperatives: The Capper-Volstead Act

When was it enacted? Who are Capper and Volstead? The act was enacted in 1922. It was sponsored by Senator Arthur Capper and Representative Andrew Volstead. Senator Capper was a former two-term governor of Kansas, former President of the Kansas State Agricultural College Board of Regents, and media mogul. Representative Volstead spent twenty years in…

What Is a Cooperative? The Basics

What Is a Cooperative? The Basics

What exactly is a cooperative? An autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. What do Cooperatives Provide? Credit Transportation Facilities Recreational Equipment Food Housing Healthcare Childcare Wholesale goods and supplies Electricity Telephone and telecom services Farm production supplies and…

Managing the Ups and Downs of Seasonal Businesses

Managing the Ups and Downs of Seasonal Businesses

What do pumpkin patches, ski resorts, ice cream shops, and accounting firms have in common? They’re all seasonal businesses that experience a surge in revenues during their busy seasons that tapers off in the slow season. Seasonal peaks and troughs present challenges that require creative planning and fiscal prudence. Understand the Cash Flow Cycle Every…

Are Company Training Programs Subject to Government Regulations?

Are Company Training Programs Subject to Government Regulations?

Questions A company wishes to implement an internal training course for its employees. They need to make sure that the training program is in compliance with both state and federal laws and regulations, as they operate in multiple states. Please answer if: 1) There are any state or federal requirements and/or regulations likely to impact the internal training course?…

Minnesota Business Entity Selection Chart

Minnesota Business Entity Selection Chart

Comparison of Various Entity Types         Formation Requirements C Corporations S Corporations LLCs LLPs / LLLPs General Partnerships / Sole  Proprietorship   File Articles of Incorporation with Secretary of State   File Articles of Incorporation with Secretary of State   File Articles of Organization with Secretary of State   • Form partnership…

Business Owners & Officers Beware: Top Five Tax Fraud Techniques

Business Owners & Officers Beware: Top Five Tax Fraud Techniques

Oftentimes business owners and officers encounter a blurry line between legitimate tax avoidance and illegal tax evasion. Corporate officers should be able to identify tax evasion and report this fraud. Here are common business owner criminal tax evasion techniques to look for: Intentionally Under-Reporting or Excluding Income This is basic tax fraud. Common examples include a business owner’s…

Shareholder Rights: Unlawful Personal Use of Company Funds

Shareholder Rights: Unlawful Personal Use of Company Funds

Is a Company Leader Using Company Funds Like a Personal Piggy Bank? Is your business partner, your CEO, or another company leader using company funds for personal purposes? I have seen this many times. Often it is majority shareholders, CEOs, and general partners who were entrusted to manage the company’s resources. A misuse of company…

You Need to Know: Seven Sushi and Fiduciary Duties

You Need to Know: Seven Sushi and Fiduciary Duties

When a Business Leader Acts like the Business is their Personal Property, Trouble Soon Follows Recently, Seven Sushi, a popular Minneapolis restaurant found itself in the news for all the wrong reasons in a local CBS news article: Seven Restaurant’s Main Owner Sued.  The CEO and large shareholder is being sued by many of the other…

Buying a Dental Practice: Key Tips

Buying a Dental Practice: Key Tips

Many dentists dream of owning their own practice. They want to work where they want, control their own future, and the freedom that comes from being their own boss. Oftentimes the best path to dentistry practice ownership is through buying a preexisting practice. For dentists, who are trained medical professionals not business people, purchasing a practice can…

Buying a Dental Practice: Key Tips (Part 2)

Buying a Dental Practice: Key Tips (Part 2)

Before buying a practice, sellers need to deeply scrutinize the business’ financials and operations. Found the Perfect Practice? Make Sure First things first. Know the asking price of the practice of interest and expect to sign a confidentiality agreement. If the selling practice used a broker, oftentimes there is a deposit requirement to vet out casual…

Buying a Dental Practice: Key Tips (Part 3)

Buying a Dental Practice: Key Tips (Part 3)

Before buying a practice, sellers need to financially plan and prepare for practice ownership. Borrowing: How Much and When? When borrowing for the purchase price, make sure to include one month average collections to help support initial cash flow. Like any new business, it will take a while to get revenue flowing, but expenses start immediately. Borrow any…

Nobel Prize in Economics: Contract Theory Meets Contract Reality:

Nobel Prize in Economics: Contract Theory Meets Contract Reality:

The academic field of economics can feel esoteric and far removed from our everyday lives. The work of the two winners of the 2016 Nobel Memorial Prize for Economic Science proves otherwise. In announcing the prize, the Royal Academy of Sciences reminded us that “contracts are essential to the functioning of modern societies.” The two awardees, Oliver Hart and Bengt Holmström have…

Minnesota Angel Tax Credit Program FAQs: Updates & Reminders

Minnesota Angel Tax Credit Program FAQs: Updates & Reminders

What is the Minnesota Angel Tax Credit Program? It is a 25% refundable tax credit for investors who invest in small emerging businesses in a high tech field, or that are using new proprietary technology. The maximum credit per year is $125,000/$250,000 for single/married filing jointly Which companies qualify for the Minnesota Angel Tax Credit Program?…

A User Guide to the Made in Minnesota Solar Incentive Program

A User Guide to the Made in Minnesota Solar Incentive Program

In 2013, the Minnesota Legislature established the Made in Minnesota (MiM) Solar Incentive Program. The program aims to help Minnesota meet its new solar electricity standard and to boost the local solar industry. It is a cash-back incentive program for Minnesota residents and business who install solar thermal systems that are manufactured in the state….

5 Trends in American Manufacturing

5 Trends in American Manufacturing

Introduction Manufacturing holds a vaunted place in the American psyche. From Henry Ford to the modern era, manufacturing is often seen as the epitome of America’s industrial prowess. With manufacturing so intimately intertwined with the nation’s self-image, it’s natural that fears about manufacturing’s decline will organically extend to fear about America’s decline. We hear this…

Native American Culinary Resurgence Facilitated by Social Enterprises

Native American Culinary Resurgence Facilitated by Social Enterprises

Nutritional Crisis The statistics are shocking. Eighty-one percent of Native American adults are obese, with 6% of Native Americans suffering from type 2 diabetes, double than that of Caucasians. Native experts believe that extreme poverty combined with a loss of their traditional lands and foods have led to the tragic state of nutrition in Native communities….

Hillary Clinton vs. Donald Trump: Tax Plan Comparison

Hillary Clinton vs. Donald Trump: Tax Plan Comparison

More than 80 million Americans tuned in to watch Hilary Clinton and Donald Trump face off in the first presidential debate. That shattered previous ratings’ record, making the showdown the most-watched debate in American history. They tackled a variety of issues, ranging from nuclear weapons to community-police relations. One topic that profoundly affects Americans could use…

How do I sponsor an employee for U.S. permanent resident status?

How do I sponsor an employee for U.S. permanent resident status?

As an employer (or prospective employer), if you want to sponsor a foreign national to become a permanent resident based on a permanent job offer, you and the foreign national need to go through a multi-step process. In most cases, the process begins when the employer obtains an approved Application for Permanent Labor Certification from…

How do I hire a foreign national for short-term employment in the United States?

How do I hire a foreign national for short-term employment in the United States?

Employers sometimes need to hire foreign labor when there is a shortage of available U.S. workers to fill certain jobs. Under certain conditions, U.S. immigration law may allow a U.S. employer to file a Form I-129, Petition for a Nonimmigrant Worker, with U.S. Citizenship and Immigration Services (USCIS) on behalf of a prospective foreign national…

Succession Planning for Your Company and Your Retirement

Succession Planning for Your Company and Your Retirement

You have built a successful company. Now you are starting to think about the potential for retirement. Retiring is a bit more complicated when you own the company. Your reputation, core values, personality, and relationships have been integral to growing a successful company. Here is a process to begin outlining your succession plan. Are you…

Fundraising for Small Businesses: SEC Registration Exemptions

Fundraising for Small Businesses: SEC Registration Exemptions

There comes a time when many businesses need to raise money to take advantage of growth opportunities. Perhaps your small profitable company or promising start-up wants to attract investors.  Be aware that there are federal and state rules that will impact what you can do and when. On the federal level, you need to ask…

Write Strong, Binding International Business Contracts

Write Strong, Binding International Business Contracts

Contract with a foreign entity Is your business entering into a contract with a foreign entity? If so, you should be aware of certain legal terms that may be included — or are necessary to have — in the contract. These terms are important so you will not have difficulty pursuing or defending against potential claims…

Franchise M&A: Issues to Consider when Drafting a Franchise Agreement

Franchise M&A: Issues to Consider when Drafting a Franchise Agreement

Have you ever thought of owning a franchise? Or are you in a business where you hope to have franchisees? Many businesses are set up as a franchisor-franchisee relationship. In these situations, it’s important to draft agreements not only to cover the immediate terms of the relationship — but also to incorporate a potential future…

Scratching Up Seed Money & 10 Myths When Starting a New Business

Scratching Up Seed Money & 10 Myths When Starting a New Business

It’s a complex process that involves uncovering sources of money, using the proper means and evaluating whether the timing is good. If the economy is slow, it’s more difficult to raise cash — no matter how clever your business plan is. There are several ways to initially fill your coffers including personal funds, cash injections from…