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27 November
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Estate Planning Pitfalls

Posted by Evon Spangler
in Uncategorized

An estate plan generally consists of a will and/or trust, a health care directive and a power of attorney. In estate planning, you want to make certain that you are planning for how your assets are managed and your bills are paid during your lifetime, and also planning for the possibility of incapacity or incompetency. As part of putting together an estate plan, it is important that your estate planning goals are not contradicted by other documents that you have completed. Hypothetical #1: Your goal is to have all of your assets being transferred to your children upon your death. Your...

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13 November
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Employment Laws

Posted by Evon Spangler
in Uncategorized

Are you aware that certain employers in Minnesota starting on January 1, 2025, will be required to state, amongst other requirements, salary ranges or fixed hourly rates in job postings? Are you aware that certain employers in Minnesota starting on January 1, 2025, will be required to state a general description of all benefits and other compensation and salary ranges or fixed hourly rates in job postings? Are you aware that the legislature in 2024 made changes to Minnesota’s Earned Sick and Safe Leave? Are you aware that the legislature in 2024 made changes to Minnesota’s Earned Sick and Safe Leave including allowing...

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24 October
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Federal and State Business Registration

Posted by Evon Spangler
in Uncategorized

Time is running out on registering your business beneficial ownership information with the federal government. Beneficial owners are those individuals who ultimately own or control the business entity. Currently, you must register this information on or before January 1, 2025 for businesses that were in existence prior to January 1, 2024. For businesses formed in 2024, the business entity has 90 days from the date of registration with the Secretary of State (SOS) office (or a similar office under the law of the State or tribal nation) to report beneficial ownership information. The website to report this information is www.fincen.gov/boi. In...

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26 September
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The Mistake of a Business Owner Regarding Failing to Plan

Posted by Evon Spangler
in Uncategorized

Life can change in a split second. An unexpected heart attack. A serious car accident. A fire. A natural disaster. Cognitive impairment. Those are all examples that happen every day. We like to believe it isn’t a reality for any of us. Until it is. With the every day issues that come up in a business owner’s life, where sometimes we feel overwhelmed, it is difficult to make planning for natural disasters, “acts of God,” incapacity or incompetency, or death a priority. It is important to make it a priority. Doing so, will give you, your family and your employees...

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11 September
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Piercing the Corporate Veil – Business Owner Tips

Posted by Evon Spangler
in Uncategorized

Are you aware that under certain circumstances, a court can pierce your corporate veil, which means that your personal assets are subject to being used to pay your business debt? Are you aware that there are several factors that a court looks at in determining whether or not your corporate veil will be pierced? Are you aware that failure to observe corporate formalities, nonfunctioning officers and directors and absence of corporate records are some of the factors the court looks at in determining whether or not your corporate veil will be pierced? Are you aware that insufficient capitalization, nonpayment of dividends, and siphoning...

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22 August
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The Mistake of a Business Owner Regarding Co-Mingling

Posted by Evon Spangler
in Uncategorized

It is essential that you keep each business entity’s operations separate from the other. If you start co-mingling assets, most likely you will have waived your corporate veil. If your business entity does not have a corporate veil, the business assets of Company A can be subject to be seized to pay the judgment of Company B and your personal assets can be seized to pay the entity’s judgments. It is prudent that you operate each business entity separately and that you do not co-mingle the operations of different business entities to avoid piercing of the corporate veil. Hypothetical:  Rosa’s Red Roses,...

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07 August
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Earned Sick and Safe Time

Posted by Evon Spangler
in Uncategorized

Commencing January 1, 2024, Minnesota businesses had to provide earned sick and safe leave (ESST) to its employees. Prior to January 1, 2024, employers had to provide notice to its employees as to its ESST policy. In the 2024 legislative session, the Minnesota legislature made several changes (this article is not comprehensive) to the ESST law. Therefore, if you have not modified your policy since the 2024 legislative session, you are most likely not in compliance with the law. Covered Employees: ESST must be provided to employees who are anticipated to work for an employer in Minnesota for at least 80...

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24 July
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Charitable Bequests

Posted by Evon Spangler
in Uncategorized

A common aspect of estate planning is charitable giving. There are many different ways in which an individual can provide assets to a charity upon their death. The method and type of assets can vary depending on a person’s goals and their specific facts. For example, you can name the charity as the recipient on your beneficiary designation, such as on a retirement policy or life insurance policy. In addition, you could name the charity(ies) in your will, which will have to be probated, or in your trust. Another method would be to designate the charity(ies) through a Transfer on...

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26 June
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Business Owner Recap

Posted by Evon Spangler
in Uncategorized

As a business owner, it is important that you are staying updated on the new laws and regulations. Here is a recap of what we consider some of the most recent changes to the law that affects businesses: Beneficial Ownership Registration: If you are a business owner and have not reported (most businesses must report) the beneficial ownership to the federal government, make sure you do it now (or by January 1, 2025). If you started your business in 2024, you have 90 days from the date of registration with the Secretary of State office (or a similar office under the...

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23 May
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The Mistake of a Business Owner Regarding Insurance

Posted by Evon Spangler
in Uncategorized

It is essential that you have the proper insurance coverage in place that will cover you in the event that something bad happens. Not only do you need the proper coverage in place, but you also need the coverage to have policy limits that meet the financial realities of the business, but also includes the proper endorsements. The amount of the insurance premium is based on several factors, including but not limited to the amount of coverage, the type of coverage (how expansive the coverage is) and the type of endorsements. In other words, the least expensive premium may provide...

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