24 October

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Federal and State Business Registration

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...

26 September

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The Mistake of a Business Owner Regarding Failing to Plan

Posted by Evon Spangler

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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...

11 September

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Piercing the Corporate Veil – Business Owner Tips

Posted by Evon Spangler

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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...

22 August

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The Mistake of a Business Owner Regarding Co-Mingling

Posted by Evon Spangler

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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,...

07 August

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Earned Sick and Safe Time

Posted by Evon Spangler

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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...

24 July

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Charitable Bequests

Posted by Evon Spangler

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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...

26 June

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Business Owner Recap

Posted by Evon Spangler

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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...

23 May

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The Mistake of a Business Owner Regarding Insurance

Posted by Evon Spangler

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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...

16 May

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Setting Goals for Your Estate Planning

Posted by Evon Spangler

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Determining what estate plan is best for you generally starts with you determining what your goals are for your estate plan. Some examples of common goals are: avoid estate taxes, make certain a disabled/special needs child is taken care of and that child’s inheritance does not go to the government, avoiding creditors, or creating a legacy through charitable giving. Of course, the goals are personal to each client. But, the goals of the client are the starting point in determining what estate plan best suits you. Consider the following hypothetical goal and the different options. Hypothetical Goal #1: Your goal is for...

25 April

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Landlord/Tenant New Laws Recap

Posted by Evon Spangler

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The Minnesota legislature in 2023 passed the most comprehensive landlord/tenant laws in our state’s history. Most of the new laws are in effect or go into effect this year from the 2023 legislative session. Since the Minnesota legislature is once again in session, most likely, there will be additional new laws that will be passed in 2024 that will impact landlords. The new laws that went into effect January 1, 2024 include, but are not limited to the following: Heat in rental units must be at a minimum of 68 degrees from October 1st through April 30th. This law only applies...