If your new business has multiple owners, it is important to have proper governance documents—like a partnership agreement, operating agreement, or shareholder agreement. Typically, these documents address topics like who can make day-to-day decisions on the company’s behalf, how ownership interests can be sold or transferred, and who decides what the company does with net profits. These documents can reduce the potential for costly disputes down the road and should be drafted around the owner’s specific needs and goals. Here are some topics that you’ll be discussing when you meet with your lawyer. We […]
If you’re thinking of starting a business, you’ve probably wonder whether you could be personally responsible for business debts, how to manage having business partners, and what to do about future plans to expand, sell, or transfer your company. The answers to these questions depend on the type of business you choose to form. This article will cover the four most common business types used today, including some advantages and disadvantages of each. If you’d like more information about these or other business types, you should consult an attorney licensed in your state.
Three Simple Ways to Name Your Business Legally
Business name, DBA, assumed name—it’s all Greek to many people. But as a small business owner, you can’t afford to ignore the legal niceties when it comes to the names your company uses. When you do business in Minnesota, you are required to use a registered name for your business. If you use a name that is not legally associated with your company, you could lose any limited liability protections your business entity may provide.
Here are three easy options for ensuring that your company name complies […]