Last week, St. Paul enacted a new minimum-wage ordinance which will take effect on December 14. The ordinance creates a minimum wage of $15/hour. However, businesses don’t have pay that wage immediately. Instead, the minimum wage will increase gradually over several years until every employer pays that wage. The ordinance is enforced by the St. Paul Department of Human Rights and Equal Economic Opportunity (the “Department”).
What are the phases and which ones apply to my business? The timing depends on how many employees you have. There are four categories:
Macro businesses: over 10,000 […]
Mechanics’ liens protect landscapers, construction companies, and many other businesses against the risk of nonpayment. If a landowner refuses to pay for improvements made to their property, the business can often file a lien on the property. Filing a lien frequently incentivizes payment. If the landowner still doesn’t pay after the lien is filed, the business can foreclose on the lien.
However, the Minnesota lien process is very specific, and certain mistakes can prevent you from being able to record or enforce a lien. Keep reading to avoid the following mistakes:
Not realizing that you can file a […]
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 […]
Many small businesses rely on equipment financing contracts and equipment leases to obtain office equipment or tools of the trade. Equipment financing and/or leasing helps businesses meet their equipment needs right away, but there are risks involved. Here are our top 5 tips for managing risk:
1. Don’t stop making payments under a lease or financing contract.
Equipment should always be inspected before the contract is signed. Most equipment leases and financing contracts contain, at the least, a clause indicating that the purchaser/lessee has had the opportunity to thoroughly inspect the equipment. Many contracts require […]