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If you are not primarily concerned with making money, forming a non-profit organization in Bloomington may be the best direction to take. A non-profit corporation could help you avoid tax issues and still see your objectives met on behalf of the public. When forming a business of any sort, working with an attorney from the
Remember those warnings about scammers posing as debt collectors for the IRS? Starting this month, some of those debt collection letters will not be a scam. The IRS authorized and hired four debt collection firms to discuss longstanding tax balances and available payment options. In 2015, Congress authorized the use of contracted debt collectors in
In choosing the most appropriate form of organization, the business owner will want to consider a variety of factors, including: complexity and expense of organizing the business; liability of the business owner; distribution of profits and losses; management control and decision making; financing startup and operation of the business; transferability of ownership interest; continuity of
Entity Selection One of the fundamental initial decisions a new business owner faces is choosing the form of organization for the business. Generally speaking, a person should consider himself or herself to be “in business” once they have begun the operation of an activity for which they expect to be paid. This is true whether
If you are a tenant, please call HOME Line at 612-728-5767, which is a free service to Minnesota tenants. Almost all leases and rental agreements in Minnesota require a security deposit prior to renting. This is a dollar amount, usually one month’s rent, that’s intended to cover damage to the premises beyond normal wear and
As a tenant, you will have reasonable requests in regard to maintaining your habitability of the property you are renting. Unfortunately, some landlords do not make the necessary or adequate repairs they are required to do so by law. Below is a “how to” on how to make sure your landlord makes the repairs you
Can you take action against the seller, the seller’s agent or the inspector if they failed to notify you of a problem with your home? The simple answer is yes. See below for a deeper dive into the issue and what necessary steps you must take to resolve the issue. WHO IS RESPONSIBLE? The responsible
Stealing or commonly referred to as theft is not uncommon in business. Now that you have realized the wrong doing by your business partner(s) you must act quickly, so you will be more likely to recover damages, stolen property and/or money. 4 COMMON TYPES OF THEFT Physical and Intellectual Property Theft Physical theft is self-explanatory;
Profits and Losses Sole Proprietorship The sole proprietor receives all the profits from the business, and bears all the losses, which may exceed the proprietor’s investment in the business. Partnership In the general partnership, the limited liability partnership, the limited liability limited partnership and the limited partnership, profits and losses are passed through to the
The Beginning of a Business A startup business, regardless of form, generally will find it difficult to obtain outside financing. The statistical failure rate for new businesses is high, and many lenders view financing the startup business venture as extremely risky. Banks and other creditors generally will require a significant capital investment by the business
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