Earlier, we posted about what piercing the corporate/limited liability company (“LLC”) veil means. Today, we are providing tips to take to avoid veil piercing claims against your business. Piercing the corporate veil generally becomes an issue when the entity is being sued and the plaintiff is concerned that the corporation/LLC alone will be unable to satisfy the debt or otherwise…
If you own a business, undoubtedly you have heard the phrase “piercing the corporate veil” or you may have wondered whether you could personally be held liable for the debts or obligations of the business. Piercing the veil (which also applies to limited liability companies) is the method in which a person or business could seek to hold you personally…
Working with family can be an amazing blessing. I know – I am fortunate to work with my dad and step-mom. No one has your back and your best interests in mind like family. But working with family can also add stress and strife if everyone is not on the same page. We have found that clearly defining expectations, goals,…
Going through a divorce is difficult. Going through a divorce when you are a business owner adds another liar of emotional and financial stress to the equation. So what happens in Minnesota when a business owner goes through a divorce? Under Minnesota law, martial property must be equitably (not equally) divided. Entrepreneurs who face divorce have concerns about how their…
The reasons triggering a dispute between owners are never the same. Having handled several member and shareholder litigations, none of the disputes started the same way or involved the exact same circumstances. There are, however, some common themes that often times lead to a dispute between owners. Usurpation of corporate opportunities, owners standing on both sides of a transaction, and…
One of the hardest decisions a small business owner has to make is parting ways with the business they have dedicated blood, sweat, tears and treasure to build and/or grow. The difficulty of this decision is compounded if there is not an agreement with the other owners as to how to calculate a buy-out of the departing owner’s ownership interest…
Starting your own business and working for yourself can be one of the most rewarding professional experiences that you can have. Entrepreneurs know the undeniable feeling of glee in building something from scratch and bringing an idea in their head to fruition; whether that be offering services or products to their customers. Building a solid foundation early in this process…
There are over 1.82 billion daily active Facebook users and over 2.74 billion monthly active Facebook users. Instagram has over 1 billion active monthly users and over 500 million daily active users. Twitter has over 166 million daily active users. We have an entire generation that has never known life without social media. Elections are now won, lost, or, at…
Starting a business with your family or friends can be a dream come true. You are your own boss and control your own destiny. While most of these relationships result in long-lasting and prosperous businesses, some do not. Having handled business disputes throughout the country, there are some common themes that ultimately result in litigation between the family business owners.…