It seems like almost everyone these days has a social media presence. Even if someone isn’t on any popular social media sites, they can find themselves “going viral” if someone catches them behaving badly in public or private and posts it online. Some people’s bad...
Successful business owners may find that their careers put pressure on their marriages. Even when those who run businesses can balance their professional ambitions with the needs of their family members, they may still end up divorcing due to other sources of marital...
The Construction Lawyers is an online directory for recommended construction attorneys, practice area news and legal insights which: “provides a concise and up-to-date guide to leading attorneys across all key areas of construction law. Our research covers all 50 states, with featured attorneys being selected based on the results of peer nominations, in-depth research, awards and client feedback. Our selection…
Facing a divorce is difficult. Facing a divorce as a business owner adds another element of stress as you navigate both the divorce and keeping your business, co-owners, customers and employees moving in the right direction. We discussed our ability to chart a successful path forward for business owners facing divorce in this issue with ReelLawyers. The material contained herein…
Last week we discussed considerations for what state to form your business in. Entrepreneurs most also decide what type of business to form. This post focuses on how to form your business. To legally incorporate under the Model Act, applicable to Minnesota corporations, an incorporator must sign and file the corporation’s Articles of Incorporation with the Secretary of State’s office. …
A frequently asked question for closely held corporation shareholders is whether the shareholders owe each other any fiduciary duties? The answer is yes. In a closely held corporation, defined as a corporation with 35 or fewer shareholders, shareholders owe a duty to deal openly, honestly and fairly with other shareholders. If you are a controlling shareholder in a closely held…
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…