On August 1, 2015, the Revised Minnesota LLC Act will go into effect. This law impacts all LLCs in Minnesota. This is the most significant change affecting Minnesota LLC law since LLCs were first permitted in Minnesota.
The Revised Act will automatically affect all LLCs formed in Minnesota on and after August 1, 2015 and will affect all LLCs in Minnesota as of January 1, 2018 at which time the old act will be repealed. All previously formed LLCs can elect to be governed by the new statute prior to 2018 by taking affirmative steps to do so.
If you have an existing LLC, you should contact an attorney to discuss what steps you should take to update your documents. If you do not do so, you could run into a problem where effective 2018 your current documents do not operate in the manner you intended. There is no time like the present to address the needed changes.
Significant aspects of the Revised Act includes the following changes: Continue reading “Rivisions to the Minnesota LLC Statute. What Does it Mean?” »
On May 14, 2015, Governor Dayton signed the omnibus family law bill (S.F. 1191) 1191 (now Minnesota Session Laws chapter 30) and a week later SF No. 1458 (now Minnesota Session Laws chapter 71). The laws are a series reforms in the area of family law, some more significant than others.
If you are a single parent or going through a divorce, you may wonder what the changes will mean to you. Bloomgren Hanson Legal will be providing a series of posts that address the changes to the law in more detail. To start, below is a simple outline of the major changes to the law.
Continue reading “Minnesota Family Law Bills Become Law. What Does it Mean?” »
If you have a corporate entity (e.g. limited liability company, corporation, S-corp, partnership), tax time is a great time to draft the necessary resolutions or minutes to “beef up” your personal liability protection. If the concept of personal liability protection is new to you, check out our other articles on the subject which can be found here and here. Continue reading “Corporate Liability Protection – It’s Tax Time!” »
On February 29, 2012, Amanda Bloomgren and Katie Hanson will be speaking at the Business Girls Network, Inc. event, Sink or Swim. The event will provide female small business owners the opportunity to do a self audit of their business practices and to took forward to growth and change in 2012. In addition to the attorney’s of Bloomgren Hanson Legal, Molinar Financial, Practical Business Solutions and Nourish to Florish will be sharing their wisdom.
The event is from 4:00 p.m. – 6:00 p.m. at Gold Nugget in Minnetonka. If you are interested in the event, feel free to contact us for more details.
One of the recent searches that led to the Bloomgren Hanson website asked the question, “Can I purchase a business using a contract for deed?” The searcher didn’t find their answer here (until now). The simple answer to the question is no, but that doesn’t mean you cannot accomplish the same result using different tools.
Continue reading “Reader Question: Can I purchase a business using a contract for deed?” »
Bloomgren Hanson Legal had a nice mention in an article on Minnetonka Patch about the networking group where both Amanda and Katie are active members and co-leaders . We can’t say enough good things about Business Girls Network, Inc. and the connections and friendships we’ve made in just a few short months.
Quite often it is difficult for attorneys to find groups where we can support our business without being obligated to make direct referrals to specific members of the group. Direct referrals are a big ethical “no-no” in our practice as we believe is important for our clients to make independent decisions with whomever they choose to do business with. The model of BGN is to simply support the business growth and creativity of the other women in the group. It is not only a refreshing change from other groups, but is also in line with Bloomgren Hanson Legal’s mission to help solve problems for small businesses, families and individuals.
A contract for deed is a form of seller financing where the seller sells real property in exchange for installment payments over time. In Minnesota, contract for deed transactions are governed by a statutory framework transferring all but an equitable interest in property to the buyer. The buyer is responsible for all aspects of the home (taxes and insurance), repairs, etc. after the contract for deed is signed and filed with the appropriate county office. The buyer usually pays the seller in monthly installments over a number of years and only receives their deed upon full payment of the contact. For more details on contract for deed options, see here. One of the most common questions our office sees regarding contracts for deed, is what happens if the buyer gets behind on payments.
Continue reading “How To Cancel a Contract for Deed” »