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and after August 1, 2015 and will affect all LLCs in Minnesota as of January 1, 2018 at which time the old act will be repealed.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 “Revisions to the Minnesota LLC Statute. What Does it Mean?”
Why does it matter if your trade name is not in the registered name for your business?
Anytime you are doing business in Minnesota and are not using the legal real and true name of each owner in the title of the business or using the full name of the legal entity (including LLC or Inc.), you must file an Assumed Business Name. Filing a certificate of assumed name (also commonly referred to as a “fictitious business name” or a “DBA”) enables an individual or entity to engage in business name that is different from their legal name. Failing to properly file for an assumed name could result in allegations of fraud or in the case of a limited liability company or corporation a finding that your personal liability is not protected, so it is particularly important to follow proper procedures with the Secretary of State’s Office.
Continue reading “Don’t Make Assumptions When it Comes to Your Assumed Name or DBA in Minnesota”
Bloomgren Hanson Legal is pleased to announce that we have moved to 903 Mainstreet, Ste. A, Hopkins, MN 55343. Our website is in the process of being updated to reflect the change. Until then, if you need directions, please give us a call at 952-406-8221.
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.
The Wall Street Journal recently published an article about the increasing cost of caring for elderly family. The article* can be found Here. According to a U.S. Health and Retirement Study, “the percentage of adult children taking care of their parents has tripled since 1994, with nearly 10 million people who are 50 and older doing so in 2008.” The article addresses is the financial toll on care providers which averages $303,880 per person (age 50 or older) in lost wages, pensions and Social Security benefits over their lifetime due to leaving the work force early to care for a parent. But more importantly, the article sheds light on some of the hidden non-monetary stresses associated with this type of care giving. The U.S. Health and Retirement Study called for more services to assist caregivers as the number of caregivers in this category is only expected to rise.
The article is an important reminder that careful planning goes beyond having a will and protecting assets. At Bloomgren Hanson Legal, we encourage our clients to use their conversations with family about estate planning as an opportunity to also discuss the broader issues associated with aging and end of life planning.
*A thank you to Attorney Nick Halbur for bringing our attention to the article.
When people face life impacting problems and decisions, it is not enough for an attorney to simply solve the problem. At Bloomgren Hanson Legal, we also believe successful results require empowerment: education about the problem, about the process, and about what result(s) you can expect now and in the future. This is especially true when it comes to matters surrounding families and divorce.
Continue reading “Daisy Camp: A Unique Opportunity for Women Facing Divorce”
I just received an email from a good friend that linked to this New York Times article about civil unions gaining popularity in France. Without getting too far into the politics of it all, she mainly sent me the article because I am a strong proponent of allowing marriage to remain as as a religious or spiritual ceremony and civil unions as an action of the State, wherein they would be entirely separate concepts.
Continue reading “Reasons for Union, Civil or Otherwise?”