Twin Cities Business Attorneys

• When should a business hire an attorney?
• I am starting my own business, what should I do?
• My business was just served with a complaint, what should I do?
• How do I protect my personal assets from liability?
• What is the difference between S Corp or C Corp or an LLC?
• What is a DBA and what does DBA mean?
• I am starting a business. What do I need to look out for?
• I am looking to buy a business or sell a business. What due diligence should I do and how do I choose a franchise?
• What is SCORE and what does S.C.O.R.E stand for

• When should a business hire an attorney?
  • Whenever you start a business, there are many procedural requirements and strategic issues to consider. You should contact an attorney at the planning stages to make sure that you follow every requirement. If you've already started the business, you should still contact an attorney to make sure that your business is complying with requirements and taking advantage of all of its legal options.
• I am starting my own business, what should I do?
  • An individual starting a business should consult with an attorney and a tax professional in order to determine the best organization to form. Every type of business whether it be a Limited Liability Corporation, Corporation or Partnership has its own specific benefits that can make a difference in tax liability and corporate requirements. It is best to discuss your goals with an attorney in order to find the entity which suits your particular needs.
• My business was just served with a complaint, what should I do?
  • Anytime a business or an individual is served with a complaint, they have a limited amount of time to respond, after which it may be subject to a judgment from the court. If your business has received a complaint, contact your attorney to determine strategy, deadlines, and requirements for handling the legal issue.
• How do I protect my personal assets from liability?
  • First you must start and run your business as a separate entity with limited liability. Provided you follow the proper procedures for reporting and maintaining your entity's legal and tax documents the owners can be protected from personal liability. However if you do not, owners and officers can be held liable under a "piercing the corporate veil" theory if the entity is actually an alter ego for the owners and not actually run as a business.
• What is the difference between S Corp or C Corp or an LLC?
  • A corporation and an LLC are different legal entities created by statute in your state. The Internal Revenue Code allows for different levels of corporate tax treatment in Subchapter S or Subchapter C. An LLC may be treated as a corporation, a partnership, or a sole proprietorship depending on the owner's election and structure chosen.
• What is a DBA and what does DBA mean?
  • D.B.A. is an acronym for "Doing Business As" also known as a "Fictitious Name." It is required for any entity including sole proprietors and partnerships that are conducting business under a name other than the true owner(s) name. A corporation or LLC is a legal entity but even they must file a DBA if doing business under some other name that is not their true name so that consumers are on notice as to who the real owners of a business are.
• I am starting a business. What do I need to look out for?
  • Every business has potential requirements at a Federal, State, and Local level. There are IRS and tax reporting requirements, possibly EPA or other government agencies may require compliance. If you are raising money there are SEC and State blue sky laws to consider. Most businesses require a business license either at the state level or at the local City or county where the business is conducted and may require your employees or business to be licensed or comply with inspections or requirements. Employees fall under ERISA and state Wage and hour laws. A Business should consult an attorney to assist with any requirements or compliance issues.
• I am looking to buy a business or sell a business. What due diligence should I do and how do I choose a franchise?
  • Any buyer or seller should obtain professional advice in legal, tax, and sales assistance. You should have a business valuation expert appraise the business. In addition you need to conduct proper due diligence before you buy and proper disclosure when you sell. We can assist you're your due diligence documenting, completing and closing a business sale and all legal documents involved.
• What is SCORE and what does S.C.O.R.E stand for
  • SCORE refers to the SCORE Association, (Service Corps of Retired Executives). It is a non-profit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE's volunteer business counselors donate their time and talent providing free, confidential business advice to entrepreneurs. An easy way to find a SCORE chapter near you is to visit their website at http://www.score.org

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