Legal Resources

FAQs

Q: Do I need an attorney to start a business in Minnesota?

A: The simple answer is that a business can be started without an attorney. That said, I would strongly recommend at least consulting with an attorney, an accountant, or both prior to starting your business. There are many things that you can do to fully take advantage of the tax and liability benefits of a corporation, limited liability company (LLC), or partnership. An experienced business attorney will be able to explain the added benefit of retaining their services for the formation of the corporation, LLC, or partnership.

Q: How important is it for me to have a will in Minnesota?

A: The two primary factors to consider when deciding whether you need a will are assets and children. Assets are an important consideration because if the value of your estate is above a certain threshold, it is considered a taxable estate, and subject to the estate tax. At that point, you will need to consider implementing an estate plan that will include a will and one or more trusts in order to minimize the impact of these taxes on your estate. An even more important time to draft a will, a time that is overlooked by many, is when you have children. In your will you specify who will take care of your children and their financial well being. By drafting a will now, you take control of these decisions rather than taking the chance that someone else will handle it the way you want if something unexpected happens to you.

Q: How can a lawyer help me with my real estate transaction?

A: Whether you are considering a commercial or a residential real estate transaction, it can be useful to hire an attorney. In a commercial transaction, there is typically a lot of time and money invested in the purchase, and a lot at stake. Properly negotiating the terms of the purchase agreement, reviewing title, and closing the transaction will ensure that your real estate investment is protected. In a residential transaction, the help of a competent realtor is often enough. However, in the current real estate market, more and more purchases and sales have details where attorney involvement becomes necessary. If you have questions about your real estate transaction, contact me for a free consultation.