Business Activities and Entities: Planning and Conducting
Some basic information
Anyone conducting business is doing so in one form
or another, and is liable to the suppliers, buyers, governmental agencies,
employees, and others. The law provides various options for selecting the type
of form, and it is always necessary to discuss these options with a
knowledgeable attorney and accountant. Each form has its own record-keeping
and filing requirements, along with various ownership, management, and tax
advantages and disadvantages.
SELECTING THE MOST APPROPRIATE ENTITYParties can choose from
a number of forms for doing business. These generally include the sole
proprietorship, partnership, limited partnership, joint venture, corporation,
nonprofit corporation, limited liability company, and limited liability
partnership. Some forms have subcategories as well, and all require strict
attention to the many details involved with establishing the business and
carrying on activities.
SOME PRIMARY BUSINESS ISSUESThe following is only a sample of
the kinds of issues that will require attention. An attorney and accountant
should be contacted for professional assistance with identifying and planning
for the many issues involved in any business activity.
Planning the undertaking and drafting the Business Plan
Planning communications with potential suppliers and purchasers of
goods and services
Financing, loans, risk management, insurance, licenses and permits,
trademarks/patents/copyrights, entity selection and establishment,
business name selection and filing
Taxes, accounting, filing, record-keeping, establishing accounts
Capitalizing, transfers of property, agreements among the
individuals involved in the business, reimbursement of expenses
Requirements for doing business in other states
Business property liability, ownership, management, accounting
Employment planning, taxes, insurance, benefits, withholding,
testing, supervision, wage and hour practices, record-keeping, breaks
and leave, occupational safety and health, accommodations, handbooks,
workplace practices and protections, immigration law compliance, child
support requirements, unemployment and worker's compensation coverage
Liens, billing, and collection practices
THE GROWING BUSINESSObviously, any business should be
carefully planned and managed, and professional assistance is a necessity. An
arrangement with a regular accountant and general counsel is always advised,
even for the smaller start-up company.
Growing businesses may benefit
from selling stock shares or issuing bonds to the general public or financial
institutions and companies. The business may be sold, or merged with others
under various arrangements. Occasionally, corporation shareholders may
re-organize their holdings or become involved in management agreement issues.
And there are many other issues that may arise.
CONFLICTS OF INTERESTThe individuals involved in businesses
should also receive professional guidance for their relationship to the
business and the others involved. In general, an attorney cannot represent the
interests of more than one individual or the interests of one individual and
the business entity itself.
THE GOOD NEWSBusiness activity drives the economy, and many
individuals find business enjoyable and worthwhile. Professionals can provide
guidance and services, and free up the owners for the many other activities
involved in operating a business.
** ALWAYS HAVE AN ATTORNEY REPRESENT YOU IN THESE IMPORTANT AND COMPLEX MATTERS. **
GERALD HASSELBRINK, Attorney at Law
of the Minnesota Bar and United States District Court
Qualified Neutral under Minnesota Court Rule 114 for Mediation and Arbitration
INDEPENDENT, CONFIDENTIAL, LEGAL SERVICES
PRACTICING BUSINESS AND PERSONAL LAW IN CENTRAL MINNESOTA
MEDIATION, ARBITRATION, AND OTHER PRIVATE DISPUTE RESOLUTION THROUGHOUT MINNESOTA
St. Joseph - St. Cloud, Minnesota
Phone (320) 363-4569 / (320) 251-0222
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