How to Protect Minority LLC Member Rights
Sjoberg & Tebelius, P.A. Blog
by elma.dheeksha@thomsonreuters.com
6d ago
The limited liability company (LLC) has only been around since the first LLC statute was enacted in 1977. Within a few decades, it has become the most popular legal entity formed by new US businesses due to its ease of formation, flexibility, low start-up costs and limited liability for members. Each state has its own LLC statute. These laws set forth default rules, which may not provide strong protections for minority members facing oppression – such as a squeeze-out or freeze-out – at the hands of other members. A minority member’s best protection against oppressive conduct lies in negotiati ..read more
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Exit Strategies for Business Owners
Sjoberg & Tebelius, P.A. Blog
by elma.dheeksha@thomsonreuters.com
1w ago
Starting a business requires a great deal of planning and execution. Exiting from your small business should entail a similar level of forethought and preparation. Nevertheless, some surveys indicate that nearly half of all business owners have no exit strategy.[1] After years of expanding your business, you may be closing in on the finish line. Whether you intend to sell the business, liquidate its assets to fund your retirement or leave the business to family members, you need a plan to achieve your objective. You cannot run your business without a good team of legal advisors and other busin ..read more
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What Is A Commingled Inheritance?
Sjoberg & Tebelius, P.A. Blog
by rajayogan.s@thomsonreuters.com
1w ago
When two things are mixed together, they are said to be commingled. This is a term that often relates to financial accounts, but it can technically be used with other types of assets, as well. For example, you and your spouse may each have had a personal bank account when you got married. You then closed down these personal accounts, opened a joint account and commingled your financial assets by depositing them together in that shared account. This can also happen with an inheritance. It is generally a separate asset, meaning that it only belongs to the person who inherited it – even if they’r ..read more
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What happens if you die without a will in Minnesota?
Sjoberg & Tebelius, P.A. Blog
by meghan.tuccitto@thomsonreuters.com
2w ago
There’s no legal requirement to have a will and, in fact, for a variety of reasons, the majority of Americans die intestate (i.e., without a will). Regardless of the reason for foregoing an estate plan, passing away without one can make things vastly more complicated for your family, and it can derail your intent, hope, and assumptions about what will happen to your assets after you die, not to mention guardianship of your minor children, and the care of your pets. So, what happens if you pass away without having made an estate plan? Inheritance laws Like other states, Minnesota has inheritanc ..read more
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Child Support: A Brief Guide for Divorcing Minnesota Parents
Sjoberg & Tebelius, P.A. Blog
by meghan.tuccitto@thomsonreuters.com
3w ago
As you know, divorce brings many changes, shifting immediate priorities for everyone. However, for parents, ensuring the well-being of their children is always a top concern. Child support allows parents to fulfill their responsibilities by establishing financial contributions from the non-custodial parent. Understanding the process and its intricacies can alleviate anxieties, empowering co-parents to ensure their children’s needs never go unmet. Understanding child support in Minnesota Minnesota family courts issue child support orders to ensure children of divorce receive financial contribut ..read more
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3 Tips for Family Business Succession Planning
Sjoberg & Tebelius, P.A. Blog
by meghan.tuccitto@thomsonreuters.com
1M ago
You’ve worked hard to create your family business, and you want your legacy to last. That means thinking ahead and actively participating in succession planning. Preparing your heirs for their future roles in your company can be the best way to secure your family’s financial stability for generations to come – but only if you go about the process carefully. The following are some tips worth keeping in mind. Get started early Succession planning is not something that should be left until a crisis is looming. The sooner you begin discussing your goals for the business with your family, the soone ..read more
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Why Most Parenting Plans Should Include Virtual Visitation Terms
Sjoberg & Tebelius, P.A. Blog
by meghan.tuccitto@thomsonreuters.com
1M ago
Perhaps now more than ever, technology plays a significant role in how most adults – and even many kids – communicate and maintain relationships. In the context of co-parenting, where maintaining a strong bond with children is crucial, technology can be levied to support this goal. Virtual visitation, which includes video calls, instant messaging and other forms of digital communication, has become increasingly important for many families. Ultimately, if you co-parent a minor child with your ex, incorporating virtual visitation terms into your parenting plan is worth considering for several re ..read more
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Who should be your child’s guardian?
Sjoberg & Tebelius, P.A. Blog
by meghan.tuccitto@thomsonreuters.com
2M ago
Picking a guardian for your child is one of the crucial decisions to make during the estate planning process. Your minor child can’t take care of themselves if you become incapacitated or die. They need someone to make decisions on their behalf. But who should you choose? Someone who shares your values If you wish your child to be raised around certain values, consider choosing someone who possesses them, including educational views, religious beliefs, parenting styles, and so on.  Someone your child already knows Family members and friends who have an existing bond with your child can be ..read more
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3 Strategies for Co-parenting With a Narcissistic Ex
Sjoberg & Tebelius, P.A. Blog
by meghan.tuccitto@thomsonreuters.com
2M ago
Navigating the complexities of co-parenting with a narcissistic ex can be a challenging journey. Narcissists often display a heightened sense of self-importance, a lack of empathy and an incessant need for admiration. Recognizing these traits is fundamental to devising effective co-parenting strategies. Establish clear boundaries One of the primary challenges of co-parenting with a narcissistic ex is maintaining boundaries. Clearly define your expectations and communicate them assertively. Utilize tools such as a detailed parenting plan to minimize ambiguity and to help ensure both parties und ..read more
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CTA Imposes New Small Business Reporting Requirements for 2024
Sjoberg & Tebelius, P.A. Blog
by vijayakumar.s@thomsonreuters.com
2M ago
Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year. The CTA,[1] enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places new reporting requirements on many business entities in an effort to expose illegal activities, including the use of shell companies to launder money or conceal illicit funds. Around 30 million small businesses will be impacted by the law, which will establish a federal database of information, furnished by “reporting companies,” that will be accessible to certain author ..read more
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