Navigating Minnesota Business Law With Confidence
Jacobsen Law Firm, P.A., has extensive experience providing trusted legal advice to business clients in many different industries. Our attorneys have represented hundreds of businesses over the years from college-aged entrepreneurs to multigenerational family farmers, from contractors to professional firms. Jacobsen Law Firm, P.A., can assist business owners through the entire life cycle of their business.
The attorneys at Jacobsen Law Firm, P.A., can counsel and assist entrepreneurs in selecting the most advantageous business entity and drafting incorporation documents, partnership agreements, sales contracts, service agreements and other documents key to the creation and continuation of a successful business operation.
Jacobsen Law Firm, P.A., can also provide general counsel and personalized legal services tailored to meet our business clients’ goals. Our firm can assist with drafting agreements, reviewing contracts, and navigating other legal or regulatory requirements that may apply. Our team is ready to serve as outside general counsel and generally assist business owners in effectuating their business goals.
Additionally, our attorneys have assisted many clients in the purchase and sale of businesses, including but not limited to: family farms, professional service firms (i.e. dental practices, eye clinics), restaurants, mobile home parks, hotels, grocery stores, gas stations and manufacturing facilities.
Our professionals are available to help with a wide range of business law matters such as:
- Outside general counsel services
- Business start-up advice
- Prepare governing documents and entity formation
- Partnership agreements
- Services contracts
- Sales contracts
- Business succession planning
- Purchase and sale of businesses
- Asset purchase agreements & stock purchase agreements
These services can help business owners address legal needs at each stage of ownership, from formation and daily operations to growth, succession and eventual sale.
What Minnesota Business Owners Should Know About Common Legal Risks
Running a business can create legal issues that are easy to miss during daily work. The following answers explain common concerns that may affect your company:
How can a business owner inadvertently lose their “corporate shield” against personal liability?
A business owner may become personally liable if a court finds that the company is only an alter ego of the owner. Minnesota courts look at several facts before they pierce the corporate veil. These include weak funding, taking company money for personal use, poor records and using the business as a cover for personal dealings. Courts also require some unfairness or injustice.
You can reduce risk by keeping personal and business money separate and maintaining clear records. LLC owners should note one key rule. Minnesota law says that failing to follow internal LLC formalities, by itself, is not enough to impose personal liability. A personal guarantee is different because you agree to be personally responsible for that debt.
Under Minnesota law, which types of business contracts must be in writing to be legally enforceable?
Minnesota law requires some agreements to be in writing before they can usually be enforced. Under Minnesota Statutes section 513.01, this includes agreements that cannot be completed within one year. It also includes promises to pay another person’s or business’s debt.
Other rules cover land and goods. A sale of land and a lease lasting more than one year generally require a written agreement. Minnesota’s Uniform Commercial Code also generally requires a signed record for the sale of goods priced at $500 or more. Some exceptions apply, so the exact deal and its terms matter.
How does Northfield’s location across two counties impact local business regulations?
Northfield sits in both Rice County and Dakota County. That split can affect county matters tied to your business property, even though city and state rules may still apply.
For example, each county handles tax and assessment information for property within its borders. County tax rates can also differ. Businesses in Northfield must still follow city rules that apply to their location and use, including land development and licensing requirements. Before you lease, buy or develop property, confirm the county for the parcel and check the city, county and state rules that govern your planned use.
Get Practical Legal Guidance For Your Minnesota Business
If you need a trusted legal adviser to help your business succeed or for guidance in the sale or purchase of a business, please contact 507-252-2775 to speak with an experienced business law attorney.