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Family businesses often encounter unique challenges. To keep things running smoothly, it is important to find a good balance and have a smart plan for both the family and the business. What causes conflict in family businesses, and how could you resolve those issues?...
5 common causes of shareholder disputes and how to address them Shareholders can attend meetings where they receive information about company operations and future plans. They can vote on certain matters to help determine the future direction of the company. When the...
Contracts are the backbone of business relationships, outlining rights, responsibilities, and expectations. However, the reality is that not all agreements proceed smoothly. Unforeseen circumstances, misunderstandings, or changes in market conditions can lead to a breach of contract, posing risks to the involved parties. At MKT Law, PLC, we recognize the importance of anticipating and addressing these risks to safeguard your…
Non-Disclosure Agreements (NDAs) play a crucial role in safeguarding your business’s confidential information. In this blog post, we will provide you with a comprehensive guide on NDAs, their importance, and how they can protect your valuable trade secrets. As a leading Business Law firm in Minneapolis, MN, MKT Law, PLC understands the significance of NDAs in today’s competitive landscape. Let’s dive…
Whether you are a shareholder in a closely held corporation, a partner in a partnership, or a member of a limited liability company, you and your business partners owe each other a lot. You are supposed to put the business’s interests before your own. You are supposed to be loyal. You are supposed to be honest. You are supposed to…
MKT Law recently represented a frozen-out minority shareholder-employee in a successful road construction-related business. Below is the sequence of events that led to our client’s need for legal services and how we supported them. Our Client Became an Equal Shareholder in Their Business In early 2008, three soon-to-be business partners left their current jobs and started the business. Two partners…
The day has finally (sorta) arrived! Minnesota Court records, with the actual documents on file with the Court, are now online (kinda). The new system is called Minnesota Court Records Online (MCRO) and can be accessed here. The “sorta/kinda” part is due to the system being rolled out in three phases. We are in Phase 1. Right now, you need…
Most commercial contracts contain a Force Majeure (or, “act of god”) clause that excuses performance under the contract if there is an event that is beyond the parties’ control that makes it difficult or impossible to honor the contract. “Force Majeure” literally means “superior force.” Typical Force Majeure clauses, although each one is usually different, include language somewhat like the…
From 2005 to 2008, Mark K. Thompson was selected to Super Lawyers® Rising Stars, an accomplishment shared by only 2.5% of attorneys. This year, he has been named to the main Super Lawyers’ list and designated as a top-rated business litigation attorney in Minneapolis, MN. This impressive feat indicates Thompson’s high degree of peer recognition and professional achievement as our…
MKT Law recently represented a frozen-out minority shareholder-employee in a successful road construction related business. In early 2008, the three soon-to-be business partners left their current jobs and started the business. Two partners were a married couple and the third, Attorney Mark K. Thompson’s client, all held equal one-third interests in the Minnesota closely held corporation. Since they first talked…