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Over the past few months, I have had a few different cases where my client, an incorporated small business, either needed help with drafting (landlords) or negotiating (tenants) a commercial lease agreement. In each case I try to impose, or conversely prohibit, a personal guarantee being a condition in the lease. It is so standard to see a personal guarantee…
For anyone who has wondered about what some of the significant differences are between forming your business as a S corporation or C corporation, as an Limited Liability Company (LLC), and as a Limited Partnership, below is a handy-dandy chart explaining some of these differences. If you have more questions after reviewing this, make sure you contact a Minnesota Business…
I am often asked why someone should form a corporation (Inc) or limited liability company (LLC) for their business. I usually tell them, “Because it is the cheapest insurance policy you can buy!” Why? Once you form an Inc or LLC, you, as the owner(s), are protecting yourself from personal liability for your business-related debts, obligations and liabilities. By forming…