Business Formation Attorney in Hopkins, Minnesota

Advice for New Businesses

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Well one of the kind of the first steps that a small business needs to take when they’re starting up is to make sure they determine which legal entity best fits their situation, and once they determine that they really need to seek the help of a lawyer to help them achieve the goals that they want to as a business, and make sure they’re doing it in a legal way, such as filing with their legal status with the Secretary of State. Make sure they get a tax ID number from the IRS, and to make sure that they have a clear understanding when there are multiple owners of what each owners’ jobs and roles are within the business.

So they are going to need either a membership agreement and shareholder agreement, depending on what kind of legal entity they are, but one thing they need to remember is that make sure that they don’t sign any legal documents or enter into any contracts at under the business name until they are properly filed with the Secretary of State.

Minneapolis Estate Planning Attorney Ned Ostenso, discusses the various legal steps a business startup needs to take.

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