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Frequently Asked Questions About Business Formation

At Neff Law Firm, P.A., we work with start-up companies and established businesses in the Twin Cities and throughout Minnesota. After considering the potential effect of different business structures on issues such as personal liability, our business law attorneys help clients identify the best organizational structure for their business. Whether a sole proprietorship, partnership, limited liability company (LLC) or corporation, we can help you start or expand your business.

For help with your business law needs, contact Neff Law Firm. To learn more about different business organizational structures, review the FAQs below.

Can a business lawyer help with financial pressures?

Some business lawyers may not only handle business organization concerns, but other legal matters that are related to the well being of the business. For example, the skilled and experienced business lawyers at Neff Law Firm, P.A., handle many different business related concerns including helping a client to achieve suitable debt relief. These business lawyers have over fifty years of combined business law and bankruptcy experience. They welcome the opportunity to work with businesses on a variety of concerns including money related pressures. Neff law Firm, P.A. has provided suitable legal assistance under the circumstances to businesses with the filing of a bankruptcy or moving forward with litigation on behalf of a client. These knowledgeable Minnesota lawyers have helped business people in serious debt due to a variety of reasons including loss of market share, investment failure, loss of income, business reversals, involvement in litigation, failure of customers to pay on their accounts, inability to pay bills as they come due, illegal conduct of others, consumer fraud, divorce or medical bills. Neff Law Firm, P.A., St. Paul / Minneapolis attorneys understand how business people may be having problems with getting credit, find bills that have gone unpaid, being billed for services not really rendered, collectors harassing them for payment, frustration with budget counseling, financial management, concern with being charged with violations of laws, inability to pay for medical insurance, severe medical bills, garnishment issues, utility-shut-off, bad credit scores, believe that there is a need for credit repair, repossession, foreclosure, being victimized by fraud, and need for help with litigation. These skillful Minnesota business lawyers know the legal rights of businesses and prevailing bankruptcy law. They understand that a business may experience a down turn and find its financial situation going increasing bad bringing with it an inability to pay mortgages or rent, pay necessary business costs, credit card bills, causing bad credit scores and causing there to be a feeling of a need for credit repair. An experienced Minnesota business lawyer may provide needed legal assistance in many different areas of concern including providing help with evaluating the situation for suitable debt relief.

What Does It Mean to Have a Sole Proprietorship?

A sole proprietorship usually refers to a business owned by a single person.

What Does It Mean to Have a General Partnership?

A general partnership is a business that conducts regular business for profit with two or more people who have a partnership interest in the business.

What Does It Mean to Have a Limited Liability Company (LLC)?

A limited liability company, commonly referred to as an LLC, is a business set up under law that offers the owners limited liability protection.

What Does It Mean to Have a Limited Partnership?

A limited partnership (LP) has both general partners and limited partners. In a limited partnership, the general partners generally have authority to run the regular operations of the partnership business but may also carry unlimited liability for debts and obligations of that business. The limited partners generally may have liability limited to the extent of their contributions along with any further contributions they have agreed to be responsible for paying in the future.

What Are Characteristics of a Corporation?

Some important characteristics of a Minnesota corporation are:

  • Incorporation generally affords the opportunity for centralized control of the business
  • A business formed as a corporation can continue the business indefinitely
  • Ownership of an interest in the business can be transferred without selling the whole business,
  • A corporate structure provides protection of limited liability to the corporation owners.

Contact Neff Law Firm, P.A., to set up an appointment today to discuss starting or expanding a business in Minnesota with an experienced lawyer. Together we can determine whether a sole proprietorship, partnership, LLC or corporation best fits your business and personal needs. Flexible appointment times are available at both the Roseville and Edina law offices.

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Neff Law Firm P.A. has been providing legal assistance for me in excess of 16 years. During that time, I have utilized Neff Law Firm for legal assistance on many occasions including having my legal questions answered, reviewing documents, helped with the drafting of papers, business matters, creditor debtor issues and litigation.

Very satisfied business client

The people I have recommended to Neff Law Firm, P.A. have related their high satisfaction with Neff Law Firm, P.A.'s legal services. The knowledge and skill shown by the attorneys at Neff Law Firm, P.A. are very useful in the handling of complicated cases involving issues of fraud, insurance, financial irregularities, business improprieties, or bankruptcy. As an experienced person in the insurance and financial services areas, I can enthusiastically recommend the experienced and highly respected Neff Law Firm, P.A. attorneys in Minnesota.

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