Contact Us

T: (952) 836-2675
 F: (215) 836-2730

5200 Willson Road

Suite 150

Edina, MN 55424

Map It

Also in


St Louis Park


$50 Inital Consultation

Business Planning

We advise small to medium-sized businesses in a wide range of transactional matters; from the choice of business entity, to the review and drafting of business contracts.

The initial choice of business entity is a crucial decision, which may change and evolve as the business does. Many small businesses start out as either a sole proprietorship or a partnership. While these are the simplest forms of doing business, they provide little or no shield against personal liability. As this becomes a bigger issue businesses frequently change to either a corporate or limited liability company (LLC) form.

A business may choose to be either a “C” or an “S” Corporation.  Most large companies do business as “C” corporations.  Many, but not all, small businesses do business as “S” corporations. There are many factors that determine which is the best type for a particular business. Whether or not to pay income tax at a corporate level is among the most important of these factors.

A large number of small businesses have elected the limited liability company (LLC) form of doing business. Properly maintained and executed, the LLC provides the simplicity of partnership or sole proprietorship taxation with many of the liability shields of the corporate form.

The form of business that is best for you depends on your particular situation, your goals and objectives.

Estate planning for business owners is significantly different than it is for people who do not own a business. Often they have some children who work in the business and some who do not. It is important to establish an equitable transfer arrangement.  This allows the children who work in the business to retain that business while also fairly compensating the children who do not.

 More than 50% of the business owners have more than half of their wealth tied up in the business, however only 30% of the family businesses survive into the second generation. It is estimated that only 57% of owners of a family controlled business intend to transfer the business to family members. Even if there are no children involved in a business, it is wise to have ownership succession plans in place.