The family of a successful Minnesota businessman have agreed to settle a lawsuit against his former accountant. The businessman who owned Woodcraft Industries died in 2011 and was in poor health for many years prior to his death. The accountant was supposed to administer his estate, but the lawsuit that was filed in 2012 claims...

Business owners in Minnesota may benefit from learning more about which strategies could be effective if the IRS ever conducts an audit. Many people are surprised to learn that an owner’s personal assets may also be reviewed if a business is ever audited. Owners might be at a disadvantage if personal expenses become heavily scrutinized...

In Minnesota, trusts are often overlooked assets in divorces.  A trust could either be set up by the parties themselves before or during the marriage or set up by someone else for the benefit of one or both of the parties. Just because an asset is placed in a trust does not necessarily mean that...

The University of Minnesota is now investing in its own research through the newly implemented Discovery Capital Investment Program. The university will distribute a maximum of $700,000 to up to two startups that use government-funded research. The university is doing this for the first time ever, since outside seed capital hasn’t recovered to pre-recession levels....

Establishing a Minnesota business should include the development of a business plan, a living document that allows goals and ideas to be recorded for future reference. Review of such documents is important for measuring progress and making adjustments in strategy as results are compared to the original goals. An annual evaluation of a business plan may be...

Minnesota residents may be interested in an article that addresses tax planning ideas for mid-year. People tend to think about paying taxes in the early spring, but the owner of a small business might want to take stock of finances during the middle of the year to avoid an unpleasant surprise when it is time...

When someone in Minnesota starts a new business, they might know what kind of service or product they want to offer but not understand where to begin with the legal aspects of the business. The type of legal structure a person sets up will affect the amount of taxes they pay, paperwork, personal liability issues...