Metropolitan Consortium of Community Developers (MCCD) is a network of nonprofits that provide small loans and financial advisement to small business owners in the metro area, in addition to affordable housing development. MCCD has loaned over $6.7 million to over 550 entrepreneurs for start-up and expansion projects. There are five focus areas that MCCD works …
The new state budget has increased the estate tax exemption from $1.8 million to $2.1 million retroactive to January 1stof this year. This increase will continue to $2.4 million in 2018, $2.7 million in 2019, and $3 million for 2020 and later. The wealthiest 1,000 estates in Minnesota will see a significant tax cut over the …
The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) has swiftly expanded across the country, and has already been enacted in 32 states including Minnesota in August 2016. The RUFADAA places the responsibilities of properly planning for digital property on estate professionals. A common misconception is that this law automatically allows fiduciaries access to …
Deferred compensation plans are a way for highly paid employees to save more money than their 401(k)’s typically allow for. By deferring earned income, the employee is able to defer taxes until after retirement, when the employee’s tax bracket is more favorable. This allows for individuals to supplement their income after retirement. The plan, however, comes …
Should You Take Advantage Of A Deferred Compensation Plan? Read More »
Beginning January 1, 2018 all limited liability companies formed prior to August 1, 2015 will be subject to new law passed by the 2015 Legislature. The most significant changes will be to the governance structure of LLCs. The new act says that Minnesota LLCs can be managed by its members, a board of governors, …
I have been working with small businesses for nearly 20 years, and I can’t say how often I have seen sellers leave money on the table because they hadn’t prepared their business for sale. People buying small businesses are usually looking to buy a job, and are seeking confidence that they can make your business work for them. The more …
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