FAQs: Business Law and Collections
Where can I get information on starting my own business?
A: The Department of Employment and Economic Development (DEED) provides information on starting your own business in the State of Minnesota. You can obtain a free copy of the booklet “Starting a Business in Minnesota” at DEED’s website, which provides valuable answers to commonly asked questions. Additionally, it is important to consult with experienced business attorneys who can assist you with getting the process underway.
Q: Who do I need to consult before starting my business?
A: You should consult with both an attorney and an accountant before forming your business to determine what type of business entity best meets your legal and tax needs. We can also assist you with contacting the State of Minnesota to determine if you will need specific licenses to conduct your business.
Q: What will forming a new business entity cost?
A: The average legal costs of forming a corporation, partnership, or limited liability company is approximately $1,000. Fees may vary with the complexity of your business arrangement.
Q: What if I will need to have employees?
A: If you will have employees in your business, you will need to withhold Federal and State Income Taxes and Social Security payroll (also called FICA) taxes. Your company will be required to match FICA withholdings and pay Federal and State Unemployment taxes based on the dollar value of your payroll. You will also need to provide Workers’ Compensation insurance for your employees.
Seek Experienced Legal Counsel
Whether you need assistance forming a business, or if your business is currently underway and you need representation in connection with a transactional or litigation matter, our attorneys have the skills and background to help. To schedule a consultation to discuss your matter, contact Smith Paulson O’Donnell & Associates, PLC today.