Business and Entity Formation
Business and Entity Formation
Setting up a new business requires numerous legal procedures that must be followed to ensure you receive all the benefits and protections you expect. For company formations, we provide legal and business support and advice based on real-life experience. Not only are we lawyers, but we are business owners, too. We understand the company formation process and can guide you through each step. MNCLS’s personal experience in the construction industry gives us unique insight on how to streamline company formation while providing a business and legal partnership down the road.
Entity formation is the process of creating a new “person” that in the eyes of the law is completely separate from you. Legal entity formation protects personal assets from business liabilities. It proves that the owner’s personal assets are not in any way associated with the business, therefore cannot be taken to settle the business’s debts. Our entity formation services form the entity and show you how to maintain and protect your entity’s integrity.
THE BUSINESS SHOULD BE LIABLE, NOT THE BUSINESS OWNER
PROCESS
What is our process?
We want to understand what you want from your business. For transactional issues, what are the important issues that need to be addressed in the document we are drafting? For disputes, what is the desired resolution or outcome?
Step One: Understand your business
For transactional, what have the parties agreed to and has agreement been reached on all the key issues? For disputes, we need to know whether the contract addresses the issue, how it was addressed, who’s at fault, and what damages resulted.
Step Two: Outline the issue
Implement the developed plan, approved by the client, that repairs or fixes the transactional or dispute issue to reach the goals and outcomes you define as success. Each solution is personalized to the needs of individual businesses.
For transactional, create a personalized document that addresses the issue that matches the standard of your business. For disputes, we use the contract to determine who is accountable and gather facts to fill in the contract gaps.
Step Three: Develop the plan
Common Issues
If the business owner neglects to create their separate entities or does not properly form their entity, the law can hold the individual and their assets liable for the business debts. An owner needs to legally prove, through documentation and procedures, that the personal assets are operated independently from the business.
BUSINESS AND ENTITY FORMATION
MNCLS offers a reasonable fixed fee for entity formation services plus Minnesota’s required filing fees. If there are additional needs required for the entity formation, such as extra documentation or working with third-parties, this may alter the price.
On average, it takes between one to seven days.
It all depends on the type of business and what activities you conduct in other states. A contractor building in a state must be properly registered to do business in that state. You cannot go to another state and conduct business unless you have set up your entity in that state. This could include licensing, registering as a foreign entity doing business in that state, or creating an entirely new entity domiciled in that state. We have experience setting up businesses in many different states, including the states that surround Minnesota.