You have built a successful company. Now you are starting to think about the potential for retirement. Retiring is a bit more complicated when you own the company. Your reputation, core values, personality, and relationships have been integral to growing a successful company. Here is a process to begin outlining your succession plan. How much
Minneapolis Business Lawyers
- Assisting New Business Owners
- Representing Growing Companies
- Helping Insolvent Business Owners
- Managing Complex Business Deals
Thompson Hall was founded by representing business owners in small and mid-sized companies. We have a close working relationship with our business owner clients, including small and large companies, partnerships, and joint ventures.
We provide counsel to business owners, in a variety of business contexts, to ensure legal compliance, minimize taxes, and reduce risk. From formation to dissolution, we help our clients save money, minimize legal expenses, and avoid legal obstacles that could trip up their business.
Assisting New Business Owners
Our Minneapolis business attorneys work with new business owners on a weekly basis. The needs of new businesses are relatively simple. We love working with new business owners, so we offer a number of cost-effective options to fit the tight budget of a small business owner.
New business services include the following:
- Selecting the best type of business (LLC, partnership, S corp, C corporation)
- Drafting bylaws, buy-sell agreements, buy-back agreements, repurchase agreements, etc.
- Planning to minimize taxes
- Registering trademarks and copyrights
- Negotiating commercial leases
- Drafting employee manuals, standard company contracts, and business policies and procedures
Representing Growing Companies
Our business attorneys partner with business owners throughout the life of the business. Our attorneys understand business, in addition to business law. Our business law practice is about improving your bottom line and helping you compare your legal options based on your ROI. We understand you need the job done right, without unnecessary extra frills.
Our business lawyers represent established businesses in the following ways:
- Drafting contracts for complex agreements
- Collecting unpaid bills and debts
- Minimizing risks of litigation and financial liability
- Advising on trademark, copyright, patent, domain name, trade secret, and related IP issues
- Advising companies on state and federal employment laws
- Representing in lawsuits, arbitration, mediation, and administrative hearings
- Dealing with trademark infringement, unfair business practices, trade secret violations, antitrust matters, and business torts
Helping Insolvent Business Owners
Not every business succeeds. When a business fails, our attorneys help protect the business owner’s finances, reputation, and assets. Many of our business clients are relieved to learn how many options are actually available to them. Our business attorneys can help struggling businesses with the following:
- Negotiating debts and loan defaults
- Dealing with harassing creditors
- Analyzing complex financial issues
- Preserving the most assets in bankruptcy
Managing Complex Business Deals
- Negotiating complex deals and drafting sophisticated contracts
- Addressing real estate problems
- Preparing franchises, JVs, partnerships, and complex business relationships
- Representing buyers and sellers in a business sale or purchase
- Facilitating mergers and acquisitions
- Advising on the sale and licensing of intellectual property and intangible assets
Experienced Minneapolis Business Attorneys
Our firm’s considerable experience in business and corporate law has been a great benefit to our business owner clients. Our goal is to develop personal relationships with our clients, to be available when they have questions or needs, and advise them on ways to minimize legal trouble so they can focus on growing their business and enjoying the rewards of their profits.
Our Minneapolis business attorneys are experienced in representing companies large and small. Their primary practice is representing business owners and businesses with under 50 employees. Representation includes avoiding legal problems through planning and careful contract drafted, providing answers to business legal questions as companies face legal issues, and representing parties in lawsuits and business deals.
Our business attorneys are experienced in representing businesses in a variety of industries. Their work has resulted in significant media coverage, speaking engagements, and being published in legal publications. Representing businesses is a significant portion of our law firm.
Fundraising for Small Businesses: SEC Registration Exemptions
There comes a time when many businesses need to raise money to take advantage of growth opportunities. Perhaps your small profitable company or promising start-up wants to attract investors. Be aware that there are federal and state rules that will impact what you can do and when. On the federal level, you need to ask
Franchise M&A: Issues to Consider when Drafting a Franchise Agreement
Have you ever thought of owning a franchise? Or are you in a business where you hope to have franchisees? Many businesses are set up as a franchisor/franchisee relationship. In these situations, it's important to draft agreements not only to cover the immediate terms of the relationship -- but also to incorporate a potential future
To Franchise or Not to Franchise?
When you consider going into business for yourself, you have three basic choices: start from scratch, buy an existing business, or look for opportunities as a franchise. A franchise gives you the licensed right to use a service mark, trademark, or business concept. Each franchisee signs an agreement that governs how the business is operated.
Disclaiming Responsibility in Contracts
Contracts are part of everyday business, whether it's the minuscule print on the back of a credit card bill or an agreement to buy office furniture. With your customers, contracts can be letter agreements, or six page documents, depending on whether the deal is simple or complex. But no matter what you're agreeing on, one
Sell Corporate Stock Tax-Free to an ESOP
When business owners sell C corporation stock for a big profit, they usually qualify for the current maximum 20 percent maximum federal rate on long-term capital gains, assuming they've owned the shares for over a year. While a 20 percent capital gains rate is good, a tax-free sale to an ESOP could be even better.
Scratching Up Seed Money & 10 Myths When Starting a New Business
It's a complex process that involves uncovering sources of money, using the proper means and evaluating whether the timing is good. If the economy is slow, it's more difficult to raise cash -- no matter how clever your business plan is. There are several ways to initially fill your coffers including personal funds, cash injections from
Eight Legal Risks Facing Businesses
Operating in today's business world can sometimes seem like you're navigating a legal minefield. You must be aware of, and comply with, numerous laws and regulations. A misstep can result in expensive and time-consuming legal challenges. Below are eight legal risks facing businesses, along with some of the related federal laws involved. Keep in mind
Loan Applications: Put Your Best Foot Forward
Need a loan to start or expand your business? Nearly a decade after the financial crisis of 2008, many banks remain hesitant about loaning money to start-ups and small business owners. Stricter lending policies often make applying for financing a nerve-wracking and time-consuming process. Here are some ways to give your loan application a leg
Laws to Empower our 21st Century Entrepreneurial Society
Over thirty years ago, Peter Drucker famously argued for a shift toward an entrepreneurial society, one where “executives in all institutions…make innovation and entrepreneurship a normal, ongoing everyday activity.” As Julian Birkinshaw recently noted, we have come a long way towards realizing Drucker's vision. There has been a boom in startups, a huge proliferation in the number
More Segments of the Population Launching Startups
During an increasingly bitter presidential election season, it seems like there is little our nation can agree upon. Yet, rising above the bitter arguments stands the admiration of small business. Both the left and the right, recognize the importance of innovation to the vitality of our country. Entrepreneurship is a long-standing American tradition, and in 2016
Escaping the Credit Crunch: Using Government Incentives to Finance Biomass Production
With winter approaching and the credit crunch still bearing down on us, many might be inclined to ignore biomass projects right now. But there is good news and reason for hope. A veritable alphabet soup of government funding programs exist that can help you get your project off the ground. These programs include: USDA Biorefinery
Minnesota Moves to Retake Lead in Advanced Fuels, Renewable Chemicals and Biomass Thermal
March 4, 2014 Since Minnesota became the first state to require ethanol in its fuel supply, its leadership in the development and deployment of advanced biofuels, renewable chemicals and biomass thermal power has eroded as more states seek to attract leading renewable energy companies with lucrative financing assistance packages. Even so, Minnesota has remained a
Legal Issues for Biomass Thermal Offtake Contracts
Originally published in Biomass Magazine, February 6, 2015 Biomass thermal projects are becoming increasingly popular and it is important to make sure that they are done correctly. Project financiers, be they equity partners or bankers, will require carefully thought-out contracts that will enable the project to get paid and address potential problems. One of the most important
Fast-Casual Chain Restaurants: Cashing in on the Trend
We all know of national restaurant chains. The fast-food side of the sector includes McDonald’s, Burger King, and Wendy’s. The sit-down side also includes household names like Applebee’s, Olive Garden, and Chili’s. But where do emergent chains such as Chipotle, Noodles & Company, and Five Guys Burgers & Fries fit in? Are they considered fast-food or sit-down restaurants?
Dealing With Your State Corporation Commission
No matter what type of business you're in, sooner or later you have to deal with the State Corporation Commission (SCC) or Secretary of State. These offices handle the formalities of setting up and maintaining a business, whether it's a partnership, corporation, limited liability company or other entity. Purpose - The SCC regulates business and
Obtaining Investors without Registering with the SEC
There comes a time when many businesses need to raise money to take advantage of growth opportunities. Perhaps your small profitable company or promising start-up wants to attract investors. Do you have to register with the SEC? It depends. You may be able to qualify for one of several exemptions from federal registration requirements under
DOJ Blocked from Prosecuting Medical Marijuana Businesses
Good news for medicinal marijuana industry, both in Minnesota and nationwide. Earlier this month the 9th U.S. Circuit Court of Appeals in San Francisco ruled that as long as medical marijuana businesses are compliant with relevant state laws, federal prosecutors can no longer pursue cases against them. The court sided in favor of the defendants in ten combined
Business Law – Business Sale: Who Owns Professional Goodwill?
When a professional corporation sells its assets or liquidates, one important tax issue is whether the corporation or the shareholder-employees own any appreciated professional goodwill (with a fair market value in excess of tax basis). For tax purposes, goodwill is an intangible asset. It represents the value of a trade or business based on expected
Understanding the Benefits of S Corporations
Whether you're setting up a new company or you've been in business for years, you need to evaluate which legal structure is best for your enterprise. Dividend distributions avoid payroll taxes so it's generally advantageous to take as much income as possible in the form of dividends, rather than compensation. But the law requires you