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What are some options for transferring ownership of a business?

There may come a time when a small business owner in Saint Paul will need to hand the reins over to another individual or entity. According to the U.S. Small Business Administration, there are several options for transferring ownership of a business.

Business start-ups may benefit from a business plan

Many people in Minnesota may dream of one day owning their own business. Some will even leave the "rat-race" of their current job to open their own business. One part of business planning that should be completed before the business opens its doors is the creation of a business plan. A well-drafted business plan guides the business as it starts up and serves as a reminder as to how the business should be set up, how it should operate and how it can grow. In addition, investors and partners may want to see a business plan before getting involved in the enterprise.

Don't rush into business planning without help

Maybe it started with a spark of an idea for a new product. Or, maybe you believed you could offer the public a valuable service. In either case, many people in St. Paul decide to form a business of their own. While this is a worthwhile endeavor, it is important to make sure you make legally sound decisions from the get-go, so that problems can be avoided down the road.

What are some common business entities in Minnesota?

For some people, it is a spark of inspiration for a new product or service that makes them decide to start a small business. For others, it is the desire to turn a hobby into a lucrative profession. And, for some, the idea of being their own boss fuels the decision to establish their own small business. Whatever the reason, when a person in Minnesota decides to start a business, there are a number of business entities they can choose from.

Getting your business in Saint Paul started on the right foot

Many people in Saint Paul have a moment of brilliance, in which they come up with a great idea for a business. While they may be excited to make their dreams a reality, business planning should be done with care. After all, improper planning could lead to liability issues, unwanted tax consequences and expensive litigation.

Business planning is not just about starting, but maintaining

Is there anyone in the Twin Cities who doesn't remember the fiasco at the Academy Awards in February? We doubt it. Warren Beatty and Faye Dunaway were there to present the award for best picture. They announced "La La Land" won. Except, it didn't, "Moonlight" did. The red faces of nearly everyone on stage must have made it look as if the color balance on TV screens was out of whack.

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Chandler and Brown, Ltd.
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St. Paul, MN 55101

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