Starting A Business: Part 2 | Minnesota

Q:  I got my entity picked, now what do I need to do to start my business? A:  First, you may need to get a Federal Identification Number from the IRS, unless you are eligible to use your social security number.  If you need one, you need to complete Form SS-4, which can be both … Read more

Starting A Business: Part 1 | Minnesota

Q:  I’m looking into starting a business—exactly what do I need to do? A:  First, what kind of an entity do you want to be?  A Sole Proprietor?  A Corporation?  A Partnership?  Are you going to have large expenses the first year so you want to deduct them?  Are you going to need to take out … Read more

Financial Help Tips | Southern Minnesota

Things to Think of When You Need Financial Help! No matter if you’re married, divorced or widowed.  A farmer or business owner.  A person trying to sell their business or starting a new one.  A recent college graduate or a retiree.  Someone planning to retire in 20 years or 2 months.  You need financial advice–so … Read more

Federal vs. State Minimum Wages | Minnesota

Q:  How do I know if I have to follow federal minimum wage amounts or Minnesota? A:  A large employer has annual gross revenue of $500,000 or more and then you would have to follow the federal minimum wage rate which is currently $9.50.  But a small employer would be under Minnesota’s minimum wage rate … Read more

Different Sales Tax Rate for Different Counties | Southern Minnesota

Q:  My business does sales all over the state.  Do I have to collect sales tax for all those locations or can I just use Faribault’s rate because it is only 7.375%? A:  Sorry, but if you are working in different locations, then you have to pay the sales tax for those locations.  The easiest … Read more