Forever Plus 3 Years | Southern Minnesota

Q: Can I throw my corporate papers away after 7 years? A: NO, NO NO!  Businesses that are C Corporations, S Corporations, Partnerships and LLCs have to keep their tax returns and supporting documents forever plus three years.  What?!  How can you keep it longer than forever?…Be buried with them?  All this means is that you […]

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 […]

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 […]

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 […]

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 […]

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 […]