Legal Question in Business Law in Minnesota

business ownership

If I am sole owner (S-corp or sole proprietor) of a chiropractic clinic in Minnesota. It is my understanding that my wife (not a chiropractor) can't own my business. What happens if I die-does she have to sell the business within a certain amount of time. How do I guard against her having to do a fire sale?


Asked on 5/14/09, 2:18 pm

2 Answers from Attorneys
Daniel Reiff Reiff Law Office

Re: business ownership

You need to get a lawyer. I, for example, would want to work on your business documents and your estate plan. It is important to know if you are a sole proprietor or a corporation. I would also want to know what kind of assets and liabilities your business has. I don't mean to duck your question, but this is not something with a quick and simple answer.

MY STANDARD DISCLAIMER: This is not intended to be legal advice or to create an attorney-client relationship. No attorney-client relationship is intended until you and I sign a retainer agreement.

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Answered on 5/14/09, 2:38 pm
Maury Beaulier612.240.8005 Minnesota Lawyers

Re: business ownership

The answer is not a simple one. However, if your spouse is not a chiropractor or a qualified professional, she would not be able to own the business. In most instances, it would have to be sold. the only way to protect the asset is to have some plan in place for a reasonable transfer for market value. Often, insurance plans are also used to secure the investment in the event of some catastrophy.

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Answered on 5/15/09, 12:59 am


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