Frequently Asked Questions

Once you have decided what kind of business you want to start, the next step is to form the legal entity that will operate that business. A worthwhile attorney will explain the pros and cons of different entity choices so that you understand you options. Based on that decision, your attorney files forms with the state to officially create your entity. Finally, it is best practice to draft an operating agreement that dictates what happens in a dispute within the business as well as voting rights and management duties. This operating agreement is especially important when the business has more than one owner.

The choice of entity plays a crucial role in determining the level of protection you receive from business lawsuits. For example, as a sole proprietor, you receive little to no protection. The proper entity, when the requisite formalities are followed, can insulate your personal assets from lawsuits filed against your business.

You are not required to have a business succession plan, but it is a best practice to consider implementing one. Many business owners don't think about a succession plan and when it comes to retirement, they leave value on the table because they have not considered how to pass on the assets. A business is not like real estate where you can simply list it for sale. Without a plan to transfer the knowledge necessary to run the business and fund the succession, you may not realize any economic value from your business upon your exit. A business succession plan helps you get value for the business you have built.

A buy-sell agreement is a document signed by the owners of a business that dictates how shares of the company can be sold. Additionally, this agreement can provide a mechanism for receiving payment upon the death of an owner. Having a buy-sell agreement can be a useful succession planning tool. Some buy-sell agreements can be funded by life insurance so that upon the death of an owner, a seamless purchase of shares can occur. When a business has multiple owners, a buy-sell agreement is critical to protect against disagreements, creditors, and disputes over selling shares.

Yes! I understand that an estate plan is a big investment. I provide payment options that are easier on your budget.

Fee structures vary by service type. Estate planning is often charged as flat fees based on plan complexity. Business matters may be hourly or project-based. I provide clear fee estimates upfront and discuss all costs before beginning work.

For estate planning: list of assets, existing legal documents, insurance policies, and information about beneficiaries. For business matters: business formation documents, contracts, financial statements, and any relevant correspondence.

Timelines vary significantly by service. Simple wills may be completed in 1-2 weeks, comprehensive estate plans take 2-4 weeks, business formations typically take 1-3 weeks, and complex transactions can take several months.

Several things make Liljenquist Law different from other law firms. First, in addition to being an attorney, I am also a Certified Public Accountant with extensive knowledge in business taxation. This allows me to consider your situation from multiple angles. For example, some legal decisions have tax ramifications that make them more or less advantageous. Second, I am a business owner myself. I have owned my CPA firm (Arrow Advisors SLP) since 2017 and I understand the unique challenges facing a business owner. Finally, I am adept at explaining complex topics to clients in a way that makes sense. I don't "talk down" to clients and I feel it is important for clients to understand the reasoning for my advice.

Yes, I serve clients throughout North Dakota and Minnesota. I can conduct consultations via video conference when appropriate, though some services require in-person meetings. I'm licensed to practice law in North Dakota and Minnesota.

I maintain continuing education requirements for both law and accounting, participate in professional organizations, attend seminars, and regularly review legal and tax developments. This ensures I provide current, accurate advice.