Originally from:
Advising Minnesota Corporations and Other Business Organizations - 2nd Edition - Hardcover
Advising Minnesota Corporations and Other Business Organizations - 2nd Edition - Electronic
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CHAPTER 10
OTHER FORMS OF DOING BUSINESS
Section
§ 10.01 Introduction
§ 10.02 Tenancies in Common
§ 10.03 Joint Tenancies and Tenancies by the Entirety
§ 10.04 Trusts
§ 10.05 Independent Contracting as a Phantom Business Enterprise
§ 10.06 Limited Liability Companies
§ 10.07 Limited Liability Partnerships
§ 10.08 Partnership-Style Entities
§ 10.09 Corporate-Style Entities
§ 10.01 Introduction
This Chapter addresses some of the ways persons can own property
and do business other than as a proprietorship, partnership, or
corporation. The discussion begins with a comparison of three types of
co-ownership: tenancy in common, joint tenancy, and tenancy by the
entirety. General aspects of the business trust are addressed in Section
10.04. Section 10.05 examines doing business as an independent
contractor. This Chapter concludes with a look at the two newest
statutorily sanctioned forms of business organization in Minnesota, the
limited liability company and the limited liability partnership.
§ 10.02 Tenancies in Common
Co-ownership or "concurrent" ownership exists when two or more
persons hold interests in the same property at the same time. A tenancy
in common is presumed unless another form of co-ownership is clearly
indicated in the document creating the interest (see Section 10.03). Each
co-owner, the "cotenant" or "tenant in common," has an undivided
interest in the property. This means that each cotenant owns a
simultaneous proportionate share of the property. For example, if Pat,
Nick, and J.P. own property as tenants in common, each is said to have
an undivided one-third share. A cotenant may sell or transfer all or a
Roger J. Magnuson is a Partner at Dorsey and Whitney, LLP, where he serves as Head of the National Strategic Litigation Group and has practiced since 1973. He has been recognized as one of the top trial lawyers in the United States by major national and international publications, including Chambers International Guide to American Lawyers, which profiles the top 500 trial lawyers in the United States, Best Lawyers in America, Who's Who in American Law, and Who's Who in America. Mr. Magnuson was also recognized by a Journal of Law and Politics' survey for Judge's Choice "Wins Most Cases."
Some high profile cases that he has litigated include representation of the Florida Senate in the Bush v. Gore election controversy in 2000; and representation of the Plaintiffs in the widely publicized and studied Mall of America case. For several years he has represented, among other persons and entities, the Minnesota Twins and Major League Baseball principals and players in litigation; and has litigated national and local cases in federal and state court venues. He has appealed before the Supreme Court in a number of cases; as well as the Minnesota Supreme Court. He has authored several articles and 7 books.
Richard A. Saliterman is a Principal in Saliternan & Siefferman P.C., a full-service firm in Minneapolis established in 1976. Mr. Saliterman is a leading expert on corporate business matters, and is the author of several publications on business start-ups, franchises, and trademarks. Mr. Saliterman is the former National Judge Advocate for the U.S. Navy League, based in Washington D.C.
Contributing Editor:
Amanda Chang
Contributing Authors:
Alecia Anderson
Seth Back
John Baker
Shannon Berg
Constatin Burachek
Benjamin Carpenter
Ryan Check
Carl Christensen
Peter Fear
Michael Frasier
Aaron Hall
Catherine Hanson
Paul Harman
Amy Ithlan
Michael Kern
Chris Kuhlman
Brett Larson
Joshua Lederman
Karen Lundquist
James Magnuson
Jennifer Mead
Rao Menier
Heidi Miller
Rachael Moxon
Oliver Nelson
Scott Peitzer
Mitchell Skinner
Jonathan Stechmann
Lael Weinberger
Jonathan Wilson
Alex Zumbulyadis
