There are requirements you must comply with when filing a Minnesota LLC. As per Minnesota law, the name of your Minnesota LLC should contain the word ‘Limited Liability Company’ or ‘LLC’. In addition, the name you come up with should be different from any other existing entities registered with the Secretary of State of Minnesota.
You can check if your business name is taken or not by using the Minnesota business name search tool. If the name is available, you can file for a Name Reservation, valid for 12 months to the Secretary of State. The filing fee through mail is $35, while online filing costs $55.
When starting an LLC in Minnesota, you must hire a Registered Agent. It is the duty of the MN LLC Registered Agent to accept service of process and other legal notices on behalf of your LLC. A Minnesota Registered Agent can be an individual or business entity in Minnesota or a foreign company legally registered to conduct business in the state.
The Registered Agent should agree to receive service of process prior to designation. A physical street address in Minnesota should also be provided. For a reliable Registered Agent for compliance, Rocket Lawyer’s Registered Agent Services is a great option.
To register an LLC in Minnesota, file an Articles of Organization to the Secretary of State. For the Minnesota LLC filing, it is highly advised that you carefully go through the form and read the instructions for filling it out to ensure that every entry is correct.
Information such as the LLC’s name and address, Registered Agent’s name and address, purpose of the LLC, among other important information should be provided when filling out the form. The online filing fee for the Articles of Organization is $155, while the mail or in-person filing costs $135.
An LLC EIN should be processed as soon as the LLC is formed. The Employer Identification Number works just like a tax identification number, but it is specifically made for businesses.
When you get a Minnesota EIN, this number distinctly identifies your business entity. There are several ways to get an EIN, the most convenient and fast way to do this is through the online application at the IRS website.
When starting a Minnesota LLC, you need to keep your business and personal finances separate by opening a separate bank account. This keeps all assets separate in the eyes of the state of Minnesota.
Another important thing to note is that opening a business account can help you keep finances on track. You should monitor the ins and outs, put the profits and assets where they belong.
There are many options available from Bank of America to Chase. For a quick outline of the best place to open a business checking account, check out this roundup.
As soon as you are done with the requirements above, you are now a legal Minnesota LLC. Now, the next few steps that need to be accomplished will ensure that you comply with federal and state requirements for LLCs. A few recommended steps are also included to help your business’ success.
A business plan, although not mandated by the state as a requirement when starting a Minnesota business, is an indispensable tool to provide a clear direction for effective business operations, solid stability, and increased chances of success.
As a Minnesota LLC incorporator, it is your responsibility to write a business plan. The resources provided below should be helpful to accomplish this task.
Your tax obligations when it comes to incorporating an LLC in Minnesota should be on the top of your to-do list before operations start. There are several Minnesota LLC tax requirements that need to be take care of. To give you an idea of the common tax requirements that your Minnesota LLC needs to complete, head on over to our Minnesota Business Taxes guide.
Next to your LLC tax obligations, there are also the Minnesota business licenses. When starting an LLC in Minnesota, you should also take into consideration the licenses and permits you need to comply with.
These Minnesota business license requirements will depend on several factors, so be sure to keep tabs on all these deliverables. You can refer to our Minnesota Business Licenses and Regulations guide for some helpful resources.
Part of the requirement for maintaining an LLC in Minnesota is to file for an Annual Report every year that your business is in operations. This Annual Report should be filed by your Minnesota LLC to the Secretary of State before December 31 of every year.
A $45 filing fee should be paid for online and in-person filings, while $35 is required for mail filing of an Annual Report.
An LLC Operating Agreement is a document that outlines the managerial and financial responsibilities of each of the members of the LLC. Percentage of ownership, each member’s share of profits or losses, and how the business will be handled should a member leave are also contained in an Operating Agreement.
To get started on this document, you can simply use Rocket Lawyer’s Operating Agreement. This fully customizable document can help you come up with your own Operating Agreement.
The next step when starting a Minnesota LLC is to build a professional website that represents what you offer. Thankfully you don’t have to be tech savvy to start a website since there are platforms like WordPress that are easy to get started.
Recommended Resource: Learn how to start a website and customize it through this step-by-step guide.
Please be advised that this article on starting an LLC in Minnesota is just an informational guide. It is not a legal document or advice. Always seek the expertise of a business lawyer when you have questions about forming a Minnesota LLC or starting a new business in Minnesota in general.