When starting a business in Minnesota, you will be required to choose a business structure to which you can incorporate in. This business structure will define the framework of the entire business operations. There are several business structures to choose from when incorporating in Minnesota, so it is crucial that you pick the right one.
Doing so has a big impact on various aspects of your business operations, so do it right the first time. Weigh the pros and cons, evaluate your business requirements, and consult a business lawyer if necessary. You can begin the process of picking the right business structure with the help of the links below.
When you have already determined the business structure to incorporate in, the next step on how to incorporate in Minnesota is to contact the Secretary of State’s office for the list of incorporation requirements you need to comply with. Alternatively, you can visit the Minnesota Secretary of State website for the requirements.
Take note that aside from the Articles of Incorporation, there are other documents and forms you must complete. If at any time that you are using the website for these incorporation requirements and there is something that confuses you, always contact the Secretary of State’s office for confirmation.
Now that you have followed the steps above, you are officially a Minnesota business owner. Here are 5 additional steps to help you start a successful business.
When incorporating a business in Minnesota, filing the Articles of Incorporation is just one of the myriad tasks involved.
Aside from this, you need to come up with a distinct business name that meets the naming conventions specified by the state, you also need to get a Minnesota Registered Agent that meets state requirements, elect individuals to act as the officers and directors until the first shareholders meeting is scheduled, get an Employer Identification Number, take care of Minnesota business taxes, licenses, and permits, and complete other state regulations.
As an added recommendation, unofficial, but valuable documents to your business such as corporate bylaws, Incorporator’s Statement, business plan, operating agreement, etc. should also be created to help for smoother business operations.
The urgency to comply with all these requirements and obligations is very strictly emphasized to avoid losing your business’ good standing with the state.
When starting a Minnesota business, 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.
If you want your business to be taken seriously, build a professional website so your potential customers can learn more. In my opinion, WordPress is the platform for the non-tech savvy entrepreneurs and is the best option.
Helpful Resource: To learn more about WordPress and see how to build a WordPress website, check out this step-by-step guide.
When you have incorporate your business, maintenance requirements should also be continuously monitored so you can comply with these and stay compliant.
Annual Reports need to be filed on time, as well as tax obligations need to be paid. Any change in business operations may also require license renewal or reapplication, so keep tabs on these after incorporation maintenance requirements.
Incorporating a business in Minnesota is a great responsibility you should be ready to face. With requirements and obligations by the dozen, you should do them with commitment and a realistic outlook. Although it may be difficult at times, starting and growing a Minnesota business will really be worth every ounce of your time and effort.
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