If you are thinking about forming an LLC in Minnesota then you will need to know what the process is comprised of as well as what steps to take. By the time you finish reading this you will be better informed as to what path to take to get your LLC up and running.
What will your name be?
According to the law in Minnesota, the name for an LLC must contain either the LLC abbreviation or the long form – Limited Liability Company. It must also be a unique name that is not already filed at the Secretary of State of Minnesota. Once you choose your name you can file what is called a Name Reservation with the Secretary of State Business & Lien office and that, along with a $45 filing fee will hold that name for you for a period of 12 months.
Filing the Articles of Organization
The articles of your organization must be filed with the Secretary of State and must include such things as the name of at least one of the organizers along with his address, if the it will be in operation for a specific period of time or not, the name of the registered agent and his address, the purpose of the company and the name of the business and its address. This information may be filed through the mail or online. The fee is $135.
Appoint your Registered Agent
A registered agent is a business entity or an individual who will be legally able to accept legal documents on behalf of your business in case of a legal suit. This agent can be a business, an individual or even a foreign business as long as they are able to do business in Minnesota and have a Minnesota address. An LLC cannot legally act as its own agent.
Comply with all Regulatory and Tax Requirements
If your company will be consist of more than one person then you must obtain an EIN – IRS Employer Identification Number. If your company consists of just yourself then you only need to get an EIN if you choose to have it taxed like a corporation as opposed to a sole proprietorship. EINs may be obtained for free by filling out the application on the IRS web site.
Don’t forget the Annual Renewal
If your business will be operating for longer than a year then you must renew the LLC once per calendar year. Do this with the Secretary of State either by mail or online for a fee of $35.
Other than these things, you will of course need to know what your business will be doing and where it will be doing it. Hopefully, the steps above helped to guide you in the right direction. Forming an LLC can seem like a daunting task, but if you map out the steps and follow them then your business can be up and running in no time.