How to Start an LLC in Minnesota: All You Need To Know

Content

A recognized LLC in Minnesota gets several businesses and tax incentives, provided your LLC meets specific criteria.

If you wish to start a business, consider creating a Minnesota limited liability company (LLC). It is the easiest and fastest way. 

This is because an LLC is an ideal business entity for startups and small- to medium-sized businesses.

Also, it offers the advantages and protections that larger corporations profit from with more straightforward rules and regulations.

So, if you are looking for information on how to start an LLC in Minnesota, here is all you need to know. 

In this article, you will see information on how to name your LLC, find a Registered Agent, and everything else you need to know about how to start an LLC in Minnesota. There might be a need to see this LLC checklist before proceeding.

How to Start an LLC in Minnesota

Here are the steps to follow to start an LLC in Minnesota. 

  • Choose a Unique Business Name and Complete a State Business Search
  • Provide an Official Address for Your LLC
  • Assign a Registered Agent
  • File Articles of Organization with the Minnesota Secretary of State
  • Get an Employer Identification Number (EIN) from the Internal Revenue Service
  • Create an Operating Agreement

Firstly, you’ll need a unique and memorable name for your LLC that any other business has not used in the state. 

Also, you’ll need to follow a few naming rules according to the law of Minnesota.

Here are a few guides on how to choose a name for your LLC in Minnesota 

  • Your business name must include ability company” or its abbreviations (LLC or L.L.C.). 
  • Ensure that your name is distinguishable from any Minnesota limited liability company, corporation, limited partnership, or registered limited liability partnership business name. 
  • Ensure the name you desire isn’t already taken by doing a Business Entity Search on the Minnesota Secretary of State’s website.
  • Your business name cannot contain words used to name a government agency (i.e., State Department, CIA, FBI, Treasury, etc.)
  • Also, it can’t contain certain restricted words like bank, lawyer, attorney, credit union, etc.
  • Ensure to Reserve the name once you find the availability: You must complete the Name Reservation Request for Domestic Entities form at least two weeks before registration or reserve your business name when completing the online LLC registration.
  • Consider if the URL is available: Check online to see if your business name is known as a web domain. If it is, you may want to buy the URL to prevent others from acquiring it.
See also  How to Start an LLC in New Hampshire: Best Guide

Provide an Official Address for Your LLC

You need to provide an official address for your LLC in Minnesota, whether it’s home (if the company is run from a residence), a building, or any other physical location.

This is impotent for every LLC in Minnesota to have a designated street address. 

Assign a Registered Agent

Also, you need to assign someone who receives official legal and tax correspondence and has responsibility for filing reports with the Minnesota Secretary of State.

This is because every Minnesota LLC is required to have a Registered Agent.

However, you can fill this position, assign another manager to your business or use a Registered Agent service. 

However, if your registered agent is a person, they must have a physical street address in Minnesota. They must be present during business hours to receive important documents on behalf of your company.

File Articles of Organization with the Minnesota Secretary of State

After you have gathered all the information needed for your LLC, you’ll need to file a form with the Minnesota Secretary of State to create your LLC officially.

Your article on organizations must contain: 

  • Your business name and address
  • Details of your Registered Agent
  • Purpose of your business
  • Duration (can be perpetual or limited)
  • Provisions for the regulation of the internal affairs of the company
  • Names and addresses of managers or members of the LLC at the time of filing
  • Name of the organizer

In addition, you can file your Minnesota Articles of Organization online via the state’s online business portal

Also, you can mail the form to the Office of the Secretary of State.

However, it costs $155 for an expedited online or in-person filing and $135 to file by mail.

See also  How to Start an LLC in Alabama in 6 Simple Steps

You can file by mail via

Minnesota Secretary of State – Business Services

Retirement Systems of Minnesota Building

60 Empire Drive, Suite 100

St Paul, MN 55103

Meanwhile, you only need to file your Articles of Organization in Minnesota once, but you’ll need to file an annual report every year.

Get an Employer Identification Number (EIN) from the Internal Revenue Service

You’ll need an Employer Identification Number to identify your business to the IRS. This number is used when filing and paying taxes or submitting payroll information and payments for your employees. 

Also, an EIN is required to open a business bank account. You can obtain it directly from the IRS.

Create an Operating Agreement

An LLC operating agreement is a sort of “instruction manual” that explains how you’ll run your business.

Also, it outlines how the business is divided among members.

It also contains how decisions will be made and what will happen should a member leave the company.

However, you are not legally required to have a Minnesota Operating Agreement, but it is recommended to protect your business from any future changes and events.

Conclusion

As simple as filing an LLC in Minnesota is, you will follow simple guides and requirements to get your LLC running in Minnesota. 

The steps have been simplified and explained in this guide on how to start an LLC in Minnesota. 

The first step to take on how to start an LLC in Minnesota is to Choose a Unique Business Name and Complete a State Business Search

However, you must note that another business must not have used the name you choose for your LLC and ensure that the domain name is also available.

Also, you must Provide an Official Address for Your LLC, Assign a Registered Agent,  File Articles of Organization with the Minnesota Secretary of State, and Get an Employer Identification Number (EIN) from the Internal Revenue Service. 

In addition, you must Create an Operating Agreement. 

We hope you find this guide on how to start an LLC in Minnesota helpful.

See also  How To Start An LLC in Hawaii

Kindly share with your friends. 

How to start an LLC in other states of the United States

Please follow and like us:
icon follow en us
pin share

Leave a Comment

RSS
Follow by Email