Filing a Minnesota Corporation
Electing to file as a Minnesota Corporation could be advantageous. Business owners will find that Corporations offer numerous tax benefits and could help them gain credibility from customers. However, owners must also know that they need to be particularly diligent when filing the paperwork required to become a Corporation.
Steps When Filing
Choose A Name
The first thing that those looking to create a business must do is choose a name for their new entity. The state of Minnesota does not allow two businesses to share the same name. To ensure that the name they’ve chosen is unique, owners should use the DoMyLLC Name Availability Check Page.
Furthermore, Minnesota also mandates that companies include an indicator in their name. In this case, owners will want to add something like, “Corporation,” “Incorporated,” “Limited,” “Company,” or an abbreviation, such as “Inc.”
Choose An Agent For Service Of Process
After choosing a name, owners will then need to dedicate time to finding a quality registered agent. The registered agent is responsible for accepting all legal correspondence on behalf of the company. Many owners don’t realize how beneficial a registered agent can be to their business. Those forming a Minnesota Corporation should look into hiring a professional third-party company, such as DoMyLLC, to serve as their registered agent.
File Articles Of Incorporation & Pay Filing Fees
After securing a name and registered agent, owners can file the Articles of Incorporation with the Secretary of State’s office. It costs $135 to submit this form by mail and $155 to register online or expedited in-person. Information that owners must provide on this form includes:
- The name of the company
- Name and address of the registered agent
- Number of authorized shares
- Incorporator’s name, address, and signature
- The email address for official notices
- Daytime phone number
- Number of employees the Corporation will have
- Industry in which the company
- Gross revenue
File Initial Report
The state of Minnesota does not require companies to file Initial Report. However, if the Corporation wishes to expand to other states in the future, it may be necessary.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After submitting the Articles of Incorporation, members can hold the initial corporate meeting. Those who filed Articles of Incorporation are responsible for overseeing the initial meeting. Incorporators should appoint individuals to the board of directors at this meeting and record this information in the corporate records. Directors will serve on the board until the next annual meeting of the shareholders, where they will be up for re-election.
Once in place, the board can draft corporate bylaws, define the roles of officers, and elect officers. The board of directors must adopt a set of bylaws before the Corporation can begin to conduct business. Bylaws are private and act as an internal operating manual. However, they’re needed for some outside endeavors, such as taking out a loan or an insurance policy.
Issue Stock
While at the initial corporate meeting, directors will also need to issue stock and begin to keep a stock ledger. The board of directors is responsible for approving all stock issuances during the life cycle of the Corporation. The amount of stock that the board can issue should have been previously outlined in the Articles of Incorporation. The ledger is also critical, as it provides transparency to investors, which helps protect the corporate veil.
Obtain Employer Identification Number
The Minnesota Corporation will need to contact the IRS to obtain an Employer Identification Number, which will allow them to file taxes, hire new employees, and open a business banking account.
File Minnesota Required Annual Reports
Minnesota will require the Corporation to file an Annual Report anytime during the calendar year. There is no fee to do so. Officers can learn more about the requirements at our Minnesota Annual Report page.
Ongoing Maintenance
In addition to filing an Annual Report, the Minnesota Corporation will also need to register state and federal taxes and renew all licenses and permits each year.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we understand that administrative duties can become a burden on your daily business operations. That’s why we offer streamlined services, such as:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Minnesota’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
By allowing us to focus on the administrative and regulatory aspect of forming a Minnesota Corporation, you can focus on growing your brand. Be sure to contact us today to learn more about how we can help.