Filing a Minnesota LLC
The process of filing as a Minnesota LLC is rather straightforward, making it easy for first-time business owners to form a company. Additionally, the LLC structure is an excellent way for owners to protect themselves from liabilities associated with the business.
Steps To Filing a Minnesota LLC
Choose A Name
When filing an LLC in Minnesota, the first thing you’ll need to do is choose a name for your company. The state of Minnesota requires all LLCs to include a relevant indicator in their name. This means that, by law, you’ll need to include something along the lines of “Limited Liability Company” or “L.L.C.” in your company name. You’ll also want to make sure that the name you choose is not already in use by another entity. The best way to do this is to use our Name Availability Check Page.
Choose A Registered Agent
Those looking to form a Minnesota LLC will also have to choose a registered agent to serve on their behalf. The registered agent is tasked with accepting legal correspondence on the company’s behalf. Failure to select the right registered agent could hinder your business growth significantly. Consider hiring a professional third-party such as DoMyLLC to serve as your registered agent.
File Articles Of Organization & Pay Filing Fees
Once the name and registered agent are in order, potential business owners can begin to file their Articles of Organization with the Secretary of State. To do so, owners must include a $135 filing fee. If they wish to expedite the forms, they must pay $155. The document will contain other critical elements, including:
- The name of the company
- Name and address of the registered agent
- Duration of the company
- The name, address, and signatures of the company organizers
File Initial Report
Minnesota LLCs are not obligated to file an Initial Report. However, the first Annual Report is due within a year of formation.
Create An Operating Agreement And Hold Meetings
To ensure that the business runs smoothly, Minnesota LLC owners will want to compile an operating agreement, which will clarify the structure of the company and how they intend to hold meetings.
Obtain Employer Identification Number
All businesses must file taxes, and there’s a good chance that after forming your Minnesota LLC, you’ll want to open a bank account in your company name. To do both, you’ll need to contact the IRS to receive an Employer Identification Number.
File State Required Annual Reports
Each year, Minnesota LLCs must file an Annual Report with the Secretary of State’s office by December 31. There is no fee to do so, but it’s imperative that owners file this paperwork on time. If the forms are not recorded by January 1, the state will dissolve the business. Owners should take time to learn more about the Minnesota Annual Report requirements.
Minnesota LLC owners must also file taxes each year and renew any licenses or permits relevant to the business. They must do so at the federal, state, and local levels.
How DoMyLLC Can Assist With Streamlining The Process
New business owners may find it difficult to keep track of the paperwork required to run the company. That’s why DoMyLLC offers services such as:
- Name availability check
- Articles of Organization preparation
- Filing of the Articles of Organization with the Secretary of State’s office
- Sample documents, including a sample Operating Agreement, meeting notices, and meeting minutes
- Dedicated account manager
- Unlimited customer support
Be sure to contact DoMyLLC today. We can work with you to determine the package of services that would be most beneficial to your Minnesota LLC.