How to Start Your LLC in Minnesota
Legal Bueno helps with everything you need to start your business. We take care of all the paperwork so you don't have to worry about it. Want to learn more about the process we handle? Keep reading!
Quick Summary:
- Filing Fee: $155
- Turnaround time: immediately
How do I start an LLC in Minnesota?
Thinking about starting an LLC? The process is pretty similar across the states. You'll start by picking a unique name for your business (you'll need to check to make sure it hasn't been taken!) and then filing some paperwork—usually called Articles of Organization or a Certificate of Formation—with your state's agency.
If you want to check the name availability for Minnesota, visit https://mblsportal.sos.state.mn.us/Business/Search.
After that's taken care of, you'll want to draft a governing doc for your business called an operating agreement & find any licenses you might need. Just keep in mind that each state has its own little quirks, so it's always a good idea to double-check specific requirements for your area.
What are the costs & processing times of starting a business in Minnesota?
Here's the rundown for Minnesota:
- The filing fee is: $155
- There are ongoing fees of $0 (however, an information report must be filed every year)
- It usually takes immediately if you're filing online or 11-12 business days (plus mail time) if by mail.
Why Minnesota is a great state for your LLC
Starting a company in Minnesota comes with numerous advantages that can significantly benefit entrepreneurs. Here are key reasons to consider launching your business in this state:
- Business-Friendly Environment: Minnesota recognizes the value of entrepreneurship and offers various incentives for businesses that meet specific criteria. This is crucial for startups looking to grow.
- Tax Incentives: The state provides business and tax incentives designed to encourage investment, development, and job creation. For instance, the Border-Cities Enterprise Zone Program offers multiple incentives for qualifying businesses.
- LLC Advantages: Creating a Minnesota limited liability company (LLC) is one of the simplest and fastest ways to establish a business.
- Alternative Business Structures: If an LLC does not align with your business model, Minnesota also allows for forming corporations, providing flexibility in choosing the right structure for your company.
Overall, Minnesota's supportive environment for entrepreneurs, alongside its specific incentives and streamlined business formation processes, makes it an attractive option for starting a company.
Legal Requirements
Remember! Legal Bueno will handle all of these requirements for you, but if you're interested, here are the legal requirements for Minnesota:
Articles of Organization
The articles of organization must include:1. The name of the LLC;
- The street address of the initial registered office and, if any, the name of the LLC's agent for service of process; and
- The name and street address of each organizer.
Articles of organization may also contain statements as to matters that are not required.
Minn. Stat. § 322C.0201
Filing fee online: $155
Filing fee by mail: $135
Filing Process
After you've prepared the initial formation documents, you need to file it! Here is what Minnesota laws require for filing:
A record authorized or required to be filed with the secretary of state must be captioned to describe the record's purpose, be in a medium permitted by the secretary of state, and be delivered to the secretary of state. If the requisite filing fee has been paid, unless the secretary of state determines that a record does not comply with the filing requirements, the secretary of state must file the record and:1. For a statement of denial, send an image of the filed statement and a receipt for the fees to the person on whose behalf the statement was delivered for filing and to the LLC; and
- For all other records, send an image of the filed record to the person on whose behalf the record was filed.
Minn. Stat. § 322C.0205
Additional Legal Considerations
Here are some additional relevant laws that might be useful when operating your business in Minnesota:
Operating agreement–scope, function, and limitations
Minn. Stat. § 322C.0110
Operating agreement–effect on LLC and persons becoming members–preformation agreement
Minn. Stat. § 322C.0111
Operating agreement–effect on third parties and relationship to records effective on behalf of LLC
Minn. Stat. § 322C.0112
Certificate of existence or authorization
Minn. Stat. § 322C.0207
Annual report for secretary of state
Minn. Stat. § 322C.0208