Forming an LLC in Minnesota
Forming an LLC in Minnesota in 7 easy steps
- You must choose a name that adheres to Minnesota law. The name cannot include the terms “incorporated”, “inc.”, “corporation” or “corp.” and it must contain an LLC identifies such as “Limited Company” or “L.L.C.”. If you for instance wish to call your company “Minnesota Marmalade” you can pick the formal name “Minnesota Marmalade LLC”. You must naturally refrain from names that are already used by other LLC’s and you must adhere to trademark law.
- You are not required to hire an attorney to form an LLC in Minnesota, but it can still be a good idea to let an attorney go through your Operating Agreement before you adopt it. Faulty Operating Agreements are known to cause problems with the IRS for LLC’s.
- Now is the right time to visit the Minnesota State filing office and file the Articles of Organization. The minimum filing fee is $135. (For 30 business days.)
- Once you have filed the Articles of Organization, the members of the LLC must attend an Organizational Meeting where the Operating Agreement is formally adopted.
- Apply for a Federal Employer Identification Number (FEIN) for your newly formed LLC.
- Open up a company bank account.
- Obtain any necessary permits and local business licenses from the cities and counties where you will be active.
Maintaining an LLC in Minnesota
In Minnesota, LLC’s must hand in their annual report by December 31st. The annual report fee varies and it is therefore best to contact the Minnesota State filing office before you form an LLC in Minnesota to find out how much your LLC will be required to pay each year.
