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Forming an LLC in Minnesota
Forming an LLC in Minnesota is not that tricky, but if you have a hectic life or dislike administrative work, you can of course pay to have an incorporation company do it for you. Regardless of your choice, it is always advisable to let an attorney check your Operating Agreement to make sure that it adheres to the IRS standards regarding LLC’s.
Forming an LLC in Minnesota in 5 easy steps
- Pick a name for your LLC. Make sure that the name is not already occupied by another LLC or violates any trademark. The name must contain an LLC identifier, such as “Limited Company”, “Limited Liability Company” or “L.L.C”. The name of an LLC is not allowed to contain the terms “incorporated”, “inc.”, “corporation” or “corp.”
- File Articles of Organization with the Minnesota State filing office.
- Arrange an organizational meeting and adopt the Operating Agreement that will direct the maintenance of your LLC.
- When the Operating Agreement has been formally adopted, it is time to obtain a Federal Employer Identification Number (FEIN) and open a separate bank account for the LLC.
- After forming an LLC in Minnesota, the newly formed company must obtain a local business license from each city or county where it will be active.
Important facts to take into consideration before forming an LLC in Minnesota
- The minimum state filing fee is $135.00 in Minnesota. (For 30 business days.)
- The annual report must be handed in by December 31. The annual report fee varies, contact the Minnesota State filing office for more information if you plan on forming an LLC in Minnesota.
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