In Minnesota, forming an LLC involves various costs and fees to consider:
- The cost to start an LLC in Minnesota is $155 online or in-person and $135 by mail. This fee is for filing the Articles of Organization.
- An annual renewal fee of $25 is required each year for all LLCs in Minnesota.
To start an LLC in Minnesota, follow these steps:
- Submit the Articles of Organization: Provide essential company information such as your LLC’s name, purpose, and members.
- Check LLC Name Availability: Ensure that your desired business name is available in Minnesota or be prepared to use an alternative name.
- Review Insurance Options: Consider purchasing insurance policies like workers’ compensation and general liability for risk management.
Before setting up an LLC in Minnesota, keep these factors in mind:
- Choose the appropriate business entity, such as an LLC or a corporation, to establish a professional business presence.
- Obtain an Employer Identification Number (EIN) from the IRS to identify your company for tax purposes.
- The Minnesota Secretary of State charges $135 to file the Articles of Organization by mail, with an additional $50 for LLC name reservation if filed by mail.
- Remember that an Operating Agreement is not mandatory for forming an LLC in Minnesota.
- Make sure your LLC has a designated street address and a Registered Agent for legal documentation.
- Factor in insurance expenses like workers’ compensation and general liability policies when starting your Minnesota LLC.
- As per the state’s requirements, an LLC in Minnesota may need to file an annual renewal, but there is no fee for this filing.
To establish an LLC in Minnesota, you must:
- File the Articles of Organization with the Secretary of State, which includes paying a $135 fee for mail submission or $155 for online or in-person processing.
- Choose an appropriate business name that is available in the state and consider obtaining additional business licenses as necessary.