Away to the “Land of 10,000 Lakes” we go today to learn about how to incorporate in Minnesota! The 21st most populous state, notable for its fair mix of forests and a thriving metropolitan area within the “Twin Cities” of Minneapolis-Saint Paul, Minnesota is also ranked #8 on the Forbes best states for business list. The state has a strong economic hub as well with the Target Corporation, General Mills, and Medtronic Inc. all calling it home for their company headquarters.
Though Thumbtack.com has ranked the state with a C+ in the areas of tax code, health and safety, employment, labor, and hiring, and licensing, Minnesota has received an A- when it comes to overall state friendliness and ease of starting a business. Much of this may be credited to how Minnesota has a strong economic outlook, ranking #5 on Forbes for quality of life and with the cost of doing business as 1.6% below the national average.
If you’re ready to form an LLC or incorporate in Minnesota, here are a few things you need to know first.
Minnesota LLC and Corporation requirements:
- For both entities, the state typically completes filings within three days.
- As stated on the Minnesota Secretary of State website, an annual renewal is required once each calendar year for LLCs and business corporations. For an LLC, there is no charge for filing unless the company has been terminated or revoked for which there is a reinstatement fee. For corporations, again no charge is necessary when filing for a renewal unless the corporation has been dissolved, then it will require a reinstatement fee.
- There’s no need to name a registered agent for LLCs, but a physical and registered street address in Minnesota for the person who represents the LLC must be included.
- Corporations formed in Minnesota do not need a business address located in the state as a filing requirement.
If you’re on board with making a name for yourself and your brand in Minnesota or have more questions about filing an LLC or incorporating there, give us a call at 1-(877) 692-6772, or leave a comment below!