To open an llc in minnesota, you must do three basic things: choose a qualified registered agent, select a unique name for your company, and file Articles of Organization with your county clerk. You can also file the documents electronically, by hand, or by mail. In either case, you'll need the forms from the state where you registered the LLC. If you filed electronically, an authorized electronic signature is required on all documents you send or file. Send or file the necessary forms to the county office closest to you, then follow up to make sure they've received it.
Most Minnnesota LLCs are strictly self-regulating. The most important piece of documentation you'll need is the Articles of Organization. These are filed with the county where your LLC is registered, along with any other statutory or common law corporate requirements. This along with the company name and address, which are printed on the bottom of the Articles of Organization, identifies your LLC. All LLCs follow these same filing guidelines as traditional corporations.
One of the most popular variations of an llc in minnesota is a "limited liability" or "pass-through" corporation. A Limited Liability Company is different from a corporation because it does not have a stand in a court of law. It has no shares, no voting rights, and is not required to provide public notice of its existence. Your Limited Liability Company is simply a business that you run from your home. Although you're still required to register and pay taxes, a Limited Liability Company in Minnesota requires far less reporting to the state's agencies than a typical corporation.
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As for the Articles of Organization, all LLCs follow the same general format, which is a two-page document divided into three parts. One part, called the Operating Agreement, sets out the details of the management and operations of the LLC, including who is responsible for paying the LLC's tax obligations, such as the office, the LLC itself, and other LLC members. The other two parts, known as the Operating Agreement and the Operating Procedures, outline the legal responsibilities of the LLC, which include reporting to the state, filing reports of tax returns, paying the appropriate state taxes, and other official business practices. Both parts of the Articles of Organization must be submitted to the office before you can start running an LLC in Minnesota.
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To file your Articles of Organization, you'll need to provide the filing office with some important information. First, you'll need to indicate whether your LLC is a "sole proprietorship" or "incorporation." Even if your LLC is not formally recognized as an LLC by the state, it still needs to indicate its LLC status in the Income Tax Certificate following submission to the secretary of state.
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A sole proprietorship refers to a business that is led and controlled by one person. On the other hand, a corporation refers to a business that has more than one owner, but does not have one person leading and controlling the business. In both cases, there may be different reporting requirements for the individual owners of the LLCs. An LLC in Minnesota may be required to file a report with the secretary of state after it has been established, but it will not be required to file a report with the Minnesota Corporation Commission unless it is authorized to do so by the secretary of state. Also, although the minimum qualifications for an LLC in Minnesota are somewhat lower than in other states, the LLC itself still cannot be a "sole proprietorship," and it must meet all state filing requirements.
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If your LLC is still not recognized as an LLC by the secretary of state, you might need to complete a simple process to request filing correction. You'll need to provide the filing office with a copy of the signed Operating Agreement, along with proof that the LLC has been properly registered and that all of the LLC's Annual Renewal Requirements have been met. It's not necessary to send these documents via fax, email or snail mail, but you'll want to have a hard copy sent as an attachment. The Minnesota SSS requires that a copy of the Operating Agreement be filed on the corporation's website. Once this information has been submitted online, it will become available to anyone who makes a search through the Internet database of the Secretary of State - and, if the LLC in question is not filed online, then through the state's registry. If the LLC in question is still not filed online with the Secretary, the filing office can help you get it filed at a later date.
After the documents have been submitted, the documents must be forwarded to the register of deeds office in the city and county in which you live. This step is simply not required by the Minnesota corporation law; however, it must be completed by the LLC itself. Failure to file the documents with the Minneapolis office can result in the cancellation of the LLC's registration. If the LLC doesn't file its Articles of Organization, it will effectively be operating as a limited liability company, without any real asset or equity.
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