minnesota attorney general how to start a business

• Step 1: Write a Business Plan. There are many resources available to assist you in the initial planning stages of...
• Step 2: Choose a business type. Here is a brief overview of the main types of business structures available in Minnesota.
• Step 3: Register (file) your business on this site, in person or by mail.

Full Answer

How to start a business in Minnesota?

This section contains information to help you through the process of starting a business: The basic instructions for forming, naming, and registering a business, descriptions of the types of businesses in Minnesota, and further resources for business owners. Please read this page and visit the links on the left for all the information you need ...

Do banks and insurance companies file with the Minnesota Secretary of State?

Step 1: Create an online account with us and login. Here you can find more information about creating an online account. Step 2: Go to the Business Filings Online page and click on the business structure you would like for your business. Step 3: Answer the questions about non-profit status and professional status.

How to form a Minnesota Limited Liability Company (LLC)?

There are many things to consider when starting a business. The following items explain some of the areas regulated by the Minnesota Department of Labor and Industry. Other helpful Minnesota resources. Minnesota Business First Stop from the Minnesota Department of Employment and Economic Development. Department of Revenue

How do I start a non profit organization?

Feb 13, 2022 · Home » How to Start a Business in Minnesota » Guide to Starting a Business in Minnesota. Quick Reference. Steps to Starting a Business in Minnesota [2022] Step 1: Choose a Business Idea. Step 2: Write a Business Plan. Step 3: Select a Business Entity.

Can a corporation pick a name in Minnesota?

Corporations and LLCs will pick a name at the time of formation. This name has to be different from the other entities registered with the Minnesota Secretary of State. Registering the entity name will not provide much protection from anyone else from using the name, other than being able to register with the Secretary of State.

Is a general partnership a sole proprietorship?

General Partnerships consist of two or more people conducting a business together. Like the sole proprietorship, there is no formal state filing. Also, like the sole proprietorship, the partnership has unlimited liability. If the partnership were to be sued, the partner’s personal assets are equally at risk.

Why do people write business plans?

Many people only consider writing a business plan because the bank asks for one in order to get funding. While that’s a valid reason, more importantly, writing a business plan gets the ideas out of the entrepreneur’s head and helps create a roadmap for where they want the business to go.

Does a partnership have unlimited liability?

Also, like the sole proprietorship, the partnership has unlimited liability. If the partnership were to be sued, the partner’s personal assets are equally at risk. The partnership itself does not pay tax from business income. Instead, profits and losses are passed through to the owner’s personal tax return.

Does a partnership pay taxes?

If the partnership were to be sued, the partner’s personal assets are equally at risk. The partnership itself does not pay tax from business income. Instead, profits and losses are passed through to the owner’s personal tax return. This income is subject to self-employment tax.

What is a corporation?

A Corporation is a business structure that is a separate entity from the individual. While corporations are more expensive and difficult to form than sole proprietorships and partnerships, the major advantage is that the corporation provides personal asset protection for the owners, should the corporation be sued.

What is an EIN number?

The Employer Identification Number or EIN (sometimes referred to as the Federal Employer Identification Number or FEIN) is a nine-digit tax identification number issued by the Internal Revenue Service (IRS). This number identifies a business operating in the U.S and is used for paying payroll taxes, filing tax returns, and more. Much like what a social security number is to a person, the EIN is similar to a social security number for a business. While most businesses will need to get an EIN, some do not.

Who registers foreign businesses in Minnesota?

Minnesota Secretary of State. The Minnesota Secretary of State registers foreign and domestic businesses doing business in the State of Minnesota. It also provides a range of online and walk-in services, including business name searches, filings and renewals, and ordering copies and certificates. You may contact the Minnesota Secretary ...

What is the Minnesota Department of Employment and Economic Development?

The Minnesota Department of Employment and Economic Development may be able to provide training and other assistance to businesses. For more information, contact the Department of Employment and Economic Development as follows: Minnesota Department of Employment and Economic Development.

Basic Tax Information

The Minnesota Department of Revenue has basic tax information for people who are starting a business.

Starting a Business in Minnesota

The Minnesota Department of Employment and Economic Development can help you answer common questions about starting a business in Minnesota. Learn more about what you need to do before you start, business plans, licenses and permits, and more.

What is a certificate of assumed name in Minnesota?

Any sole-proprietorship or general partnership that conducts business in Minnesota under a name that does not contain the full name of each individual doing business as a proprietor or partner, must file a Certificate of Assumed Name.

How often do you need to renew your Minnesota business license?

An annual renewal is required once each calendar year. There is a fee to file the renewal.

What is a public benefit corporation in Minnesota?

A public benefit corporation is a new type of profit-making Minnesota business in which the business pledges to pursue a general or specific benefit to society. The benefit is not necessarily related to the business the corporation operates.

What is a PBC in Minnesota?

A public benefit corporation is a new type of profit-making Minnesota business in which the business pledges to pursue a general or specific benefit to society. The benefit is not necessarily related to the business the corporation operates. A PBC is formed and incorporated in the same way as a normal Minnesota business corporation. A PBC is additionally required to submit a public annual report that details how they met their public benefit. There is no tax advantage to being a public benefit corporation, or to investing in one. There are no tax deductions to investors, and the company pays corporate tax on all profits. NOTE: Registration of a public benefit corporation must be filed by mail or in person (not online).

What is a non profit corporation?

A nonprofit corporation files Articles of Incorporation with this office and is formed for a purpose not involving monetary gain and paying no dividends to its members. It may form for any lawful purpose, including the conduct of commercial activities.

Consumer Assistance Hotline

The Attorney General’s Office is often able to answer questions over the phone or talk through a problem to determine whether a written complaint should be filed with the Office. You may contact the Attorney General’s Office by phone as follows:

Direct Assistance to Consumers

In some cases, the Attorney General’s Office is able to help people resolve problems with a business by contacting the organization.

Assistance in Locating Other Government Agencies

In some cases, the Attorney General’s Office is able to assist people in locating other government agencies that may be able to help address (or should be alerted to) a problem. For example, some businesses (such as banks, insurance companies, HMOs, debt collection agencies, car dealers, and many others) are licensed by other government agencies.

Enforcement of Criminal Laws

The Minnesota Legislature has designated the county attorney as the official with authority to prosecute crimes in Minnesota and has designated the local police or sheriff’s department as the agency with the authority to investigate alleged criminal violations. In addition, other federal criminal agencies, such as the FBI, U.S. Attorney, U.S.

We Cannot Give Legal Advice to Individuals

The Minnesota Attorney General’s Office is not authorized to give specific legal advice to individuals or act on behalf of individuals in private legal matters. If you feel you need legal advice and want an attorney to advise you, the Minnesota State Bar Association's Attorney Referral Service is available on the Internet at www.mnfindalawyer.com.