If you're looking to start a business in Minnesota, then forming a corporation can help you limit your personal liability. Incorporating your business can also make it easier for you to attract investors and access capital. However, the process of incorporating a business can be intimidating. That's why we've put together this guide on how to start a minnesota corporation.
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Choose a Name for Your Corporation
The first step in creating a Minnesota corporation is choosing a name for your business. You'll need to make sure the name you choose isn't already being used by another business in the state. You can check the availability of business names by searching the Minnesota Secretary of State's business name database.
Once you've found a name that's available, you'll need to reserve it. You can do this by filing a Name Reservation Request with the Secretary of State. This will prevent others from using the name while you're in the process of incorporating your business.
Choose a Registered Agent
A registered agent is a person or company that will accept legal notices and service of process on behalf of your corporation. In Minnesota, all corporations must have a registered agent.
Your registered agent should be a reliable person or company with a physical address in Minnesota. You can choose an individual as your registered agent, but keep in mind that their name and address will be on public record.
Prepare Articles of Incorporation
Next, you'll need to prepare your corporation's Articles of Incorporation. This document is filed with the Minnesota Secretary of State and sets out the basics of your corporation, such as its name, purpose, registered agent, and initial directors.
You can prepare Articles of Incorporation yourself, or you can hire an attorney to do it for you. Make sure you include the required information, such as the purpose of your corporation and the name and address of your registered agent.
File Your Articles of Incorporation
Once you've prepared your Articles of Incorporation, you'll need to file them with the Minnesota Secretary of State. You can do this online or by mail.
Filing fees vary depending on the type of corporation you're forming and whether you file online or by mail. Currently, incorporating a Minnesota corporation online costs $135, while the fee to file by mail is $155.
Obtain an Employer Identification Number (EIN)
After you file your Articles of Incorporation, you'll need to obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). The EIN is a unique number assigned by the IRS that identifies your corporation for tax purposes.
You can apply for an EIN online, by phone, fax, or mail. There is no fee for applying for an EIN.
Create Bylaws
Bylaws are the internal rules that your corporation will abide by. They set out details such as how directors will be elected, how meetings will be conducted, and how many votes are required to pass a resolution.
Although bylaws are not required by law, they are a necessary component of a well-organized corporation. Bylaws help ensure that everyone within the corporation is clear on their roles and responsibilities.
Hold an Organizational Meeting
Lastly, you'll need to hold an organizational meeting once your corporation has been incorporated. This is a meeting where the initial directors of your corporation adopt the bylaws, elect officers, and take any other actions as needed to get the corporation up and running.
Conclusion
Starting a Minnesota corporation may seem daunting, but with this guide, the process can be broken down into manageable steps. Remember to begin with choosing a name, then a registered agent, preparing and filing your Articles of Incorporation, obtaining an EIN, creating bylaws, and lastly, holding an organizational meeting. Best of luck in your new venture!
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