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How to set up a corporation in Minnesota

 
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Category : > Articles Directory To Open A Corporation in The USA
Posted On : Thu Nov 03rd,2016

 
Self explanatory guide to register the corporation in Minnesota
 

How to register a business name in Minnesota as a Corporation?

What is Minnesota Corporation?

Corporation is a form of legal business, owned by one or more members, having liability of its member limited to the extent of their respective investment. Members can transfer stock easily. In Minnesota you can form C Corporation, not for profit Corporation, Professional Corporation, Domestic Business Corporation and foreign Business Corporation; here we will focus on how you can set up Business Corporation in Minnesota.

Naming you Minnesota Corporation

Your corporation name must contain incorporated, Inc., Corporation, Corp., Company, Co., Limited, or Ltd.

You have to file name reservation application before the Secretary of the state in the Office of Minnesota secretary of State. The validity of name reservation is 12 month which is further extendable after filling the prescribed fee. Download name reservation form from the official website of office of the Minnesota Secretary of State to reserve a name.

Specifying a Registered Address and Agent

A registered office address in Minnesota is required and an Agent is not required. List the complete street address or rural route and rural route box number for the registered office address. A post office box by itself is not acceptable. If you have a registered agent, list the full name of the agent located at the registered office address.

Structure of authorized shares

There is no limit for authorized shares of stock but at least one share is authorized to incorporate in Minnesota. You may decide as many shares and its par value you want to register for incorporation. But this must not be nil or zero.

Specifying incorporators

At least one incorporator is required by Minnesota State to form a corporation. He must be natural person not below the age of 18 years. List the name and complete address for each incorporator. A signature is required for each incorporator or by an Authorized Agent.

Minnesota Filling articles of incorporation

You can file articles of incorporation online with online account and you may also file in person or by physical mail in the Office of the Minnesota Secretary of Statey, excluding holidays).

Bylaws for Minnesota Corporation

Bye-laws are not required by Minnesota State. Bylaws should be clear and precise. You may draft from a legal consultant or CPA. Simply bylaws include all about the internal process of the corporation you can draft bylaws by including all internal policies and procedures.

Other legal Requirements for Minnesota Corporation

Below are the useful resources for tax matters, licensing and permit for Minnesota Corporation. You can avail following services as per the nature of the business adopted by corporation.

  • INTERNAL REVENUE SERVICE For Employer ID# Form: 1-800-829-3676 Tel. Assistance for Businesses: 1-800-829-4933 Tel. Assistance for Tax Exempt Organizations: 1-877-829-5500 Website: www.irs.gov
  • DEPARTMENT OF COMMERCE Licensing of Banks, Credit Unions, Insurance, Real Estate, Securities, etc. Phone: 651-539-1500 Website: www.commerce.state.mn.us
  • DEPARTMENT OF REVENUE General Info: 651-296-6181 State Tax ID Info: 651-282-5225 or 1-800-657-3605 Website: www.revenue.state.mn.us
  • DEPARTMENT OF LABOR & INDUSTRY Worker’s Comp & General Info: 651-284-5000 Contractor License Info: 651-284-5034 Website: www.doli.state.mn.us
  • DEPARTMENT OF EMPLOYMENT & ECONOMIC DEVELOPMENT (DEED)MN Unemployment Insurance Program & Unemployment Insurance Employer Account Info: 651-296-6141, Website: www.uimn.org
  • SMALL BUSINESS ASSISTANCE Publishes "A Guide to Starting a Business in MN "Phone: 651-556-8425 or 1-800-310-8323Website: www.mnsbao.com

File Minnesota Assumed Name Under the Corporation

If you filed a Certificate of Assumed Name or an Amended Certificate of Assumed Name, you must publish it in a “legal newspaper” in the county in which the business is located. You can get a list of those newspapers on our website under Business & Liens, Start a Business, Legal Newspapers and List of Legal Newspapers. Your assumed name filing may be invalid if you do not complete this step. You can file as many names in your existing corporation.

Legal Newspaper Status

Legal newspapers are officially designated publications in which citizens and governmental units advertise notices required by law. For example, individuals and businesses filing Assumed Name Certificates at the Secretary of State's office must advertise their intention to use a name in two consecutive issues of a legal newspaper.  In addition, the law requires that notices must be placed in legal newspapers for many public hearings, opening of bids for public contracts, public land sales, corporate dissolution, and numerous other private and government activities

Annual Renewal of MN Assumed Name

If you filed a Certificate of Assumed Name, Foreign Business, or Non-Profit Corporation, you must file an annual renewal once every calendar year, beginning in the calendar year following your original filing with the Secretary of State. Your Assumed Name will expire if you fail to file your annual renewal.

Annual report for Minnesota Corporation

All corporations are registered with the Minnesota Secretary of State must file an annual report yearly with no fee to renew a Minnesota Corporation.

Certificate of good standing for Minnesota Corporation

It is a document issued by the State showing that corporation is complying with all legal requirements and has active position. You may get this by applying with secretary of the State.

Minnesota S Corporation

You can file an S Corporation election with the Internal Revenue Service by filing a form 2553 for the tax purpose.

  

Abdul Wahab

MS Management Sciences, ACMA, APFA


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