If you want to form a business entity that earns a profit, but limits taxes and personal liability, you may want to consider forming a Limited Liability Company (LLC). LLCs also have the same powers afforded to a corporation. Forming an LLC in Minnesota is easy, fast, and affordable.
| Minnesota LLC Costs | |
|---|---|
| TotalLegal Fee | $99 |
| Minnesota Filing Fee | $155 |
| Total | $254 |
The name of the limited liability company must contain the words “limited liability company” or the abbreviation “L.L.C.,” or “LLC”. The LLC name should not contain the words "corporation" or "incorporated" or the abbreviations "co.", "corp." or "inc."
The LLC name may not include the words "Corporation" or "Incorporated" or any abbreviations of those words.
The words "Bank" or "Trust" are not allowed.
TotalLegal.com is unable to file LLCs that are banks or insurance companies, as those entities are filed directly with the Minnesota Department of Commerce.
You will need to provide the name of your LLC, the business address and phonne number of the LLC, the Registered Agent's name and physical address, and the name(s) and address(es) of the organizers (the person(s) forming the LLC).
When approved, TotalLegal will upload your Articles of Organization to your account, and send you an email letting you know you are approved to do business in Minnesota.
It's not hard at all. Each Minnesota LLC is required to file an Annual Renewal once every calendar year, beginning in the calendar year following your original filing with the Secretary of State. Your entity will be “statutorily dissolved” (no longer be recognized as existing in Minnesota) if you fail to file your annual renewal. If your entity has been statutorily dissolved, you may have it retroactively reinstated (as long as the name is still available) by filing a renewal for the current year and paying a fee.
Making changes to your LLC in Minnesota is pretty inexpensive compared to other states. Most amendments and changes cost around $55. All the forms you need to amend your LLC and/or change your Registered Agent are available online from the Minnesota Secretary of State's website.
TotalLegal provides your LLC with a free Operating Agreement. Since your approved LLC's Articles of Organization do not list the owners (members) of the LLC, having all of this information in your Operating Agreement will make opening a bank account for your LLC in Minnesota very easy.
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