A person or firm designated as a registered agent will receive significant legal and tax documents on behalf of a corporation or LLC. Every LLC must have a registered agent in Minnesota who may accept service of process, tax notifications, and other legal documents on the company’s behalf. Even though it’s typical to hire a registered agent, many LLC owners frequently ponder whether they can serve as their own registered agent.
Yes, you are allowed to serve as your own registered agent in Minnesota. To become a registered agent, you must, nevertheless, fulfill a number of requirements. To conduct business in Minnesota, you must be a resident of the state or be a legally recognized firm with a physical location where legal documents may be delivered during regular business hours. P.O. Boxes are not valid addresses.
You can act as your own registered agent for your Minnesota LLC if you satisfy these conditions. Many small business owners who want to cut costs on registered agent fees, which may run from $100 to $300 annually, may find this to be an appealing option. However, serving as your own registered agent has several drawbacks.
The requirement that you be accessible during regular business hours in order to receive legal documents is one of the key drawbacks. You must make arrangements for someone else to receive your legal documents if you plan to leave the workplace or go on vacation. It can also be frustrating and time-consuming to manage a lawsuit or other legal action on your own if you are served with it.
Privacy is another thing to take into account. The Minnesota Secretary of State’s website will make your personal information accessible to the general public if you choose to be the registered agent for your LLC using your own name and address. This may put your privacy at risk and subject you to unwanted solicitation.
If you want to act as your own registered agent, your name and address must appear in the articles of formation and annual report for your LLC. You can switch your registered agent if you subsequently decide to work with a professional agent by submitting a Statement of Change of Registered Office or Registered Agent to the Minnesota Secretary of State.
In conclusion, even if serving as your own registered agent for your LLC in Minnesota is possible, there are advantages and disadvantages to weigh before making the choice. Being your own registered agent can save you money if you are able to handle the responsibilities and meet the standards. For your peace of mind and convenience, it might be worth the cost to let a professional handle this crucial task, though.