You might be asking if you need to renew your Limited Liability Company (LLC) on an annual basis if you own a business in Minnesota and have founded one. Yes, in order to keep your LLC in good standing, you must submit an annual renewal with the Minnesota Secretary of State.
In Minnesota, an LLC must pay $45 each year to renew its license. By December 31st of each year, this fee is due. There is a $25 late fee if your annual renewal is not submitted by the deadline. Additionally, your LLC will be administratively terminated if it is not renewed by April 1 of the following year.
You can submit an annual renewal for your Minnesota LLC online via the website of the Minnesota Secretary of State. The name of your LLC, its filing number, and the name and address of your registered agent must all be provided. After that, a prompt to pay the $45 renewal cost will appear.
When you submit your yearly renewal form, you can make any changes to the information pertaining to your LLC, such as a change in registered agent or address. To guarantee that you receive vital legal documents and alerts, it is crucial to keep the information on your LLC up to date.
If you have employees or conduct business in Minnesota, you could be required to file an annual report with the Minnesota Department of Revenue in addition to renewing your LLC. The state tax liability for your LLC is determined using this report.
In conclusion, it’s critical to keep in mind to renew your Minnesota LLC each year in order to prevent administrative dissolution. The Minnesota Secretary of State’s website accepts online renewal applications for a $45 cost. While renewing your LLC, you can also amend its details. Don’t forget to submit an annual report, if necessary, to the Minnesota Department of Revenue.
Yes, if you conduct business under a name other than your official business name, Minnesota mandates that you file a DBA (Doing Business As) statement. A Certificate of Assumed Name must be submitted to the Minnesota Secretary of State.
Doing business as (DBA) is a moniker that a company employs in place of its official name. It is sometimes referred to as an assumed name or fictitious name. As a legal entity, an LLC (Limited responsibility Company) offers its owners limited responsibility protection for the debts and responsibilities of the company. The primary distinction between a DBA and an LLC is that the latter is a distinct legal entity from the former. An LLC offers personal liability protection to the business owner, but a DBA does not.