It can be thrilling and satisfying to launch a business, but it’s crucial to be aware of the associated expenditures. There are a few costs and fees you should be aware of if you intend to register a business in Minnesota.
The type of business entity you choose to form will affect how much it costs to register a business in Minnesota. Limited liability companies (LLCs), corporations, partnerships, and sole proprietorships are among the different types of businesses that can be incorporated in the state of Minnesota.
There is no formal registration procedure necessary for a sole proprietorship or partnership. But if you decide to use a “doing business as” (DBA) name—a name other than your own—you must submit a Certificate of Assumed Name to the Minnesota Secretary of State. A Certificate of Assumed Name must be filed for $50.
The incorporation procedure is more extensive for corporations and LLCs. You must submit Articles of Organization to the Minnesota Secretary of State in order to establish an LLC there. Articles of Organization must be filed for a price of $135. Additionally, a $25 annual renewal fee must be filed by all LLCs in Minnesota.
Articles of Incorporation must be submitted to the Minnesota Secretary of State if you decide to establish a corporation there. Articles of incorporation require a $155 filing fee. Additionally, a $60 annual renewal fee must be filed by all corporations in Minnesota.
There can be additional charges to take into account in addition to the registration fees for your firm, such as those for accounting and legal services, business insurance, and marketing expenditures.
Understanding the startup costs is crucial, but it’s equally critical to take into account any prospective rewards. Selecting the ideal business structure can provide liability protection, tax advantages, and more. You can decide which kind of business corporation is ideal for your particular circumstance by speaking with a business attorney or accountant.
As a result, the price to register a business in Minnesota varies according to the kind of entity you choose to create. Although there are costs involved in the registration procedure, it’s crucial to weigh the advantages and get advice from experts to be sure you’re choosing the right course of action for your company.