In order to keep your Minnesota limited liability company (LLC) in good standing, you must renew it each year. Failure to renew your LLC could result in fines or even the closure of your company. The Minnesota Secretary of State has established a standard renewal charge of $45 for Minnesota LLCs.
You must submit a renewal paperwork to the Minnesota Secretary of State in order to renew your LLC. The form can be submitted online or by mail. The cost to file the form electronically is $45, while the cost to mail the form is $50. You can use a credit card or an electronic cheque to pay for an online filing. You must enclose a personal cheque or money order made payable to the Minnesota Secretary of State if you file by mail.
Your LLC name, business address, registered agent information, and other pertinent information must be provided in order to renew your LLC. Additionally, you must disclose any alterations to your LLC, such as a change of management or ownership. You can submit the renewal form as early as October 1st; it is due on December 31st of each year.
Your company will be labeled as “not in good standing” and you will be charged late fees and penalties if you don’t renew your LLC by the due date. After the deadline, you can still renew your LLC, but you will have to pay a $25 late fee in addition to the regular renewal fee.
You might also need to renew your Minnesota business license in addition to your LLC. Depending on your region and industry, several conditions must be met in order to renew your company license. The Minnesota Department of Revenue website has further details about renewing your business license.
You can revive your LLC by submitting a reinstatement form and paying a reinstatement fee if it has been dissolved or revoked by the Minnesota Secretary of State. You must mail in the form and pay the $135 reinstatement cost. You must also submit any omitted annual reports and settle any unpaid fines or fees.
Last but not least, ZenBusiness is an excellent choice if you’re seeking for a trustworthy and reasonably priced approach to create or renew your LLC. A variety of services are available for business owners through ZenBusiness, such as LLC formation, registered agent services, annual report filing, and more. They are a well-liked option among small business owners because to their reputation for providing high-quality customer service and competitive prices.