You must apply for a Certificate of Assumed Name if you want to operate your new Minnesota firm under a name other than your own. With the help of this legal document, you can legally operate under the name you have given your company to the state. How to obtain a Certificate of Assumed Name in Minnesota is as follows:
1. Pick a distinctive name: Your company name cannot be the same as the name of another Minnesota-registered corporation. On the Minnesota Secretary of State’s website, you can see if the name you want is available.
You can submit a Certificate of Assumed Name by mail or online. $50 is the filing fee. You must enclose a check or money order made payable to the Minnesota Secretary of State if you decide to file by mail.
3. Publication of your Certificate of Assumed Name: Your Certificate of Assumed Name must be published in an official newspaper in the county where your company is based. You will receive an Affidavit of Publication from the publication, which you must submit to the Minnesota Secretary of State.
Let’s move on to address some pertinent company law queries now:
A DBA (doing business as) has the drawback of offering no legal protection for your private assets. Your personal assets may be at danger if your company is sued or goes into debt. A DBA also doesn’t provide the same level of liability protection as a distinct legal entity, such as an LLC or corporation.
Your DBA and LLC may indeed share a name. For your DBA, you must submit a Certificate of Assumed Name, which is a separate procedure from registering your LLC.
It depends on your company’s revenue and other elements. Due to the fact that S corporations do not have to pay self-employment taxes on their revenues, they often pay less taxes than LLCs. S corporations must submit yearly reports to the state and are subject to additional ownership limitations.
So if I own a S corp, am I considered self-employed? You are not regarded as self-employed if you are a shareholder in a S corporation. Instead, you work for the S corporation as an employee and are paid a salary as well as other benefits. You must disclose your income as an employee on a separate tax return that you must file for the S business.
Finally, beginning a firm necessitates navigating a number of legal procedures and issues. A Certificate of Assumed Name application is only the first step in the procedure. It’s crucial to get legal or financial advice to make sure you’re making educated choices and safeguarding your assets, both personal and company.
A single-member LLC is eligible to hold a S corporation. In actuality, small enterprises frequently use this structure. The tax status of the LLC is transferred to the S company, and the LLC is regarded as the owner of the S corporation. To ascertain whether this structure is suitable for your particular business needs, it is crucial to speak with a legal or financial expert.