LLC in MN: What You Need to Know

How much is LLC in MN?
The cost to start a Minnesota limited liability company (LLC) is $155 online and in-person or $135 by mail. This fee is paid to the Minnesota Secretary of State when filing the LLC’s Articles of Organization.
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One choice you’ll need to make if you’re considering launching a business in Minnesota is whether or not to create a limited liability company (LLC). Because it combines liability protection and tax flexibility, an LLC is a popular business structure. But how much does it cost in Minnesota to set up an LLC?

As of 2021, Minnesota will charge a filing fee of $155 to create an LLC. The Minnesota Secretary of State’s website offers online and postal filing options. If you need to make modifications to your LLC after it has been formed or if you desire expedited processing, there are additional costs.

Let’s now address some related queries. What steps may you take to identify a company’s owner? LLCs in Minnesota must submit an annual report to the Secretary of State’s office that contains the names and addresses of all of the company’s members (owners). The website of the Secretary of State has access to this information, which is public record.

Is my LLC private or public? Because an LLC is not publicly traded, it is automatically regarded as a private entity. However, as was already noted, some information regarding the LLC and its owners is available to the public and can be viewed by anyone.

How can I find out who owns an LLC, one may also inquire? As was already indicated, the website of the Secretary of State provides access to the names and addresses of all LLC members as part of the public record. However, some information might not be made public if the LLC chose to be taxed as a S corporation.

Therefore, is it possible for me to use an existing company name? You are unable to use a business name that is already in use in Minnesota. Two businesses cannot share the same name since the state keeps a database of all company names. It’s a good idea to check the Secretary of State’s website to see whether the name you have in mind for your LLC is already taken before deciding on it.

In conclusion, creating an LLC in Minnesota is a rather simple process that costs $155 to file. It’s crucial to remember that some information pertaining to the LLC and its owners is public record. It’s crucial to confirm that the name you desire is available and not being used by another company before forming your LLC.

FAQ
Can you trademark a name already in use but not trademarked?

Yes, you can trademark a name that is currently in use but not yet registered as a trademark as long as you can demonstrate that you are using it in commerce and that there is no likelihood that it will cause confusion with the name’s current usage. To avoid any potential legal problems, it is strongly advised that you carry out a comprehensive trademark search before seeking to register a trademark.

And another question, can 2 businesses have the same name?

Yes, even if they are in separate states or engage in different commercial activities, two companies with the same name can coexist. However, two companies operating in the same industry and in the same state cannot share the same name. Before forming an LLC in Minnesota, firms can check the Secretary of State’s database to see if the name they want to use is already taken.