Step 1: Select your fictitious name Choose a name that is not already in use in Minnesota before registering your assumed name. On the Minnesota Secretary of State’s website, you can see if the name you want is available. It’s crucial to pick a name that truly describes your company and is distinctive.
The second step is to register with the Minnesota Secretary of State. You must submit a registration form to the Minnesota Secretary of State in order to register your assumed name. This can be done by mail or online. The cost to file electronically is $50, while the cost to file by mail is $55. For five years, the registration is valid.
Step 3: Issue a legal notice
Following the approval of your assumed name registration, you must issue a legal notice and publish it in a newspaper in the county where your company is based. The notice shall be published weekly for two weeks. On the website of the Minnesota Secretary of State, you can locate a list of accepted publications.
Step 4: Obtain the relevant licenses and permits
Depending on the type of your business, you might need to get licenses and permits from different municipal and state organizations. The website of the Minnesota Department of Employment and Economic Development has more details.
How to create an LLC’s DBA in Minnesota
You must register an assumed name if you have an LLC and wish to conduct business under a name other than the LLC’s legal name. In Minnesota, creating a DBA for an LLC follows the same procedure as creating one for any other type of organization. In Minnesota, how much does it cost to register a DBA?
If you register an assumed name in Minnesota online, the filing price is $50; if you register it by mail, the filing fee is $55.
What does the term “assumed name” mean?
A person or company who conducts business under a name other than their legal name is said to be using an assumed name. What is an assumed name known as?
Doing Business As (DBA) names are another common moniker for an assumed name.
A sole proprietorship or partnership may choose to operate under a name other than the legal name of the owner(s) of the business by using the DBA (Doing Business As) designation. The proprietors of an LLC (Limited Liability Company), on the other hand, are not held personally accountable for the debts and liabilities of the business. In Minnesota, setting up an LLC entails creating a distinct legal entity that is able to own property, enter into contracts, and engage in business, whereas registering an assumed name (DBA) is necessary for a sole proprietorship or partnership to conduct business under a name that is different from their legal name. DBA is a method of conducting business under a different name, but LLC is a form of corporate structure with its own legal identity. This is the major distinction between DBA and LLC.