Obtaining a DBA is a fairly easy process in Minnesota. You must submit a certificate of assumed name along with a $50 filing fee to the Secretary of State’s office. The name and address of the business, the name and address of the owner or owners, and a description of the nature of the business must all be included on this certificate. After submitting the certificate, you can begin operating under your DBA.
You’ll also require a business license if you’re opening a business in Minnesota. Depending on the kind of business you operate and the city or county where you are located, a business license can cost anywhere from $100 to over $1,000. A regular business license in Minneapolis, for instance, costs $70 for the first year and $40 for each additional year. A basic business license in St. Paul costs $65 the first year and $55 each additional year.
You must choose between forming an LLC and a S corporation when constructing your firm. Both LLCs and S corporations provide protection from personal liability, but they differ significantly in a few important ways. S corporations have less constraints on who can own and run the company, although LLCs allow more flexibility in these areas. S corps are additionally subject to more intricate tax regulations than LLCs.
Depending on the kind of business you’re beginning, Minnesota business registration costs also vary. For instance, if you want to create an LLC, you must submit your articles of incorporation and pay a $135 filing fee to the Secretary of State’s office. You must submit articles of incorporation and pay a fee of $155 in order to create a corporation.
To make sure your selected name is available, you should run a name search if you wish to register a business name in Minnesota. Once you’ve discovered a name that is available, you can reserve it for a period of 12 months by submitting an application to the Secretary of State’s office and paying a $30 fee.
In conclusion, it’s critical for any business owner who wants to use a name other than their legal name to comprehend the term DBA. A $50 filing fee and a certificate of assumed name must be submitted to the Secretary of State’s office in Minnesota in order to get a DBA. If you’re launching a business in Minnesota, you’ll also need to determine whether to create an LLC or a S corp and apply for a business license. Depending on the type of business you’re creating, Minnesota business registration fees vary. To reserve a business name for a period of 12 months, you must do a name search and pay a $30 charge.