Minnesota is one of the leading states in the nation in terms of agricultural receipts and generates almost 4% of the nation’s total agricultural receipts. The revenue generated comes from five different agricultural products and they are hogs, corn for grain, dairy products, soybeans, and cattle. There is an increasing trend of setting up companies in Minnesota especially in the manufacturing industry like the computer and electronic products that includes manufacturing of medical devices, communications equipment, agricultural machinery, transportation equipment, and computer components. This diverse industrial focus of Minnesota based businesses has contributed hugely to the current-dollar GDP, which was estimated at $351.1 billion in 2017.
Why Choose Minnesota for Incorporation?
Is company incorporation in Minnesota a really good business option? Minnesota does not only offers a great business climate but also the opportunity in the form of business incentives so that start ups can grow within the state.
Now let’s take a look at some of the salient reasons that are responsible for fuelling the growth of small businesses:
- Border-Cities Enterprise Zone Program: The primary aim of this program is to ensure that different types of business tax credits are made available to businesses that qualify for this program. After incorporation in Minnesota, you can benefit from tax credits like property tax credit, sales tax credit on construction equipment, debt financing credit on new construction, and tax credit on construction materials, and new employee credits.
- Greater Minnesota Job Expansion Program: This is a program that provides qualifying business with tax benefits. Businesses that are located in Greater Minnesota and aid in increasing employment will be able to benefit from sales tax refund on specific purchases (purchase and use of construction materials) that have been made during a seven-year period.
How do you incorporate in Minnesota?
Is there a process for company incorporation in Minnesota? Do you require any specific documents? How can you submit or file these documents? These are some of the questions that you will be confronted with and hence the following steps will provide you with information on how incorporation works in Minnesota:
Type of Business
What type of business would you like to form in Minnesota? Will it be a Sole Proprietorship firm or a C Corporation? The type of domestic or foreign businesses that can be incorporated or formed in the state include Domestic and Foreign Corporation, Limited Liability Company (Domestic & Foreign), Cooperative (Domestic) – Chapter 308A, Limited Liability Partnership (LLP), Limited Partnership (LP), and Nonprofit Corporation. The first step towards company incorporation in Minnesota is to identify the type of business you want to set up.
Business Entity Name
What is the next step towards incorporation in Minnesota? The next step is to identify and reserve a name and this can be done as follows:
- Naming Requirements: The naming requirements for LLC should be pursuant to 2017 Minnesota Statutes, 322C.0108 while that of a business corporation should be pursuant to 2017 Minnesota Statutes, 302A.115. The name of each limited liability company must contain words like “Limited Liability Company” or abbreviations like “L.L.C.” or “LLC”. A corporate name must contain words like “corporation”, or “incorporated” or abbreviations like “corp.” or “inc.”
- Business name search: You need to search for a business name that is not in use currently. You can conduct name search here.
- Name Reservation: Once you have identified a business entity name, you can reserve the name with the Secretary of State for a one year period. Application for Name Reservation
Choose a Registered Agent
The 2017 Minnesota Statutes, 322C.0113 (LLC) and 2017 Minnesota Statutes, 302A.121 (Business Corporations) states that each Business or Professional Corporation and Limited Liability Company is required to maintain a registered agent in the state of Minnesota. We are one of the respected registered agents in Minnesota and will be responsible towards initiating company incorporation in Minnesota through processing of all your documents including “Articles of Incorporation” for domestic corporations and “Certificate of Authority” for foreign corporations.
Articles of Incorporation and Certificate of Authority
If you are planning to form a domestic corporation (For profit), then you will have to file “Articles of incorporation” pursuant to MN Stat § 302A.111 (2013). If you are planning foreign business incorporation in Minnesota then you will be required to file a “Certificate of Authority” pursuant to MN Stat § Chapter 319B.01 to 319B.12. In order to streamline the process we can file documents on your behalf through an online process or an expedited process.
Date Stamped Copies
As a part of the process of company incorporation in Minnesota, we will ensure, you receive date-stamped and filed copies that verifies that the state has filed as well as formed your corporation.
Costs and Fees associated with Minnesota Incorporation
What would it cost to set up a company in Minnesota? Check Fees here!