Minnesota secretary of state Business Forms

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Commonly Asked Questions about Minnesota secretary of state Business Forms

How do I set up an LLC in Minnesota?

To establish an LLC in Minnesota, submit Articles of Organization to the office of the Secretary of State. The document must include information such as the complete mailing addresses of each organizer. You can complete the process online, send in your documents by mail or submit your paperwork in person.

Do I need an EIN for my LLC in MN?

An EIN is required for LLCs that will have employees. Additionally, most banks require an EIN in order to open a business bank account. State tax identification number. Minnesota does not require a state tax identification number.

What is the difference between a single-member LLC and a sole proprietorship?

Unlike a Sole Proprietor which is an unregistered business entity using for the most part the single owners name, a Single-Member LLC registers the business entity with the state and separates the personal assets of the single owner from that of the business.

Does a single member LLC need an EIN in Minnesota?

For tax purposes, LLCs must apply for a federal Employer ID Number from the Internal Revenue Service (IRS), and a Minnesota Tax ID Number from the Minnesota Department of Revenue.

How are LLCs taxed in Minnesota?

Minnesota LLC members must pay federal income tax at the 15.3% self-employment rate plus state income tax at a graduated rate. Minnesota collects a state sales tax of 6.875%, and most municipalities also levy a local sales tax.

Does IRS recognize single-member LLC?

For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner, unless it files Form 8832 and elects to be treated as a corporation. However, for purposes of employment tax and certain excise taxes, an LLC with only one member is still considered a separate entity.

Do single member LLCs need EIN?

An LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed below. Most new single-member LLCs classified as disregarded entities will need to obtain an EIN. An LLC applies for an EIN by filing Form SS-4, Application for Employer Identification Number.

How much does it cost to form an LLC in Minnesota?

It costs approximately $135 to officially file your LLC in Minnesota. Additionally, Minnesota imposes annual renewal fees and filing fees based on your LLCs annual revenue. The renewal fee varies, and the filing fee depends on your LLCs revenue, so the exact cost can differ from one business to another.