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By forming a corporation and electing S corp status from the IRS. Step 1: Name Your LLC. Step 2: Choose Your Minnesota Registered Agent. Step 3: File the Minnesota LLC Articles of Organization. Step 4: Create an LLC Operating Agreement. Step 5: Get an EIN and Complete Form 2553 on the IRS Website.
There is no fee for filing the annual renewal if the entity is active and in good standing. An entity that has been dissolved by our office for failure to file an annual renewal, may retroactively reinstate its existence by filing the current years renewal and pay the applicable fee.
All you have to do is fill out the Minnesota name reservation form with the Secretary of States office. Theres a filing fee of $55 for in-person or online filings (expedited service) and $35 for mail filings.
Most S corporation income is taxed after it passes through to shareholders. S corporations must pay Minnesotas corporate tax rate of 9.8% on the following: The Minnesota portion of any passive income that is subject to federal tax.
If you meet IRS requirements, you can elect S-corp status by filing Form 2553, Election by a Small Business Corporation. If you file paperwork and complete the process within two months and 15 days after the beginning of the current tax year, you may be able to claim S-corp status for the current tax year.
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Business Filing Certification Fee Schedule Assumed Name - Chapter 333Mail Filing FeeIn Person and Online Filing Fee (*Not Available online)Articles of Incorporation Original Filing$70.00$90.00Amendment$35.00$55.00Annual Renewal$0$0Annual Reinstatement$0$0160 more rows
How much does it cost to form an LLC in Minnesota? The Minnesota Secretary of State charges $135 to file the Articles of Organization by mail and $155 to file online or in-person. You can file an LLC name reservation for $50 if filed by mail and $55 if filed online or in-person.
Business profits are taxed at the owners personal tax rates. However, if an LLC elects to be taxed as a C corporation, it must pay federal corporate income tax and a flat 9.8% Minnesota corporate franchise tax.
How much does it cost to form an LLC in Minnesota? The Minnesota Secretary of State charges $135 to file the Articles of Organization by mail and $155 to file online or in-person. You can file an LLC name reservation for $50 if filed by mail and $55 if filed online or in-person.
But incorporating a business comes with registration costs, legal fees and a greater administrative burden than operating a sole proprietorship. You needa separate bank account for the corporation. I usually tell clients that its not worth incorporating unless the business is bringing in at least $100,000.

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