Type In Legal Minnesota Corporations And LLC Forms For Free

If there will be multiple people involved in running the company, an S-Corp would be better than an LLC since there would be oversight via the board of directors. Also, members can be employees, and an S-Corp allows the members to receive cash dividends from company profits, which can be a great employee perk.

If you want to start a small business, you can form a new LLC (limited liability company) in Minnesota without hiring an attorney. You will save the expense of attorney's fees, but you also will not have the counsel of a business attorney and will have some other risks. The risks are explained at the end.

It costs $155 to form an LLC in Minnesota. This is a fee paid for the Articles of Organization. You'll file this form with the Minnesota Secretary of State. And once approved, your LLC will go into existence.

An LLC lets you take advantage of the benefits of both the corporation and partnership business structures. LLCs protect you from personal liability in most instances, your personal assets ? like your vehicle, house, and savings accounts ? won't be at risk in case your LLC faces bankruptcy or lawsuits.

The biggest difference is that corporations have ?shareholders? and LLCs have ?members.? Corporations tend to have many owners, while LLCs are now the most common small business entity type.

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.