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Minnesota
Corporate Name Endings
- The name shall
not be deceptively similar to the names of any other domestic corporation,
limited partnership, limited liability partnership, limited liability
company, foreign corporation, foreign limited partnership, foreign limited
liability partnership, or foreign limited liability company authorized
to do business in the state, unless: (1) such other corporation is about
to change its name, cease business, dissolve, or withdraw, and (2) written
consent therefrom is obtained. The name shall contain the word "Corporation,"
"Incorporated," "Limited," or the abbreviation thereof, or shall contain
the word "Company" or the abbreviation "Co.," only if it is not immediately
preceded by the word "and" or the character "&."
Corporation Requirements
- Director Information
- Minimum Number - One or more.
- Residence Requirements - No provision.
- Age Requirements - None.
- Directors are
not required to be listed in the articles of incorporation.
- Officer Information
- Officers are
not required to be listed in the articles of incorporation.
- Stock Information
- An increase
in shares or par value does not affect initial filing fees.
- Corporate Records
- The minutes
of shareholders' and directors' meetings for the last three years
must be kept at the registered office. Bylaws, articles of incorporation,
and all amendments to these documents, as well as the statement
of names and addresses of its principal officers also must be kept
at this office.
Taxes and Fees
- Annual Statements
- An annual
registration form must be filed with the Secretary of State by December
31st. There is no filing fee for domestic corporations that file
on a timely basis with no amendments. The filing fee for foreign
corporations is $115.
- Income Tax Rate
- The income
tax rate is 9.8% of taxable income.
- S Corporation
- S Corporation
status is recognized by the State of Minnesota. A separate state
election from the federal election is not required; however, Minnesota
does assess a minimum fee on S-Corporations based upon certain factors.
The minimum fee ranges from $0 to $5,000.
- License Requirements
- Minnesota requires
you obtain a license and pay a fee if operating certain types of
businesses in the state. The following is a partial list:
- Collection agencies
- Driver training schools
- Dry cleaning
- Employment agencies
- Entertainment agencies
- Food handlers
- Insurance agent
- Real estate appraisers
- Vending machines operators
Please check with the state to make sure your business is complying
with the license requirements for your particular profession.
For more information on taxes, visit
www.taxes.state.mn.us.
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