Business Formation
Minnesota recognizes a variety of entities, such as a C-Corporation, S-Corporation or Limited Liability Company, which may or may not be appropriate for your business. Choosing the appropriate entity for your business depends upon a number of legal and tax considerations. Therefore our firm recommends you seek the advice of an attorney and accountant in choosing the appropriate entity for your business. Entities, such as limited liability partnerships, which provide liability protection for the owners and operators, require the completion of documents specific to the entity type to obtain recognition from the Minnesota Secretary of State. Also, depending upon the entity, documents may need to be filed with the Internal Revenue Service. Although forms for these organizing documents may be found online, the advice of an attorney can assist you in making certain that your organizing documents contain the provisions most appropriate to meet your business’ needs.
Among the issues you could discuss with your attorney include:
Reasons to Incorporate:
I want to start a business, and would like some liability protection, how can I achieve that goal?
What is “limited liability” and why is it important?
Are there any drawbacks to operating as a sole proprietorship or general partnership?
Types of Business Entities Recognized in Minnesota:
What are the differences between a C-Corporation, S-Corporation, Limited Liability Company and Limited Liability Partnership?
How do I decide which choice of entity is appropriate for my business?
How are corporations different from partnerships, sole proprietorships and LLCs?
What are the advantages of creating an LLC to own real-estate?
Incorporating / Forming Business Organizations:
What documents are required to incorporate a business or form an limited liability company?
What information should be included in the by-laws, member control agreements and operating agreements?
What documents need to be filed to remain in good standing?
Names:
How do I choose a name for my business?
How can I protect my business name?
If I do business under a different name than the formal name of my business, what filings do I have to make?
Exit Issues:
What happens if one partner wants to leave the partnership?