Why form a Minnesota LLC?
The Limited Liability Company is a relatively new business entity when compared to a Corporation. The LLC does provide the same liability protection as that of a Corporation. However the biggest difference is the way taxes are handled and the ease of operating the company on a day to day basis. The advantages of forming a LLC are many but the main reason why business owners would form a LLC is for the liability protection that is granted to you. We can form the LLC for you and take all the guess work out of filing for a LLC. Let us help you. Move away from running a sole proprietorship and start a LLC today.
LLC naming requirements
Every Minnesota Limited Liability Company name must be in the English language or in any other language expressed in English letters or characters. The name shall contain the words "limited liability company," or must contain the abbreviation "LLC". The LLC name must not contain the word corporation or incorporated the abbreviation of those words. The name may not contain a word or phrase that indicates or implies that it is organized for a purpose other than a legal business purpose. Every LLC name must be distinguishable upon the records in the Office of the Secretary of State from the name of each domestic limited liability company, limited liability partnership, corporation, and limited partnership.
Who is Liable for business debt?
When forming a Minnesota LLC, you are in fact creating a legal and separate entity. Therefore if the company were to be in a lawsuit, the personal assets are unaffected. Therefore the individuals are not liable for the debts and obligations of the entity.
What is a Registered Agent?
Every state in the country requires that a LLC have a Registered Agent. A registered agent serves as the contact person of the Secretary of State for legal purposes. The Secretary of State will serve process on this individual should the company be sued. Therefore it is wise to choose a registered agent wisely. In most cases the owners or members will serve as the registered agent however there are third party companies that do offer these services. The primary requirements for a registered agent are that they must be an individual over the age of 18, a resident and have a physical street address.
| 
