Starting a business can be nerve-racking, especially when you are trying to expand or want to start a business in a state or country where you’re a non-resident. Not to mention, choosing a specific location requires adequate research for your business to thrive. As one of the ideal business locations among the states, the state of Minnesota would be a great choice.
And indeed as one of the inclusive and innovative states when it comes to small and startup businesses, Minnesota has truly captured the hearts of aspiring entrepreneurs. Now, if you are an entrepreneur who wants to start business in Minnesota but lives outside the state, you have nothing to worry about! Here are the basic steps that you should know to register a business in Minnesota.
1. Get your Visa if an immigrant
Honestly, there is nothing to worry about if you are living in the United States of America (USA) and you just want to start a business in the state. The dilemma might just occur if you are living outside the country. Hence, you need to acquire a Visa if you want to start a business in the US. You also need to check immigration laws, as each country has different applicable laws for foreign residents who wish to start a business in their country.
2. Decide for your business entity
Before all, you should know what business entity or structure you want for your business. It is essential as this will dictate how you should register your business as each entity has its unique registration processes. If you are planning to establish a sole proprietorship business in Minnesota, usually you will just be needing general business permits such as Employment Identification Number (EIN) for taxation and employees’ payroll, and business bank account. Yet, if you want to establish a limited liability company (LLC) business, the process will be much longer.
3. Secure your registered agent
As mentioned, there is no such rule that you must establish your business solely within your state. Yet, you must have a registered agent who is living in the state of Minnesota. Registered agents are usually needed in limited liability companies and corporations. As they will be the ones who will be in-charge of legal documents on behalf of your business, the state requires that the registered agent must be a resident of the state.
4. Obtain the necessary business essentials
If your business is a corporation or an LLC, indeed this list of permits and documents will be part of your business registration process.
As a corporation, you will be needing the Articles of Incorporation as similar to Articles of Formation in LLC. These documents are indeed necessary to officially form your business.
Corporations are composed of shareholders from which they must have a copy of the Share Certificate on each of them. Likewise, LLC will be needing a Member Certificate on each of its members. This will allow them to certify that they are one of the shareholders or members of the business respectively.
The requirement for taxation is similar for all types of business entities. This is the acquisition of Employer Identification Number (EIN) from which is identified as Internal Revenue Service (IRS) Form SS4.
Starting a business in a different state or country where you’re not a resident can be a difficult task at first as you’re not familiar with the rules and regulations of your desired state. But with the help of research, consultations, and following the state’s process of registering your business, surely it will be rewardful at the end.