Minnesota, which is also known as the land of 10,000 lakes, ranks among the top 10 states for doing business in the United States. With the high quality of life it offers, the state of Minnesota is perfect for budding entrepreneurs. To start a business, we recommend you to form an LLC in this state by performing a Minnesota business entity search. But why is it necessary to form a Minnesota LLC?
An LLC or Limited Liability Company is a popular option for small to medium-scale businesses in the state of Minnesota. A Minnesota LLC has several benefits as well, including, various tax benefits. In addition, it is also easy to form a Limited Liability Company in this state compared to other business structures.
Minnesota Business Entity Search
Naming a business can be the most crucial part when starting a new business. In addition, it is safe to say that a business name is the first impression of your company. However, you cannot name your business based on some other registered business name. Here’s where the Minnesota business entity search comes in handy. A business entity search is performed in order to conduct an inquiry about registered businesses and to check if your preferred LLC name is available or not. As a new business owner in Minnesota, this could be a vital step as you cannot register an LLC if your name matches other registered LLC names.
Minnesota LLC Naming Guidelines
Naming your Minnesota LLC could be time-consuming. In addition, you should also be aware of the Minnesota LLC naming guidelines that are written below:
- As the business structure is an LLC, your Minnesota business name must include “LLC”, “L.L.C”, or “Limited liability company” usually at the end of the name.
- Words such as FBI, Treasury, etc. that could confuse your Minnesota LLC with a government agency must not be used.
- Similarly, your LLC cannot contain the words “Incorporated” or “Corporation”. Likewise, restricted words like “University” or “Bank” may require extra paperwork.
- The name must be unique and different from other LLC names registered in this state. Hence, you must carry out a Minnesota business entity search on the portal of Minnesota SOS business search.
Minnesota Business Entity Search Procedure
Before you register your Minnesota LLC, you should make sure that you carry out a Minnesota business entity search. But what is the exact procedure to conduct a name search? Access the portal of the Minnesota Secretary of State business search. There are basically two main methods to conduct this.
1. Search By Business Name
Once your access the Minnesota business search page, you can select the “Business Name” button. After that, simply enter the preferred business name in the search box.
Hit the search button and you will be redirected to the search result page that will include a list of business entities that matches your searched entity name.
You can click on the “Details” button here for detailed information about a particular entity.
2. Search By File Number
If you know the File Number of registered businesses in Minnesota, you can select the “File Number” button. After that, simply provide the file number in the search box and carry out an inquiry.
3. Business Name Availablity
To check if your preferred business name is available in Minnesota, you are required to create an account. After that, you can simply enter your desired business name and check whether the LLC name is available in Minnesota or not.
Reserving Your Minnesota LLC Name
The state of Minnesota allows new businesses to reserve an LLC name. And if you want to reserve your LLC name, you are required to file the necessary documents with the Minnesota Secretary of State. The filing fee to reserve a name in this state is $35. Firstly, you are required to conduct the Minnesota business entity search and check if the name is available or not. Once you file the documents with the reservation fee, your Minnesota LLC name will be reserved for the next 12 months. And if you wish to renew it, you can do it for the next 12 months as well.
Registering Your Minnesota LLC Name
Once you check the name availability on the portal of Minnesota Secretary of State business search, you can simply form an LLC now. To form an LLC, you can file the Articles of Organization with the Minnesota SOS. In addition, this will cost you a filing fee of about $155. Once you file the Articles of Organization along with the filing fee, your Minnesota LLC is officially formed. However, the approval time to form an LLC in this state is somewhere between 4-7 business days.
Domain & Trademark
Creating a website for your Minnesota LLC is a vital step for your business. This means you have to select a domain name that matches your LLC name. Likewise, you can even search and buy a domain name before forming an LLC to prevent others from buying your preferred domain. In addition, you can trademark your Minnesota LLC name if you wish to secure it. The Trademark registration cost in the state of Minnesota is $50.
Frequently Asked Questions
1. How can I check if my desired business name is available in Minnesota or not?
You can simply conduct a Minnesota business entity search by creating an account on the official portal of the Minnesota SOS business search.
2. How much does it cost to form an LLC in Minnesota?
To register an LLC in Minnesota you have to pay a processing and filing fee of about $155.
3. How long does it take to form an LLC in Minnesota?
It can take up to 4-7 business days of approval time to form an LLC in Minnesota.
4. For how many days can I reserve an LLC name in Minnesota?
The state of Minnesota allows you to reserve an LLC name for a period of 12 months. In addition, after its expiration, you can re-reserve it for the next 12 months
5. Can I use the word “University” with my Minnesota LLC name?
“University” is a restricted word, using this word may require special permission.