A Limited Liability Company is a business entity in the U.S. that protects its owners from personal responsibility for its debts and liabilities. LLCs offer owners characteristics of both corporations and partnerships or sole proprietorships, making them the perfect balance between liability and taxation. As a business attorney in Minnesota, Wilson Legal Solutions is here to assist you in forming your LLC and would like to inform you of what you need to know about its documentation. Visit us online to learn more about this service!
What You Need To Know About LLC Documentation
Choose an LLC Name
The first important thing to note is that your LLC will need an official name. The state of Minnesota has some naming guidelines you must follow to complete this process adequately, including requiring the use of “LLC” within the name and the restriction of certain words or phrases.
It may be a good idea to look for website URLs available with your chosen name, especially if your business will involve online activity. For similar reasons, you may also want to get all email addresses available with the new LLC name!
Picking A Registered Agent
Minnesota law requires your LLC to have a registered agent. This agent is the individual who receives and sends legal papers for the LLC and must be a state resident or a company that can conduct business within the state. The registered agent may be yourself, or a business you trust such as us at Wilson Legal Solutions!
Articles of Organization
Articles of organization are documents that act as formal applications to legally establish an LLC, which set forth important details about the business entity. This information will include items such as your business name, address, registered agent information, and business status. This process is important as it will be one of the main steps in fully establishing your LLC.
Get Your Employment Identification Number (EIN)
In order to file your business tax return, you must get an EIN for the IRS to correctly identify your LLC. Without this number, you will not be able to adequately prepare your taxes, which is something you never want to deal with! An EIN is also important for banking, as some establishments require this information to open a business account.
These are four of the most important documents you will run into when forming an LLC within the state of Minnesota. Although you can manage to form this business entity on your own, it may be a good idea to visit a Minnesota Lawyer, as they can best help guide you throughout the process. At Wilson Legal Solutions, our experts have years of experience helping individuals like you, successfully form their LLCs, helping them take advantage of everything they have to offer! Contact us today or visit us online to get started.