Minnesota is a state in the Upper Midwest, Great Lakes, and Northern regions of the United States. The 'Land of 10,000 Lakes' borders the Canadian provinces of Ontario and Manitoba in the North, North Dakota and South Dakota in the West, Iowa in the South, and Wisconsin in the Southeast. It shares a water border with Michigan in Lake Superior. Minnesota is divided into 87 counties.

Minnesota has a total area of 86,950 square miles (225,163 km2).

Population

The United States Census Bureau estimates the population of Minnesota was 5.64 million as of 2019.

Language

Minnesota does not have an official language. English is the most widely spoken language across the state, but small Spanish, German, and other foreign language populations exist as well.

The Government of Minnesota is the governmental structure as established by the Constitution of Minnesota. Minnesota government, as at the national level of government, power is distributed among three branches: Legislative, Executive, and Judicial.

• The legislature of Minnesota is the General Assembly, a bicameral body consisting of the Senate and the House of Representatives;
• The Executive branch headed by the Governor;
• The highest judicial power is the Supreme Court of Minnesota.

In 2019, the real GDP of Minnesota was about $333.267 billion. The GDP per capita of Minnesota was $60,066 in 2019.

Minnesota's earliest industries were fur trading and agriculture. Minnesota's economy is slowly shifting from agriculture and manufacturing, two highly visible industries, toward service industries such as education and health services and professional and business services. Other sectors of Minnesota's economy are mining and energy production.

Currency:

United States Dollar (USD)

The business laws of Minnesota are user-friendly and often adopted by other states as a standard for testing business laws. As a result, the business laws of Minnesota are familiar to many lawyers both in the US and internationally. Minnesota has a common law system.

Type of Company/Corporation:

One IBC supply incorporation in Minnesota service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.

Business Restriction:

The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.

Company Name Restriction:

The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";

• May contain the name of a member or manager;
• Must be such as to distinguish it upon the records in the office of the Secretary of State from the name on such records of any corporation, partnership, limited partnership, statutory trust or limited liability company reserved, registered, formed or organized under the laws of the State of Minnesota or qualified to do business.
• May contain the following words: "Company," "Association," "Club," "Foundation," "Fund," "Institute," "Society," "Union," "Syndicate," "Limited" or "Trust" (or abbreviations of like import).

Company Information privacy:

No public register of company officers.

Just 4 simple steps are given to start a business in Minnesota:

• Step 1: Select basic Resident/Founder nationality information and other additional services that you want (if any).
• Step 2: Register or log in and fill in the company names and director/ shareholder(s) and fill in the billing address and special request (if any).
• Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal, or Wire Transfer).
• Step 4: You will receive soft copies of necessary documents including Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in Minnesota is ready to do business. You can bring the documents in the company kit to open a corporate bank account or we can help you with our long experience of Banking support service.

* These documents required to incorporate a company in Minnesota:

• Passport of each shareholder/beneficial owner and director;
• Proof of residential address of each director and shareholder (Must be in English or certified translation version);
• The proposed company names;
• The issued share capital and par value of shares.

Read more:

How to start a business in Minnesota, USA

Share Capital:

There is no minimum or a maximum number of authorized shares since Minnesota incorporation fees are not based on the share structure.

Director:

Only one director required

Shareholder:

Minimum number of shareholders is one

Minnesota company taxation:

Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.

• Us Federal Taxation: US Limited Liability companies structured for partnership tax treatment with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return.
• State Taxation: US limited liability companies that conduct no business in the recommended states of formation with non-resident members are generally not subject to state income tax and are not required to file a state income tax return.

License Fee & Levy:

The Minnesota Franchise Tax Board requires all new LLC companies, S-corporations, C-corporations that is incorporated, registered or doing business in Minnesota must pay the $800 minimum franchise tax

Read more:

• Minnesota trademark
• Minnesota business license

Payment, Company return due date:

The Minnesota Department of Revenue must receive your return electronically – or it must be delivered or postmarked – by July 15. If you owe tax, you must pay by July 15, even if you file your return later.