Are you planning to start a corporation in Minnesota? One of the first steps you need to take is to file your articles of incorporation with the Minnesota Secretary of State. This document is crucial to the establishment of your corporation, as it legally sets out the purpose, structure, and ownership of your business.
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**What are Articles of Incorporation?**
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Articles of incorporation are documents filed with a state government to formally establish a corporation within the state. They set out key details about the corporation, such as its name, purpose, structure, management, and stock ownership. Articles of incorporation help protect shareholders by clarifying the structure and ownership of a corporation, as well as outlining the key rules and authorities of its officers and directors.
In Minnesota, the process of filing articles of incorporation is relatively straightforward, but it does require some preparatory work and attention to detail. Here's a step-by-step guide on how to file for Minnesota articles of incorporation:
**Step 1: Choose an available business name**
Before you can file your articles of incorporation in Minnesota, you must first choose an available business name for your corporation. Your name must be unique, not already taken by an existing business or reserved by another entity. You can check whether your proposed business name is available by searching the Minnesota Secretary of State online database and registering for a free account.
**Step 2: Prepare your Articles of Incorporation**
Once you have confirmed that your preferred business name is available, you will need to prepare your articles of incorporation. Minnesota provides a standard form of articles of incorporation, which you can download from the Minnesota Secretary of State website. You must complete this form in its entirety, including the following details:
- Name of the corporation
- Purpose of the corporation
- Types and classes of shares of stock (if applicable)
- Number of authorized shares of stock
Additionally, if your corporation is a nonprofit business, you must include a statement that indicates that the corporation is formed as a nonprofit under Minnesota law.
**Step 3: File your Articles of Incorporation**
Once you have completed the articles of incorporation form, you must file it with the Minnesota Secretary of State. You can file online or by mail, although online filing is faster and more efficient. When you file online, you will need to register for an account and pay a filing fee, which is currently $135 (as of 2021), or $155 for expedited processing.
If you choose to file by mail, you will need to print off the form of articles of incorporation and complete it. You will then send the completed form, along with a check or money order for the filing fee, to the Minnesota Secretary of State's office, as indicated on the form. Note that if you file by mail, processing times will be slower.
**Step 4: Wait for Confirmation**
After you have submitted your articles of incorporation, you will need to wait for confirmation that they have been officially filed and registered with the state of Minnesota. You will receive confirmation via email and will typically receive a certificate of incorporation in the mail within a few weeks or months.
At this stage, your corporation is officially established in Minnesota, and you can begin to undertake business activities under the oversight of your chosen board of directors and any other appointed officers. However, you may also need to apply for additional licenses or permits, depending on the nature of your business and the activities you intend to undertake.
In conclusion, filing articles of incorporation is a crucial step for any entrepreneur looking to establish a corporation in Minnesota. The process can seem daunting, but by following this guide and preparing your articles of incorporation carefully, you can ensure that your corporation is easy to establish, legally compliant, and protected for your shareholders in future. By taking the time to file properly, you can eventually start running your business smoothly and efficiently to achieve your goals.
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