A Guide To Starting A Business In Minnesota 37th Ed 2019-Books Pdf

A Guide To STARTING A BUSINESS IN MINNESOTA 37th Ed 2019
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A Guide To STARTING A BUSINESS IN MINNESOTA is updated annually. Copies are available without charge from the Minnesota Department of Employment. and Economic Development DEED Small Business Assistance Office. 1st National Bank Building 332 Minnesota Street Suite E200 St Paul MN 55101 1351. Telephone 651 556 8425 or 800 310 8323 Fax 651 296 5287. Email deed mnsbao state mn us Website Small Business Assistance Office. Upon request this publication can be made available in alternative formats by. contacting 651 259 7476, The Minnesota Department of Employment and Economic Development is an equal opportunity. employer and service provider Printed on Recycled Paper. With a Minimum of 10 Postconsumer Waste,A Guide To. STARTING A,BUSINESS IN,Thirty seventh Edition January 2019. Charles A Schaffer,Madeline Harris,Mark Simmer, Copyright 2019 Minnesota Department of Employment and Economic Development. ISBN 978 1 888404 80 7, This thirty seventh edition of A Guide to Starting a Business in Minnesota like its predecessors is.
intended to provide a concise summary discussion of the major issues faced by those starting a. business in Minnesota This edition of the Guide contains three major sections the narrative text. a Resource Directory which provides addresses telephone numbers and website addresses of. organizations referenced in the text and the Directory of Licenses and Permits which lists all. business licenses and permits required by the State of Minnesota the state agency which issues. or administers the license or permit and contact information Topics presented in the narrative. text are presented in the order in which the new business owner typically must address them. Note that a business that will have operations or a physical presence with the possible inclusion. of an Internet presence in another state should check with the government authorities in that. state to obtain information on licensing tax and other issues We hope this organization is useful. While no one publication can answer every question for every kind of proposed business this. Guide does respond to the questions and concerns most frequently raised While it tries to be. both timely and comprehensive this Guide is not intended as a final statement on any one. subject In particular users should be aware that the formal legal requirements for business. start up and operations may change from time to time Specific updates and additional. information may be obtained from the many sources listed. Before engaging in any business venture it is advisable to seek both legal counsel and advice. from an accountant Both professionals can advise you as to the best course you might take in. establishing your business The information provided in this Guide is not intended to replace. that kind of advice and assistance,Charles A Schaffer. Madeline Harris,Mark Simmer,TABLE OF CONTENTS,Choosing the Form of Business Organization 1. Tax and Non Tax Considerations 1,Naming the Business Entity 32. Forming a Sole Proprietorship 38,Forming a Partnership 38. Forming a Minnesota Business Corporation 43,Forming a Minnesota Limited Liability Company 50.
Special Types of Business Organizations 55, Filing Documents with the Office of the Minnesota Secretary of State 61. Office of the Minnesota Secretary of State Fee Schedule for Business Entity Filings 63. Regulatory Considerations 68,Securities Registration 68. Franchise Registration 74,Evaluating a Business Opportunity 77. Business Licenses and Permits 79,Environmental Protection Programs 82. Intellectual Property Protection 103,Business Plan 104.
Accounting for the New Business 108,Basic Accounting Principles 108. Income Forecasting Techniques 110,Business Grants 114. Business Loans 115,Public Sources of Financing Federal Programs 117. Public Sources of Financing Tax Credits State Programs 126. Public Sources of Financing Local Programs 138,Private Sources of Funds 138. Insurance 140,Issues for Employers 143,Who is an Employee 143.
Employment Agreements 148,Labor Standards 150,Rest Breaks and Leave Time 168. Employee Testing and Background Checks 175,Employment of Minors 178. Protection of Employees Who Report Violations of Law 182. Human Rights 183,Immigration Law Compliance 191,Occupational Safety and Health 193. Workers Compensation Insurance 200,Employee Benefits 206. Plant Closings 208,Poster Requirements 210,Checklist for Hiring an Employee 212.
Business Taxes 223,Tax Identification Numbers 225,Business Income Tax Returns 229. Sales and Use Tax 235,FICA Tax 240,Income Tax Withholding 241. Successor Liability for Certain Taxes When a Business or its Assets are Transferred 249. Revocation or Prevention of License Issuance or Renewal 249. Unemployment Insurance Taxes 250,Federal Tax Requirements 258. State of Minnesota Tax Requirements 259,Sources of Information and Assistance 261. State Programs 261,Small Business Assistance Office 261.
Small Business Development Centers 262,Minnesota Trade Office 263. Minnesota Business First Stop 265,Vocation Rehabilitation Service 265. Employment and Training Programs 265,Minnesota Job Skills Partnership 267. Dislocated Worker Program 267,Minnesota Federal Bonding Service 268. University of Minnesota Extension 268,Government Procurement Assistance 268.
Federal Procurement 269,State Procurement 271,Local Procurement 273. Accounting and Tax Assistance 274,Public Accountants 274. Enrolled Agents 275,Taxpayer Education Workshops 276. Libraries 276,Additional Sources of Assistance 280. Specialized Legal Research and Assistance 280,Management Assistance for Minority Businesses 281.
Incubators 281,Inventors Resources 281, Minnesota State Colleges and Universities MnSCU 281. Regional Development Commissions 282,Export Import Assistance 282. Women s Business Center 282,Resource Directory 284. Cooperatives 286,Environmental 286,Export Import Assistance 286. Financing Federal Sources 287,Financing Tax Credits State Sources 289.
Financing Local Sources 290,Financing Private Sources 292. Government Federal 293,Government State 307,Government Regional 305. Insurance 306,Inventors 306,Job Service and Job Training 306. Legal Assistance 308,Libraries 309,Local Assistance for Small Businesses 312. Management Assistance General 314,Management Assistance for Minority Businesses 317.
Procurement Purchasing Certification Other Assistance 318. Tax and Accounting Assistance 320,Additional Resources 320. ADA Information 320,County Licensing Agents 320,City Licensing Agents 321. Co Working Creative Incubator Spaces 321,Nonprofit Information 323. Directory of Licenses and Permits 325,CHOOSING THE FORM OF BUSINESS ORGANIZATION. TAX AND NON TAX CONSIDERATIONS,INTRODUCTION, One of the fundamental initial decisions a new business owner faces is choosing the form of.
organization for the business Generally speaking a person should consider himself or herself to. be in business once they have begun the operation of an activity for which they expect to be. paid This is true whether or not that person terminates other employment such as a job that. brings a paycheck or intends to operate that business on a seasonal or short term basis For. most businesses the choices are, Sole Proprietorship In a sole proprietorship the business is owned and controlled by one. individual This person alone receives the profits and bears the losses from the business and this. person alone is responsible for the debts and obligations of the business Income and expenses. of the business are reported on the proprietor s individual income tax return and profits are. taxed at the proprietor s individual income tax rate If a husband and wife wish to own a business. together they must either form a partnership corporation or limited liability company in order. to have each of them be an owner of the business or a sole proprietorship in which case only. one of them will be an owner of the business, A married couple who jointly operate an unincorporated business and who file a joint federal. income tax return may have a qualified joint venture and can elect not to be treated as a. partnership for federal tax purposes provided that the husband and wife are the only members of. the joint venture and that both husband and wife materially participate in the running of the. business In this case each spouse will report his or her share as a sole proprietorship. Partnership A general partnership is a business owned by two or more persons who associate to. carry on the business as a partnership Partnerships have specific attributes which are defined by. statute All partners in a general partnership share equally in the right and responsibility to. manage the business and each partner is responsible for all the debts and obligations of the. business Distribution of profits and losses allocation of management responsibilities and other. issues affecting the partnership usually are defined in a written partnership agreement Income. and expenses of the partnership are reported on federal and state information tax returns. which are filed by the partnership These include Schedules K 1 which are used to report to the. partner s respective shares of partnership taxable income The partners then report this income. on their separate tax returns along with their other income and pay tax at their applicable income. A limited partnership is a type of partnership in which the limited partners share in the. partnership s liability only up to the amount of their investment in the limited partnership By. statute the limited partnership must have at least one general partner and one limited partner. The general partner has the right and responsibility to control the limited partnership and is. responsible for the debts and obligations of the limited partnership In Minnesota a limited. partner may participate in the management and control of the limited partnership without losing. limited liability protection but does not have the power to act for or bind the limited partnership. unless this is provided for in a separate agreement Limited partnerships must be established in. compliance with statutory requirements including requirements of tax and securities laws. Because of their complex nature limited partnerships should not be undertaken without. competent professional advice, Limited Liability Partnership and Limited Liability Limited Partnership A general partnership. may register as a limited liability partnership LLP by filing a limited liability partnership. registration In limited liability partnerships the personal assets of the partners are shielded. against liabilities incurred by the partnership in tort or contract situations This is different from a. non LLP general partnership in which partners may be personally liable to an unlimited extent for. the debts and obligations of the partnership It should be noted that limited liability partnerships. are a relatively new type of entity and certain aspects such as tax aspects of such entities are not. yet fully developed or understood, Limited liability partnership status affords protection to the individual partner from liability for. partnership obligations in tort and contract An LLP files with the Secretary of State an annual. report There is a one year grace period for retroactive reinstatement after revocation of LLP. status for failure to file the annual report, Limited liability partnerships must have a name that includes one of the following Registered.
Limited Liability Partnership Limited Liability Partnership R L L P L L P RLLP or LLP. This should be used by the partnership in transactions with third parties so that they are aware of. the partnership s status, Minnesota law also allows a limited partnership to elect limited liability status under Minn Stat. Chapter 321 by so designating this status in its certificate of limited partnership This extends. limited liability protection to both general and limited partners This type of limited partnership. is called a limited liability limited partnership Limited liability limited partnerships are discussed. Care should be taken in naming a limited liability limited partnership the name must contain the. phrase limited liability limited partnership or the abbreviation LLLP or L L L P which must. be part of the name and must not otherwise contain the abbreviation L P or LP. Corporation A corporation is a separate legal entity It is owned by one or more shareholders. The corporation must be established in compliance with the statutory requirements of the. state of incorporation The shareholders elect a board of directors which has responsibility for. management and control of the corporation Because the corporation is a separate legal entity. the corporation is responsible for the debts and obligations of the business In most cases. shareholders are insulated from claims against the corporation. It is worth noting here that because a corporation is an entity separate from its owners if the. owner and or members of the owner s family performs services for the corporation these. persons are considered to be employees of the corporation Thus the corporation will be. required to comply with most of the laws and regulations a. both timely and comprehensive this Guide is not intended as a final statement on any one subject In particular users should be aware that the formal legal requirements for business start up and operations may change from time to time Specific updates and additional information may be obtained from the many sources listed

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