Once your Minnesota LLC is created, you must adhere to your state’s filing dates in order to maintain good standing and prevent costly fines or penalties.
This page provides answers to the following Minnesota LLC questions:
What exactly is an annual renewal?
How do I submit my yearly renewal?
Should I use a registered agent?
Table of Contents
What Exactly Is an Annual Report?
An annual renewal (also known as an annual report) is a routine file that your LLC must make every year in Minnesota to update your company information, which includes:
Address of the Chief Executive Officer
Principal LLC official’s name and address
This report is intended to keep your company records up to date with the State of Minnesota. This enables creditors and other interested parties to locate your company address in the event that they need to contact you. This information is used by the government to trace the payment of your LLC state taxes.
How Do I Submit an Annual Renewal Form?
You may renew your Minnesota LLC through the Secretary of State. Prior to filing, you must have your state file number, which you may discover through a business entity search.
Should I Hire a Registered Agent?
A registered agent is a person or corporation designated by your firm to receive and deliver documents on your behalf. You may guarantee that your LLC’s reports are always submitted on time to the relevant government agency by employing a registered agent service. The following are the three primary benefits of employing a registered agent service for your LLC:
Avoid late filing penalties: If a Minnesota LLC fails to submit an annual renewal, the Secretary of State has the authority to dissolve it. A registered agent service will remind you when reports are due and, for an extra cost, will submit the file for you.
Gain flexibility: A registered agent service may receive and submit paperwork for your LLC during normal business hours, allowing you to avoid working from 9 a.m. to 5 p.m. every week. You may also employ a registered agent service to create an LLC in states where you do not already have a company presence.
Keep your personal address out of public records: Using a registered agent service helps you to keep your personal address out of public records, preserving your privacy. Furthermore, if your LLC is sued, the lawsuit will be served at the registered agent’s address rather than your place of business.