If you’re the proud owner of an LLC in Minnesota, keeping your company in good standing with the state is one of the most important things you can do. Naturally, this means following all laws and regulations that apply to your business. However, it also means taking care to file your Minnesota LLC annual report on time each year.
In this handy guide, we’ll cover everything you need to know to correctly prepare and file your Minnesota LLC annual report, including applicable annual report fee information and other details. Let’s dive in!
Your annual report helps ensure key information the state has about your company and its representatives is current and accurate. Filing is also a relatively simple process. However, it’s important to do things by the book and cover every single detail required by the state to avoid penalties and other issues.
A Minnesota LLC annual report is an informational document every LLC must submit to the state-level government each year. It includes various details the state needs to maintain its records and ensure the business’s regulatory compliance. Examples include current business information, contact details for the company’s registered agent, etc.
To ensure your LLC is operating legally and that it remains in good standing, the state of Minnesota needs to stay up to date on key details related to your business. Your annual report helps it do this in the following ways:
As an LLC owner, making sure the state has your annual report on time each year maintains the legal status of your business and protects it from the possibility of dissolution.
If your Minnesota LLC is domestic and in good standing, you don’t have to pay a filing fee at all. This is the case whether you choose to file by mail or online.
There is also no late fee for filing a Minnesota LLC annual report post-deadline unless your LLC was dissolved for any reason and needs to be reinstated.
All Minnesota LLCs must file their annual reports by December 31st of that year. Failure to file on or before that date could potentially result in various consequences, depending on your situation.
As is the case with many legal filings and paperwork, filing your annual report is actually a fairly straightforward process. However, it’s essential to make sure you fill your paperwork out thoroughly and accurately. Here’s a step-by-step guide to help you cover all the bases.
The primary reason the state requires LLC owners to file a fresh report each year is to ensure all informational details on file are accurate, reliable, and current. Here’s a brief rundown of the items you should be prepared to include in your paperwork:
Always fill out your annual report paperwork in full. Double-check where necessary to ensure all information included is current and correct.
You have three basic options to choose from when deciding how to file your Minnesota LLC annual report:
If you’re looking for the quickest, most convenient option for getting your paperwork filed, you can file online via the official website of the Minnesota Secretary of State. Start by accessing the filing portal via the Minnesota Business Filings page.
Log in, follow the prompts, and provide the necessary details related to your LLC. In most cases, you won’t need to pay an annual report fee in Minnesota. But if your unique circumstances do require a fee (e.g. ownership of a foreign LLC), you’ll pay it at this point and then click submit.
If you’re more comfortable filing through the mail, you can download your Minnesota annual report form through the Minnesota Secretary of State website. Print a physical copy and fill it out in full.
Send your completed form to the following address:
Minnesota Secretary of State
Business Services Division
First National Bank Building
332 Minnesota Street, Suite N201
Saint Paul, MN 55101
If filing by mail, make sure you complete the process as early as possible to ensure the state gets your form before the deadline expires.
If you’re concerned about mishandling your form or otherwise making any mistakes during the filing process, you may want to consider filing through a professional compliance service instead of handling things yourself.
A trusted option like Tailor Brands can take the guesswork and confusion out of the process by staying on top of due dates for you and ensuring your paperwork is submitted on time. We also keep you up to date on the process. All you need to do is relax, secure in the knowledge that we’ve got you covered.
Again, if you run a domestic Minnesota LLC that’s both active and considered to be in good standing with the state, you can file through the mail or online for $0.
If you need to file a Minnesota annual report for a foreign LLC, the fee is $115 if filing by mail and $135 if you file online instead. However, it’s important to double-check any applicable fees every time you file to make sure you’re paying the right amount. Fee structures do occasionally change.
Filing on time is essential in order to avoid potential consequences, including the potential dissolution of your company’s legal status. The filing deadline in Minnesota is December 31st, but it’s advisable to file your paperwork as soon as possible to avoid any possible problems or delays.
Curious what actually happens if you do miss the filing deadline for your Minnesota LLC annual report? There are definitely consequences and some of them can be severe. Here are a few main examples to keep in mind.
The state of Minnesota doesn’t hit those who fail to file on time with an immediate late fee or any fines as a rule. However, filing late or failing to file at all will hurt your good standing status with the state.
Even if you’re able to avoid further repercussions, losing your good standing will be hard on your business. You’ll find it harder to qualify for business loans, finalize contracts, or win the trust of potential clients.
Most banks and creditors, in particular, won’t work with a company found incompliant with regulations and legal requirements. You’ll likely find it equally as hard to stay competitive, as high-level clients won’t want to partner or collaborate with a business not in good standing.
If you fail to file your annual report at all, the state may decide to dissolve your LLC altogether. If this happens, it’s possible to reinstate it. But it will require you to complete even more paperwork, cover applicable fees, and so forth.
At the end of the day, staying compliant with state law is one of the most important things you can do as a business owner. Filing your Minnesota LLC annual report correctly and on time is part of that, but you don’t have to handle things alone unless that’s truly what you want.
Avoid unnecessary stress by marking your calendar and setting reminders to keep yourself on track. Letting a top compliance service like Tailor Brands handle the practicalities can help you avoid mistakes and ensure timeliness, as well. Contact us today and let us know how we can help!
Have additional questions about correctly filing your Minnesota LLC annual report? Check out the following frequently asked questions for additional insights.
Although Minnesota doesn’t apply late fees or charge fines, you’ll still lose your good business standing with the state. If you continue to ignore your mandatory filings, the state will likely dissolve your business altogether, eliminating your ability to operate it legally.
Yes, keeping the state up to date on your business’s current information is the primary purpose of filing a report in the first place. Your annual report is your opportunity to update any details that need it.
Visit the official Minnesota Secretary of State website and search for your business’s registered name. You’ll be able to see the current status of your latest filing.
This portion of our website is for informational or educational purposes only. Tailor Brands is not a law firm, and the information on this website does not constitute legal advice. All statements, opinions, recommendations, and conclusions are solely the expression of the author and provided on an as-is basis. Accordingly, Tailor Brands is not responsible for the information and/or its accuracy or completeness. It also does not indicate any affiliation between Tailor Brands and any other brands, services or logos on this page.
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