Q: Does Minnesota require LLCs to have a registered agent?
A: Yes, Minnesota requires LLCs to have a registered agent, who is a person or business authorized to receive service of process and official documents on behalf of the LLC.
The registered agent must have a physical address in Minnesota and must be available during normal business hours to accept service of process and other official notices.
Q: What are the tax implications of forming an LLC in Minnesota?
A: LLCs in Minnesota are subject to state corporate franchise tax, which is assessed on the LLC's capital base, regardless of whether the LLC has any income or profit.
In addition, Minnesota requires LLCs with more than one member to file an annual partnership tax return and pay income tax on profits earned from Minnesota sources.
Single-member LLCs, however, are not subject to the partnership tax and may be taxed as a disregarded entity for federal tax purposes.
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