How to Open a Small Business in Minnesota
Opening a small business in Minnesota involves making decisions in many areas. The Positively Minnesota website, run by the Department of Employment and Economic Development, can help you get started with information and resources to assist in making the decisions necessary to start a business in Minnesota.
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Instructions
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Choose how you will structure your business. Decide on partnership, sole proprietorship, business corporation, limited liability company or another type of business, such as an S corporation, nonprofit or cooperative. Name your business, and file that name with the Minnesota Secretary of State office. Call 651-296-2803 to request or go to www.sos.state.mn.us to download the Certificate of Assumed Name.
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Comply with the appropriate legal matters that pertain to your type of business. These laws and regulations are in place to protect the business, consumers and public resources. These include securities or franchise registration, business licenses and permits, employment law issues and doing business on the Internet. (See Resource 2.)
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Draft a business plan. This document will be used as a road map to grow a business, request funding and effectively compete in a specific industry. According to the U.S. Small Business Administration (SBA), "A successful business plan should include something about...the Executive Summary, Market Analysis, Company Description, Organization & Management, Marketing & Sales Management, Service or Product Line, Funding Request, and Financials.
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Collect, organize and maintain financial records for the business. This information is useful to operate the business profitably. The records will also be looked at by investors and creditors for granting credit to the business.
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Attend one of the workshops designed to assist Minnesota employers with tax issues. These are federal and state tax workshops that introduce a business owner to employment tax issues and cover basic Minnesota sales tax issues, including how and when to file taxes. A workshop for businesses that make products focuses on the management of sales tax. (See Resource 3.)
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