Preface ........................................................................................................................................... i 5 Steps to Start Your Business in Minnesota .................................................................................. xi Operational Actions to Start a Small Business..............................................................................xiii Choosing the Form of Business Organization..................................................................................1 Tax and Non-Tax Considerations .............................................................................................1 Naming the Business Entity..................................................................................................33 Forming a Sole Proprietorship .............................................................................................39 Forming a Partnership .........................................................................................................40 Forming a Minnesota Business Corporation ........................................................................44 Forming a Minnesota Limited Liability Company.................................................................51 Special Types of Business Organizations ...............................................................................56 Filing Documents with the Office of the Minnesota Secretary of State .......................................62 Office of the Minnesota Secretary of State Fee Schedule for Business Entity Filings...........64 Regulatory Considerations............................................................................................................69 Securities Registration ........................................................................................................ 69 Franchise Registration..........................................................................................................77 Evaluating a Business Opportunity ......................................................................................79 Business Licenses and Permits..............................................................................................82 Environmental Protection Programs.....................................................................................84 Business Compliance Checklist.............................................................................................90 Intellectual Property Protection....................................................................................................92 Business Plan................................................................................................................................93 Accounting for the New Business ................................................................................................97 Basic Accounting Principles .................................................................................................97 Income Forecasting Techniques............................................................................................98 Business Grants...........................................................................................................................103 Business Loans ...........................................................................................................................104 Public Sources of Financing – Federal Programs.................................................................106 Public Sources of Financing / Tax Credits – State Programs ...............................................110 Public Sources of Financing – Local Programs ...................................................................124 Private Sources of Funds.....................................................................................................124 Insurance ....................................................................................................................................126 Issues for Employers ..................................................................................................................129 Who is an Employee?.........................................................................................................129 Employment Agreements...................................................................................................135 Labor Standards..................................................................................................................137 TABLE OF CONTENTS
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