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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