Preface ........................................................................................................................................... ii 5 Steps to Start Your Business in Minnesota .................................................................................. vi Operational Actions to Start a Small Business...............................................................................vii Choosing the Form of Business Organization..................................................................................1 Tax and Non-Tax Considerations .............................................................................................1 Naming the Business Entity..................................................................................................48 Forming a Sole Proprietorship .............................................................................................52 Forming a Partnership .........................................................................................................53 Forming a Minnesota Business Corporation ........................................................................56 Forming a Minnesota Limited Liability Company.................................................................58 Special Types of Business Organizations ...............................................................................60 Filing Documents with the Office of the Minnesota Secretary of State .......................................67 Office of the Minnesota Secretary of State Fee Schedule for Business Entity Filings...........69 Regulatory Considerations............................................................................................................77 Securities Registration ........................................................................................................ 77 Franchise Registration..........................................................................................................83 Evaluating a Business Opportunity ......................................................................................85 Business Licenses and Permits..............................................................................................87 Environmental Protection Programs.....................................................................................90 Business Compliance Checklist..............................................................................................93 Intellectual Property Protection....................................................................................................95 Business Plan................................................................................................................................96 Accounting for the New Business ................................................................................................98 Basic Accounting Principles .................................................................................................98 Income Forecasting Techniques............................................................................................99 Business Grants...........................................................................................................................102 Business Loans ...........................................................................................................................103 Public Sources of Financing – Federal Programs.................................................................105 Public Sources of Financing / Tax Credits – State Programs ...............................................109 Public Sources of Financing – Local Programs ...................................................................127 Private Sources of Funds.....................................................................................................127 Insurance ....................................................................................................................................129 Issues for Employers ..................................................................................................................133 Who is an Employee?.........................................................................................................133 Employment Agreements...................................................................................................139 Labor Standards..................................................................................................................142 TABLE OF CONTENTS
iii
Made with FlippingBook - Online Brochure Maker