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
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