Form a S-Corp in Minnesota
Everything you need to know about forming a S-Corp in Minnesota. Filing fees, requirements, timeline, and step-by-step guidance.
How to File
Choose Corporate Name
Select a unique corporate name ending with Corporation, Corp., Incorporated, or Inc. Check availability through Minnesota Secretary of State database.
30 minutes
Appoint Registered Agent
Designate a registered agent with a Minnesota address to receive legal documents and official correspondence.
15 minutes
File Articles of Incorporation
Submit Articles of Incorporation to Minnesota Secretary of State with required information including corporate name, registered agent, and incorporator details.
45 minutes
Obtain EIN from IRS
Apply for Federal Employer Identification Number (EIN) from the IRS for tax purposes and banking.
20 minutes
What's Next After Filing
Once your S-Corp is officially formed, you'll want to complete these important steps:
- •File Form 2553 for S-Corp Election — Submit IRS Form 2553 within 75 days of incorporation to elect S-Corporation tax status with all shareholders signing.
- •Create Corporate Bylaws — Draft corporate bylaws outlining internal operating procedures, officer roles, and shareholder meeting requirements.
- •Hold Initial Board Meeting — Conduct first board of directors meeting to adopt bylaws, elect officers, and issue stock certificates.
Advantages
- ✓Pass-through taxation eliminates double taxation on corporate profits
- ✓Limited liability protection for shareholders from business debts and lawsuits
- ✓Enhanced credibility and professional appearance for business operations
- ✓Easier transfer of ownership through stock sales compared to other structures
Considerations
- •Strict IRS requirements including 100 shareholder limit and single class of stock
- •Required payroll taxes on owner-employee salaries with reasonable compensation standards
- •More complex tax filing and record-keeping requirements than sole proprietorships or partnerships
Annual Obligations
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