Business Status With Irs In Minnesota
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EINs are also a requirement for most business license or permit applications, and you'll need one to apply for a business bank account or business credit. Your Minnesota state tax ID number is a similar unique identifying number, but it's used to register your business with the state of Minnesota.
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Mail filings: In total, mail filing approvals for Minnesota LLCs take 3-4 weeks. This accounts for the 11-12 business day processing time (a bit more than 2 weeks), plus the time your documents are in the mail. Online filings: Online filings for Minnesota LLCs are approved immediately.
Minnesota has a 9.8 percent corporate income tax rate. Minnesota also has a 6.875 percent state sales tax rate and an average combined state and local sales tax rate of 8.04 percent. Minnesota has a 0.98 percent effective property tax rate on owner-occupied housing value.
State Licenses: Minnesota does not issue a statewide business license, so many businesses in Minnesota won't need a license from the state. However, there are some specialized permits issued by the state of Minnesota, including health permits, liquor licenses, and environmental permits.
To form an S Corporation in Minnesota, you'll need to file Articles of Incorporation with the Secretary of State. Once the corporation is established, you'll need to file IRS Form 2553 to elect S Corporation status.
Use Tax is the counterpart to Sales Tax. The Minnesota Use Tax rate is the same as the Sales Tax rate of 6.875% (though local taxes may also apply) and has the same exemptions. When you buy a taxable item for your own use without paying Minnesota sales tax, you may owe use tax.
In general, international applicants cannot apply for an EIN online, as this process is reserved for entities with a US address (businesses with a legal residence, principal office or principal agency in the US may qualify). However, international applicants can apply via phone, fax or post.
