You may be asked to provide a certificate of good standing for your Minnesota limited liability company (LLC). Banks and creditors often ask for this document before issuing business credit to ensure you comply.
A Minnesota certificate of good standing is relatively easy to obtain, but it does take some know-how.
What Is a Minnesota Certificate of Good Standing?
A certificate of good standing in Minnesota verifies that your LLC complies with state regulations. The state will issue the certificate if you’ve met all deadlines and filed all relevant reports.
In Minnesota, you’re not required to get a certificate of good standing, but banks and creditors might request one, so it’s wise to have it on hand.
In What Situations Would I Need a Certificate of Good Standing?
A bank or creditor might request a certificate of good standing as part of their due diligence and risk assessment when they apply for a business loan or business credit. This simply confirms that your business has no outstanding regulatory issues.
In addition, if you expand your business to other states, you’ll have to register as a foreign LLC. In such cases, the new state may request a certificate of good standing from your home state.
Requirements to Obtain a Certificate of Good Standing in Minnesota
You must have a registered business entity in the state, either an LLC or a corporation. Sole proprietorships and partnerships do not register with the state, so they cannot obtain a certificate of good standing.
You’ll also need to be up to date on all Minnesota business licenses, permits, and reporting requirements for your LLC or corporation in Minnesota.
Which Department Issues Certificates of Good Standing in Minnesota?
In Minnesota, the Secretary of State issues certificates of good standing. You can obtain one online at the Secretary of State’s website.
Search for your business, then choose to see the details of your LLC and select “Order certificate.”
The fee is $15 online and $5 by mail and in person. Assuming your LLC is in full compliance, you should be able to access your certificate online immediately.
Alternatively, you can download the request form and mail it, along with the fee, to:
Minnesota Secretary of State – Certification
First National Bank Building
332 Minnesota Street, Suite N201
Saint Paul, MN 55101