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Start a Business

Step-by-step

Step 1

Carefully read and complete the “Evaluating Your Business Idea” workbook. This workbook will assist you in considering the issues involved with starting a business. By taking the time to evaluate yourself and your business concept, you will give yourself the best chances of success. 

Step 2

Accurately and completely fill out the “Personal Financial Statement” for each owner. Anyone owning 20% or more of the business, or anyone having a majority financial interest in the business, will need to complete a personal financial statement. 

Step 3

 Complete the “Management Resume” for each owner. Also, complete resumes for other key employees who are critical to the success of the business, but not owners.

 Step 4

 Complete and sign the “Request for Counseling” form and contact the SDBC to arrange a meeting with a consultant. If you would like assistance in evaluating your work to this point, contact the Rochester SBDC at (507) 280 – 5503. If you do not need to meet with an SBDC consultant, proceed to step 5.

 Step 5

 Complete and file one of the following forms:

• Sole proprietorship/Partnership – Certificate of Assumed Name
• Corporation – Articles of Incorporation (seek competent legal advice)
• Limited Liability Company – Articles of Organization for a LLC (seek legal competent legal advice)

Step 6

 Complete IRS form SS4

 

Step 7

 Complete “Minnesota Application for Business Registration.”