Summary
You can start an AI modeling agency and register it as an LLC in Minnesota by choosing a unique business name, filing Articles of Organization, creating an Operating Agreement, obtaining an EIN, and registering for state taxes. Even without income, you must file annual reports and pay fees to maintain good standing. A YouTube channel for story videos can be included under the same LLC if it aligns with business activities. Alternatively, a trust can hold business assets, but its more complex. For payment, consider an owners draw or salary. Consult a lawyer for trust formation and tax implications.Full Conversation
What if I have yet to name it, can I start an llc or trust
Yes, you can start the process of forming an LLC or trust even if you haven't chosen a name yet. You will need to choose a name before you finalize the registration.
For an LLC in Minnesota:
- Choose a unique business name.
- File Articles of Organization with the Minnesota Secretary of State.
- Create an Operating Agreement.
- Obtain an EIN from the IRS.
- Register for state taxes and obtain any necessary permits or licenses.
Would you like more details on any of these steps?
Yes, what if I have no income from it
If you have no income from your LLC, you still need to:
- File annual reports with the Minnesota Secretary of State.
- Keep up with annual fees and any necessary business licenses.
- Maintain good standing by following state regulations.
Would you like more information on maintaining an LLC with no income?
How long does an llc last for
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An LLC (Limited Liability Company) in Minnesota lasts indefinitely as long as it remains in good standing with the state. This means you need to file annual reports and pay any fees required by the Minnesota Secretary of State.
Do you have any other questions regarding LLCs?
Even if no money is made
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Sure, even if no money is made, your LLC can last indefinitely in Minnesota as long as you comply with state requirements. This includes:
- Filing annual reports
- Paying any necessary fees
- Maintaining good standing with the state
Do you have any other questions about LLCs or starting your business?
What if I also want to create a YouTube channel for this business is that a separate llc
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If you want to create a YouTube channel for your AI modeling agency, you don't necessarily need a separate LLC. You can operate the YouTube channel under the same LLC as long as it falls under the same business activities.
Would you like more details on how to include the YouTube channel under your existing LLC?
It won't be for modeling as well but instead story videos for kids
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You can include the YouTube channel for story videos for kids under the same LLC as your AI modeling agency, provided it aligns with your business activities. Here are some steps to consider:
- Update your business plan to include the new activity.
- Ensure your Operating Agreement allows for this.
- Check if additional licenses or permits are required.
Do you have any other questions about managing your LLC?
Can this be put under a trust
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You can place a business under a trust, but it's a more complex process compared to forming an LLC. Trusts are typically used for estate planning. Here are some points to consider:
- Consult with a lawyer experienced in trust and business law.
- Determine the type of trust suitable for your needs.
- Understand the tax implications.
Would you like to know more about forming a trust for your business?
What about irrevocable trust
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An irrevocable trust can be used to hold business assets, but it comes with some complexities. Here are a few key points:
- Assets transferred to an irrevocable trust generally can't be changed or revoked.
- It can provide tax benefits and asset protection.
- Professional legal advice is highly recommended.
Would you like more details on any of these aspects?
How do I get paid from my llc or how do I know how much to pay myself
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For paying yourself from your LLC in Minnesota, you have two common methods:
*. Owner's Draw:
- You simply transfer money from the business account to your personal account.
- It's flexible but not a salary.
*. Salary:
- You pay yourself a regular salary as an employee.
- This involves payroll taxes.
Your choice depends on your business structure and financial situation.
Would you like more details on either method?
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