Corporations
A Minnesota corporation is governed by Minnesota Statute Section 302A. Creating a corporation generally limits a shareholder’s personal liability for the business’s debts and obligations to the amount of their contributions. A corporation is a separate and distinct entity from its owners. A corporation can decide to go public or remain privately held. The main advantage of creating a public corporation is the ability to raise capital by selling shares of the corporation. A corporation can also elect to be taxed as a C-type corporation or an S-type corporation. Talk to a competent Minnesota business lawyer for a more detailed explanation.