Starting a Business

The Economic Development Authority is here to assist you in your endeavor...whether big or small. Here you will find information and links to resources to find everything you may need to know to start your business in Wells, MN.

If you have any questions, please contact City Hall at (507) 553-6371.

Q: Does the Wells Economic Development Authority offer financial assistance?
A. Yes! The Wells EDA has a Revolving Loan Fund and a Commercial Building Enhancement Program.
Q: Do I need a license to operate a business in Wells?
A: Potentially. Licenses are required to engage in certain businesses. To find out if your specific business needs a license, you can view Chapter 110, Title XI of City Ordinances here: http://www.amlegal.com/wells_mn/ or contact City Hall with questions. A home occupation license is required to engage in permitted home-based business occupations, which may be obtained by calling City Hall.

Q: How do I get an Employer Identification Number?

A: Federal Tax ID number, you may apply online at: http://www.irs.gov/businesses/small/article/0,,id=102767,00.html
To get a Minnesota Tax ID Number apply online at: http://mn.gov/elicense/licenses/licensedetail.jsp?URI=tcm:29-3282&CT_URI=tcm:29-117-32

Q. How do I incorporate and register my business name in Minnesota?
A: First, check to make sure the name you want to register is not already in use by searching here: http://mblsportal.sos.state.mn.us/
Once you have the name you want to use, you may incorporate by utilizing the MN Secretary of State website: http://www.sos.state.mn.us/index.aspx?page=172

Q: Where can I get help with the formation, management, financing and operation of my business?
A: The MN DEED Small Business Development Center may help with all of these questions: http://www.mnsbdc.com/AreaRegion9.htm.

Q: What do I need to know about taxes for my small business?
A: You can learn all about small business taxes on the federal level here: http://www.irs.gov/businesses/small/article/0,,id=99336,00.html and on the state level here: http://www.taxes.state.mn.us/taxes/business_taxpayers/business_education/mbeguide.shtml

Resources for Local Businesses:
South Central Small Business Development Center
Minnesota Department of Employment and Economic Development
Southern Minnesota Initiative Foundation
Region 9

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