FORMING AN LLC IN WISCONSIN
Many people starting a new business will choose to form an Limited Liability Company (LLC) because it offers protection of one’s personal assets while allowing flow through taxation to the individual members. If you are looking to start a new business as an LLC, there are several things that you should consider.
LLC’s are governed by Chapter 183 of the Wisconsin Statutes. In order to form an LLC, an Articles of Organization must be filed with the Department of Financial Institutions. The Articles of Organization must contain the name of the LLC, the registered agent and registered office address, the type of management of the LLC, the name of the organizer, a signature of the organizer, the contact information of the person who filed the LLC, and payment by credit card of $130.00, which is non-refundable. The name of the LLC must be unique in that it is not the same name as an existing corporation, LLC or other legal entity. The registered agent is the person who is designated to receive service of process or other communications on behalf of the LLC and the registered office is the business office of the registered agent. The type of management of the LLC can be vested in either member(s) or manager(s). The name of the organizer is the person who signs and delivers the Articles of Organization to the Department of Financial Institutions for filing.
In addition to the Articles of Organization, an LLC should have an Operating Agreement between the members. The Operating Agreement between the members governs the LLC’s business and the member’s financial and managerial rights and duties.
If you are looking to form a new business contact us now.