Forming an LLC in Wisconsin requires careful consideration. With a complex set of laws governing LLCs (and even other types of business filings) and a seemingly limitless number of potential outcomes, it's easy to get lost. The good news is that with a limited amount of research, you can make sense of the legalese and quickly determine if a particular set of rules or regulations is for you. It's also helpful to have an experienced attorney to handle the process so that you don't end up hurting your chances for success. Here's a brief review of what you need to know before filing for an LLC in Wisconsin...
First, here's a quick review of the most basic paperwork, fee, and timeframe it takes to incorporate an LLC in Wisconsin. Be sure to read through the complete section in this article - "LLCs in Wisconsin: Filing Formation & Organization Requirements" - to fully understand your ongoing expenses to maintain a compliant business entity. In Wisconsin, companies are required to file an application with the state at the beginning of every fiscal year. They are also encouraged to obtain a printed version of this paper work at the end of that year to keep for filing purposes. Both versions are available online.
Next, we'll review the three main sections that must be followed when filing for an LLC in Wisconsin: the filing statement, the name of the LLC, and the filed articles. The filing statement is the initial statement filed along with the Articles of Organization. The name of the LLC is also referred to as the 'registry name'. Lastly, the filed Articles of Organization detail the names, dates, and validity of each member and the management of the LLC. All of these documents are available from the Office of the Attorney General in Wisconsin.
Operating an LLC in Wisconsin Requires Followers
The next section that must be addressed in order to become registered as an LLC in Wisconsin is the statutory summary. This is a complete overview of all of the laws that govern a limited liability company. It must contain the full names of the LLC; the name of its registered agent; the date of its formation; the duration of its office and its powers; and its operating agreement. Additionally, the summary should provide contact information for the office including a phone number and an email address. The statutory summary must also include copies of additional paperwork that would be required if the formation of the LLC would proceed.
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Finally, a copy of the Operating Agreement must be obtained and submitted along with any required fees. The Operating Agreement explains who owns and controls the LLC. Each member has the right to put in articles that describe their personal information and experience. If a suit is filed against the LLC, the Operating Agreement plays a major role in protecting the LLC from any legal liabilities.
An important step in getting started in the business of selling LLCs in Wisconsin is to file a 'Registration of LLC' with the state tax office. In addition to this, the business name of the LLC should be listed in the name directory. Failure to do so will result in the automatic cancellation of the LLC's registration with the state tax office. Also, a blank amendment to the Operating Agreement must be filed with the state tax office upon filing of its Articles of Organization.
To protect against possible tax liability and avoid further complications, the Articles of Organization should be carefully prepared and completed by a lawyer. After being printed and filed along with the appropriate fees, the LLC will become operational and will have to register with the state within the same period of time it would have been filed if it had been filed by an individual or a small business. The process of filing a business name is often referred to as "dummy" filing because it lets a person believes that he or she is not actually establishing an LLC but simply conducting a criminal activity.
Like most other states, Wisconsin requires its LLCs to be managed and operated by a registered agent who is a resident of Wisconsin and is over eighteen years of age. This requirement was put in place to ensure that a legitimate wisconsin llc has been created and that only someone resident in Wisconsin can control it. For an LLC in Wisconsin to be effective, its registered agent must include all of the following among other information: a physical address in Wisconsin; a phone number; a fax number; an email address; a street address; and an email. It must include these items for three years starting on the day the LLC becomes active and can no longer be replaced, and it must include these items until the expiration date of its Articles of Organization.
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