As per naming regulations in Wisconsin law, the actual name of your LLC should have ‘Limited Liability Company’ or ‘Limited Liability Co.’. Alternatively, it can also end with ‘L.L.C.’ or ‘LLC’. To boot, the Wisconsin LLC name should be distinguishable from any existing business entity registered at the Wisconsin Department of Financial Institutions.
You can check for your LLC name’s validity using the Wisconsin name search database tool. If valid and available, you can file for a Name Reservation Application good for 120 days with the Wisconsin Department of Financial Institutions to be filed through postal mail.
Filing Fee: $15
As part of the requirements for the incorporation of a Wisconsin LLC, a Registered Agent must be hired. There are statutory requirements that must be observed for this position. The Registered Agent should be an individual residing in Wisconsin or a business entity that is legally licensed to operate in Wisconsin. In addition, a physical street address in Wisconsin must also be provided by the Registered Agent.
Basically, it costs up to $160 per year for retainer services of a Registered Agent. However, if you’re incorporating a Wisconsin LLC through IncFile, you can avail of free Registered Agent Services.
To officially form a Wisconsin LLC, the Articles of Organization should be filed with the Wisconsin Department of Financial Institutions.
The following information are required when filing this form:
The Articles of Organization can be filed online via the website of the Wisconsin Department of Financial Institutions or through postal mail.
Filing Fee: $130 for online filing; $170 for postal mail filing.
After you have registered the LLC, the next step is to request for a federal employer identification number. Similar to an individual’s social security number, the EIN corresponds to your LLC’s unique identifier.
It is easy to obtain an Employer Identification Number from the IRS. You can apply free of charge now online through the IRS website.
Once business starts operations, immediately process for a separate bank account. This new account should be strictly intended for business transactions only. Opening a business bank account allows you, the entrepreneur, to better manage finances and closely monitor cash flow and business transactions.
Recommended Resource: This roundup of business banking accounts will give you an idea on which option to choose best.
After the steps above have been accomplished, you can follow it through with the steps below to ensure a more successful and thriving Wisconsin LLC.
Writing a business plan is not as hard as it seems. It only requires to know your business inside out, and create a formal document that will clearly outline your business purpose, its main goals, and steps on how to achieve those. Below are some tools to use for writing a plan.
As a legally registered Wisconsin LLC, you are required to pay Wisconsin business taxes. Come tax season, it is your responsibility as a business owner to submit the necessary reports and file the appropriate tax returns as deemed essential for the type of business you operate.
Recommended Resource: For an easier and stress-free time in managing business finances, Xero comes highly recommended. With this small business accounting tool, bookkeeping, accounting, and reports generation are made easier.
Next to your Wisconsin business tax compliance, and just as equally important, are business licenses and permits. Aside from being requirements, these licenses also offer protection for you and your business. Failure to obtain the required business licenses and permits could result to the extent of your business being closed down.
Recommended Resource: Since there are numerous licenses and permits of which your business may be required to submit, professional help can come quite in handy. Here is a great package to start with. Alternatively, SBA also has a list of resources you can refer to.
An LLC Operating Agreement is an integral part to your Limited Liability Company, and although it is not mandatory upon incorporation, it helps define an organization’s operations. Primarily, an LLC outlines the members’ rights and responsibilities in the aspects of finance and management in an organization. It also safeguards the limited liability status of an LLC.
This Operating Agreement template should start you immediately on making this document for your own organization.
A business website presents your online image. It is also, by far, one of the most effective marketing tools you can use. With the help of Bluehost and its one-click WordPress installation feature, you can now design a professional-looking website.
Resource for Getting Started: This step-by-step guide should also come in very handy when going through each of the steps involved in creating a website.
Please take note that this is an informational guide on how to form a Wisconsin LLC. It is not by any means a legal document or legal notice. For further information and details on forming a Wisconsin LLC, consult a business lawyer. Aside from the requirements above, you should also take note of filing Annual Reports for your Wisconsin LLC to remain compliant.