There are several business structures that can be used to incorporate, and each has its own advantages and disadvantages. There are several aspects to business operations that are affected depending on the type of structure you choose. Consider your options carefully before fully incorporating your Wisconsin business.
This walkthrough guide should give you an in-depth knowledge on the different business structure options. If you can’t make up your mind between structures, this side-by-side comparison chart should be helpful.
Once you have selected a business structure, it’s time to legally register it to the Wisconsin Department of Financial Institutions. A registration of your business to the state means that a separate entity is created and you are submitting to the policies governing incorporated businesses stipulated by the state. For easier incorporation, online service providers such as IncFile (for $49) and LegalZoom (for $149) can do the task for you.
If you’re doing this task yourself, our incorporation guides should give you a good headstart in accomplishing this task:
As you accomplish the two steps above, the following steps should also be done to ensure compliance. There are also some steps that, although not mandatory, could make a difference in your business’ success.
Write down a plan of action in which you can pattern business operations after. A business plan is more than just a tool to obtain business financing. It allows you to know more about your business. It is also the tool by which you can review business progress and implement corrections. Writing a business plan means that you are driving your business towards a progressive future as well.
When you open a business, make sure to open a bank account as well. This is to ensure that personal and business finances are kept separate, which also makes it easier for you to manage and monitor business transactions.
Recommended Resource: This roundup is an important resource that summarizes the best business banking accounts for your consideration.
As a business owner, take care of your Wisconsin business taxes. This is a requirement that needs your utmost compliance or else there will repercussions. The tax system is quite complicated, and it requires a good investment of time and effort to accomplish this task completely. The Wisconsin Department of Revenue is a good place to start when complying with tax requirements.
Recommended Resource: For an easier and more efficient time at accomplishing the reports required when filing tax returns, use Xero. This small business accounting software is useful for automating a number of accounting and business operating tasks. Get Xero for a 30-day free trial now!
When you incorporate a Wisconsin business, you are legally bound to obtain the necessary licenses and permits for your type of business. This ranges from the federal level up to the local level, but the bottom line is you must comply with all these to avoid any penalties and fines.
Recommended Resource: Considering that there are tons of requirements and paperwork for business licenses, professional help make come in handy. Here is a great package to help you figure out everything. Alternatively, the SBA also has this excellent resource roundup.
With the power of the Web in all facets of daily existence, it would be foolhardy not to utilize its advantages as it applies to your business. Make a business website now with WordPress. You can start even without technical expertise through Bluehost’s one-click WordPress installation.
Resource for Getting Started: This step-by-step guide will walk you through each of the steps involved in the process of making a business website.
This article is an informational guide on how to incorporate a Wisconsin business. It is not a legal document or notice, so please be guided accordingly. Talk to a business lawyer if you want to learn more of the legal aspects involved in incorporating a Wisconsin business.