If you’re considering starting a business in Wisconsin, forming a Limited Liability Company (LLC) can be a great option. But where do you begin? In this article, we’ll walk you through the process of opening an LLC in Wisconsin, including the necessary documents, costs, and important considerations.
It’s important to consider factors such as your business plan, industry-specific requirements, and local business regulations when starting an LLC in Wisconsin. By taking the time to properly structure and form your LLC, you can lay the foundation for a successful and protected business venture.
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5 Steps to Create an LLC in Wisconsin
Starting a new business can be both exciting and overwhelming, but forming an LLC can help protect your personal assets and give your company a more professional image. If you’re looking to create an LLC in Wisconsin, here are the steps you need to follow.
- Choose a business name: Select a unique and distinguishable name for your LLC. Make sure to check its availability on the Wisconsin Department of Financial Institutions website.
- Appoint a registered agent: You need to appoint a registered agent to receive legal documents on behalf of your LLC. This can be an individual or a commercial registered agent service.
- File Articles of Organization: File your Articles of Organization with the Wisconsin Department of Financial Institutions. This document includes information such as your LLC’s name, registered agent, management structure, and purpose.
- Create an operating agreement: While not required by law, creating an operating agreement is a good idea to outline the management structure and operating procedures of your LLC.
- Obtain necessary permits and licenses: Depending on your industry and location, you may need to obtain certain permits and licenses to operate your LLC in Wisconsin.
Forming an LLC in Wisconsin involves choosing a unique business name, appointing a registered agent, filing Articles of Organization, creating an operating agreement, and obtaining necessary permits and licenses. By following these steps, you can protect your personal assets and establish your business in the state.
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Costs to Open an LLC in Wisconsin
When starting a new business, it’s essential to consider the costs involved in forming an LLC in Wisconsin. These costs can vary depending on a number of factors.
- Articles of Organization filing fee: The filing fee for Articles of Organization in Wisconsin is $130.
- Registered agent fees: If you choose to hire a registered agent service, you’ll need to pay their fees. These fees can range from $50 to $300 per year.
- Operating agreement fees: While not required, it’s recommended to create an operating agreement. If you choose to work with an attorney to draft your agreement, there will be additional fees.
- Business licenses and permits: Depending on your industry and location, you may need to obtain certain licenses and permits to operate your LLC in Wisconsin. The costs of these licenses and permits vary depending on the type and location of your business.
The costs of opening an LLC in Wisconsin include the filing fee for Articles of Organization, registered agent fees, operating agreement fees (if you choose to have one drafted by an attorney), and necessary licenses and permits. By understanding these costs, you can budget appropriately and start your LLC with a clear understanding of the financial requirements.
Three Things To Be Aware Of When Starting Your LLC
The video below covers the following three things you must know when setting up your LLC.
- Commingling Funds
- Registered Agent
- Piercing the Corporate Veil
If you are unfamiliar with these terms, please watch the video below.
Files needed to open an LLC in Wisconsin
Starting a business in Wisconsin can be an exciting and fulfilling venture. If you’re considering forming a Limited Liability Company (LLC), it’s important to understand the necessary documents you’ll need to file with the state.
- Articles of Organization: This document is filed with the Wisconsin Department of Financial Institutions to officially form your LLC. It includes information such as your LLC’s name, registered agent, management structure, and purpose.
- Name reservation: If you want to reserve a specific name for your LLC, you can file a Name Reservation Request form with the Wisconsin Department of Financial Institutions.
- Operating Agreement: While not required by law, an operating agreement is recommended to outline the management structure and operating procedures of your LLC.
- Initial report: Within 90 days of filing your Articles of Organization, you need to file an initial report with the Wisconsin Department of Financial Institutions. This report includes information such as your LLC’s business address, members and managers, and registered agent.
To form an LLC in Wisconsin, you need to file Articles of Organization, reserve a name (if desired), create an operating agreement (if desired), and file an initial report with the Wisconsin Department of Financial Institutions. By understanding these required documents, you can start your LLC with confidence and ensure that your business is set up for success in the state of Wisconsin.
Incfile is our preferred choice for LLC formation because they provide all of the services your new business needs while being transparent with pricing. They also offer a free registered agent service for the first year, even in their free package.
Check out a behind-the-scenes of what managing your LLC looks like in your dashboard in this Incfile review.
Things to consider when opening an LLC in Wisconsin
Starting a business can be an exciting venture, but it’s important to understand the process and requirements for forming an LLC in Wisconsin.
- Business structure: Before forming an LLC, it’s important to consider whether this is the best business structure for your needs. Wisconsin also offers other business structures, such as sole proprietorship, partnership, and corporation.
- Name availability: Before filing your Articles of Organization, you should ensure that the name you want for your LLC is available for use in Wisconsin. You can check name availability on the Wisconsin Department of Financial Institutions website.
- Registered agent: Your LLC must have a registered agent in Wisconsin to accept legal documents and notices on behalf of the LLC. This can be an individual or a company.
- Operating Agreement: While not required by law, an operating agreement is recommended to outline the management structure and operating procedures of your LLC.
- Taxes: Wisconsin LLCs are subject to state and federal taxes, including income tax and sales tax. You should consider consulting with a tax professional to ensure compliance with tax laws.
- Licenses and permits: Depending on your industry and location, you may need to obtain certain licenses and permits to operate your LLC in Wisconsin. You should research these requirements and obtain necessary licenses and permits before starting your business.
When opening an LLC in Wisconsin, it’s important to consider factors such as business structure, name availability, registered agent, operating agreement, taxes, and licenses and permits.
Conclusion
Opening an LLC in Wisconsin may seem daunting, but with the proper guidance and resources, it can be a smooth and successful process. By understanding the necessary documents, costs, and considerations, you can start your LLC with confidence and begin your journey as a Wisconsin business owner. So what are you waiting for? Let’s get started!
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For more information on starting an LLC in Wisconsin, be sure to visit other resources on our website. Our articles on the various steps involved in forming an LLC, as well as information on the benefits of an LLC, can provide you with the information you need to make informed decisions about your business.
Our guides on registering for taxes, obtaining an EIN, and creating an operating agreement can help you navigate the legal requirements of starting an LLC in Wisconsin. Whether you’re just starting out or looking to expand an existing business, forming an LLC in Wisconsin can be a great choice. For more information and support as you begin this process, be sure to visit our website and take advantage of our comprehensive resources.
Legal Disclaimer: This article contains general legal information, does not constitute professional legal advice for your situation, and should not be interpreted as creating an attorney-client relationship. If you have legal questions, you should seek the advice of an attorney licensed in your jurisdiction.
Where Do I Even Begin with Starting a Business?
This depends on where you’re at in your journey.
Step 1 is deciding what type of business you want to start.
Step 2 is filling out the BizBuddy Pathway for your business.
Step 3 is legally forming your business.
Check out the FAQs below that match up with where you’re at in your process.
What Type of Business Should I Start?
If you’re unsure of what kind of business you want to start, you need to assess your situation. Things like your skills, available time, passion(s), money, and risk tolerance all factor into your decision. This post on What Business to Start is a great place to assess your situation and find the right fit for your unique situation.
What is the BizBuddy Pathway?
Research says that 92% of people with a business idea will never start a business. There are no shortages of ideas… execution is the scarce resource. The BizBuddy Pathway is a simplified approach for you to lay out your business journey.
Think of it like writing a book. The Pathway is like coming up with the title, storyline, and chapters, so you have the outline of where to begin. This is how you become the 8%.
How Do I Legally Form a Business?
It’s not as difficult as you think. That’s because in the U.S. small businesses accounted for 62% of all new jobs created between 1995 and 2020. That’s why you hear people say small business is the backbone of the economy. Check out this Guide on How to Legally Form a Business (in the U.S.). It will give you a full understanding of what goes into forming your legal entity and the options available to you. If you’re unfamiliar with terms like “Piercing the Corporate Veil” you’ll want to check out that guide.
How Do I Grow My Business?
Congrats. You’re already in the game and looking to grow. BizBuddy was founded by Eric Worral who started his first business at 13 years old (sealing driveways). That was well over 20 years ago when he had to figure out how to get new customers. No matter what business you’re in you need paying customers. This is a Guide on How to Get More Customers for Your Business. It’s a comprehensive overview of how to think about your category of business and the marketing strategies to implement. Onward and Upward!
