How to Form an LLC in Wisconsin: A Step-by-Step Guide
Learn how to form an LLC in Wisconsin with our step-by-step guide. From choosing a business name to opening a business bank account, we cover everything you need to know.
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What is an LLC and Why Form One in Wisconsin?
Forming a Limited Liability Company (LLC) in Wisconsin can provide you with personal liability protection, tax benefits, and flexibility in management and ownership. However, the process can be complex and time-consuming if you don't know where to start.
In this article, we will guide you through the process of forming an LLC in Wisconsin, from choosing a business name to obtaining necessary licenses and permits.
How Do I Choose a Business Name for My LLC in Wisconsin?
The first step in forming an LLC in Wisconsin is to choose a business name that complies with the state's naming requirements. The name must be unique and not already in use by another business in the state. You can search the Wisconsin Department of Financial Institutions' database to see if the name is available.
Once you have chosen a business name, you will need to check if the desired web domain and social media handles are available. You can use online tools such as Namecheap or GoDaddy to check availability.
How Do I Prepare and File the Articles of Organization for My LLC in Wisconsin?
The Articles of Organization is a document that must be filed with the Wisconsin Department of Financial Institutions to form an LLC. The document requires basic information about the business, including the business name, address, and purpose. You can prepare the document yourself or hire a lawyer to help you.
The Articles of Organization must be signed by the LLC's organizer and filed with the Wisconsin Department of Financial Institutions. The filing fee is currently $130.
How Do I Obtain a Federal Tax ID Number for My LLC in Wisconsin?
A Federal Tax ID Number, also known as an Employer Identification Number (EIN), is a unique number assigned to your business by the IRS. You will need to obtain an EIN to open a business bank account, hire employees, and file taxes. You can apply for an EIN online through the IRS website.
What Licenses and Permits Do I Need to Obtain for My LLC in Wisconsin?
Depending on the type of business you are forming, you may need to obtain additional licenses and permits from the state or local government. For example, if you are forming a food business, you will need to obtain a food service permit from the Wisconsin Department of Health Services.
How Do I Create an Operating Agreement for My LLC in Wisconsin?
An Operating Agreement is a document that outlines the ownership and management structure of the LLC. It should include provisions for how the business will be managed, how profits and losses will be distributed, and how disputes will be resolved. You can create an Operating Agreement yourself or hire a lawyer to help you.
How Do I Open a Business Bank Account for My LLC in Wisconsin?
Once you have formed your LLC and obtained an EIN, you can open a business bank account. This will help you keep your personal and business finances separate and make it easier to manage your business's finances.
Conclusion
By following these steps outlined in this article, you can ensure that your LLC is formed correctly and that you are in compliance with all state and federal regulations.