A Wisconsin LLC can only be created by filing the Articles of Organization with the Wisconsin Department of Financial Institutions. The articles must have the following information: the LLC’s name and address, name and address of the registered agent, whether the LLC will be managed by a member or manager, name of the individual who drafted the articles, and the name and address of the organizers.
A Wisconsin LLC name must contain the words “Limited Liability Company”, “Limited Liability Co.”, or end with “LLC”, or “L.L.C.”. The name must be unique and not deceptively identical to the names of other business entities already on file with the Wisconsin Department of Financial Institutions. The Corporate Records Search at the Wisconsin Department of Financial Institutions website can be used to check for name availability.
What is an LLC?
LLC refers to a Limited Liability Company, and it is organized by business owners. They have fewer corporate formalities and can be taxed by the IRS as a sole proprietorship, S corporation, or C corporation.
Each state has different requirements and regulations regarding the formation of an LLC. Business owners should check with state laws when considering forming an LLC.
Owners of LLCs are known as members, they can be individuals, corporations, other LLCs, or foreign entities. There is no limit on the number of members an LLC can have. In most states, “single-member” LLCs are allowed, where there is only one owner involved in managing the LLC.
The IRS will treat the LLC as a corporation, partnership, or included in the LLC owners personal tax return. A domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless they file Form 8832 and elect to be treated as a corporation.
LLCs carry tax advantages over other forms of business such as limited partnerships. The owners of an LLC do not assume personal liability for business debt, and any losses of the LLC can be used as tax deductions against active income.
An LLC can be formed through the state business formation process or consulting with LegalZoom.