Creating a legal company is an essential first step in launching a business. The articles of organization or articles of incorporation must be filed with the state government as part of this procedure. But do these two terms have the same meaning? They are not the same, hence the answer is no.
A corporation is formed using articles of incorporation, whereas a limited liability company (LLC) is created using articles of organization. The primary distinction between the two is how much simpler an LLC is to establish and run than a corporation. LLCs are more adaptable in terms of management structure and tax alternatives, and they have less formal requirements.
Articles of organization or articles of incorporation for businesses must be filed with the Wisconsin Department of Financial Institutions (DFI) in Wisconsin. A WI Certificate Service is another service provided by the DFI that enables companies to receive a certificate of status attesting to their legitimacy and good standing in the state.
You can accomplish this by mail through the DFI’s online portal if you need a copy of your Wisconsin business license. To view your license, you must provide your company name, entity type, and filing ID number. Remember that certain companies can need extra licenses or permits based on their region and industry.
What occurs if a company dissolves or has its legal existence ended? A dissolved business in Wisconsin must submit articles of dissolution to the DFI and finish all required tax filings and payments. Any unpaid debts or unfulfilled legal duties may still be the responsibility of the company. In the event that a corporation is dissolved, its assets are normally sold, with the revenues going toward clearing any debts or being distributed to shareholders.
As a result, although while both articles of organization and articles of incorporation are crucial legal papers for creating a company entity, they are not the same. Corporations utilize articles of incorporation, whereas LLCs use articles of organization. To keep their company in good standing, business owners must grasp the legal requirements for the particular corporate type they are operating under and follow state legislation.