Articles of Organization and the necessary filing fee must be submitted to the Department of Financial Institutions in Wisconsin in order to create an LLC. The name of the LLC, the name and address of the registered agent, the purpose of the LLC, and the names and addresses of the members must all be listed in the Articles of Organization.
After the LLC is established, you must draft an operating agreement outlining the governance structure, member rights and obligations, and procedures for member additions and removal. Although an operating agreement is not necessary in Wisconsin, it is strongly advised to prevent member disputes. Dissolving a Wisconsin Nonprofit Organization
In Wisconsin, there must be a proper procedure in place before a nonprofit can be dissolved. The board of directors must first meet and vote to dissolve the company. The board shall additionally give to another nonprofit organization or to the government all remaining assets.
The Wisconsin Department of Financial Institutions must receive the nonprofit’s Articles of Dissolution after the board has decided to dissolve it. The name of the organization, the date of the board’s decision, and a declaration that all assets have been allocated must all be included in the Articles of Dissolution.
In Wisconsin, a written agreement between the partners is necessary to dissolve a partnership. If there is no written agreement, the Wisconsin Uniform Partnership Act governs dissolution and specifies the terms of dissolution, including the allocation of assets and liabilities.
The Wisconsin Department of Financial Institutions must also receive a Statement of Dissolution from the partners. The name of the partnership, the dissolution date, and the partners’ names and addresses must all be included in the Statement of Dissolution.
Dissolution of Administrative Order for Annual Report
The state of Wisconsin has the authority to administratively dissolve an LLC or corporation if it fails to submit its annual report to the department of financial institutions in the state. The company is no longer regarded as a legal person in Wisconsin if it has undergone administrative dissolution.
You must submit an Application for Reinstatement and settle all outstanding fines and fees in order to restore an administratively dissolved business. The name of the business, the date of dissolution, and a declaration that the business has not operated since that date must all be included in the application.
In Wisconsin, dissolving a sole proprietorship is not too difficult. The Internal Revenue Service and the Wisconsin Department of Revenue must receive your final income tax return. Any licenses or permissions that are no longer required should be canceled as well.
In conclusion, creating an LLC in Wisconsin gives a number of benefits, including flexibility and liability protection. It takes certain actions to dissolve a nonprofit company, partnership, or sole proprietorship, and legal procedures must be followed. If annual reports are not filed, administrative dissolution may follow.
In order to maintain their LLC’s good standing in Wisconsin, LLCs must submit an Annual Report to the Department of Financial Institutions each year. The $25 filing fee for the Annual Report can be paid online or by mail. The report has to be submitted by the anniversary of the founding of the LLC. If the Annual Report is not submitted by the due date, the LLC may be administratively disbanded.