You might still be able to revive your LLC if it was administratively dissolved in Wisconsin. The Wisconsin Department of Financial Institutions (DFI) must be notified and certain costs must be paid in order to reinstate an LLC. However, since there might only be a short window for reinstatement, it’s critical to move fast.
When a corporation disregards certain legal obligations to the state, such as failing to submit annual reports or pay taxes, an administrative dissolution is a legal procedure that takes place. An LLC in Wisconsin may be administratively dissolved if it misses two deadlines for filing an annual report or paying an annual fee. An LLC loses its liability protection after being administratively dissolved since it is no longer recognized as a legal entity.
Your debts may not necessarily be discharged if your LLC is dissolved. In fact, depending on the design of your LLC and the wording of your contracts, your creditors might still be able to collect debts from you personally. Furthermore, you can still be held personally responsible for any unpaid tax debts that your LLC has.
When you want to close your firm, there are two distinct processes that can take place: dissolution and cancellation. The process of dissolving your LLC entails closing down its business and dispersing its assets to its members. On the other hand, cancellation involves ending your LLC’s status with the state. In order to close their business in Wisconsin, LLCs must submit Articles of Dissolution to the DFI. You can also inquire about how to shut down a business in Wisconsin.
There are various actions you must follow if you want to close your business in Wisconsin. You must first inform your consumers and creditors that your business is closing. The next step is to submit Articles of Dissolution to the DFI. Finally, you must revoke any licenses or permissions your company may have previously possessed.
In conclusion, there may still be a chance for your LLC to be reinstated if it has been administratively dissolved in Wisconsin. To prevent losing your liability protection and becoming personally liable for your LLC’s debts, you must take action swiftly and carefully. Additionally, it’s critical to comprehend the distinction between cancellation and dissolution and to have a solid plan in place for shutting down your company if necessary.
You must submit an Articles of Organization Amendment form to the Wisconsin Department of Financial Institutions in order to modify the name of your LLC there. The document must be submitted with a filing fee and indicate the new name of your LLC. Your LLC’s name will formally change after the adjustment is authorized. Remember that the new name cannot be the same as or similar to the name of any other Wisconsin-based LLC that already exists.