Closing an LLC in Wisconsin: A Step-by-Step Guide

Like other jurisdictions, Wisconsin permits the creation of limited liability companies (LLCs) as a type of corporate entity. An LLC has a separate legal identity from its owners and offers limited liability protection to its owners. It’s possible, though, that an LLC won’t always be required or able to function. In these circumstances, the LLC needs to be dissolved in line with state legislation. This article will walk you through the process of closing an LLC in Wisconsin step-by-step.

File Articles of Dissolution as the first step Articles of Dissolution must be filed with the Wisconsin Department of Financial Institutions (DFI) as the initial step in dissolving an LLC in Wisconsin. The name of the LLC, the filing date, and a declaration that the LLC has been dissolved must all be included in the Articles of Dissolution. The LLC’s authorized representative also needs to sign the Articles of Dissolution.

Step 2: Pay any unpaid debts or taxes It’s critical to confirm that all unpaid taxes and bills have been paid before dissolving an LLC. The owners of the LLC risk personal culpability if they don’t comply. To confirm that all taxes have been paid, get in touch with the Internal Revenue Service (IRS) and the Wisconsin Department of Revenue. Any unpaid or unresolved debts of the LLC shall also be paid or settled.

Step 3: Notify Creditors and Other Parties

The LLC’s owners are required to inform all known creditors and other interested parties of the LLC’s dissolution after the Articles of Dissolution have been submitted and all unpaid taxes and debts have been settled. This can be accomplished by notifying each creditor and other interested party in writing. The notice must provide the date of the dissolution as well as the registered agent’s name and address.

Close business accounts and revoke licenses and permits in step 4

In Wisconsin, shutting all business accounts and revoking all active licenses and permissions is the last step in dissolving an LLC. This includes closing any bank accounts, canceling any business credit cards, and canceling any business licenses with the federal, state, or municipal governments.

Is the LLC’s owner public information? The Wisconsin Department of Financial Institutions (DFI) provides access to the names and addresses of LLC owners as public records in Wisconsin. The DFI does not, however, make this data accessible online. The DFI must receive a written request for this information along with payment.

How can I obtain a WAMS ID? The State of Wisconsin uses a WAMS ID, a special identification number, to access a variety of online services, including the Wisconsin Department of Financial Institutions. Visit the WAMS Wisconsin Gov website and select “Register for a WAMS ID” to request a WAMS ID. Register by following the instructions to create a WAMS ID.

What is Wisconsin Gov WAMS? The Wisconsin Department of Financial Institutions is one of the online services that may be accessed by visitors to the state-maintained website WAMS Wisconsin Gov. To access these features, users must sign up for a WAMS ID.

Wisconsin: Is a yearly report required? Yes, the Wisconsin Department of Financial Institutions requires LLCs to submit an annual report. The name, address, registered agent information, and names and addresses of all members and management of the LLC must all be included in the annual report. The annual report is required each year by the anniversary of the founding of the LLC and must be submitted online.