Utilizing the online database of the Wisconsin Department of Financial Institutions is the first step. You can use this database to look up Wisconsin-registered business entities by name, registered agent, or entity number. On the Department of Financial Institutions’ website, you can view this database.
Another choice is to use the United States Patent and Trademark Office’s website to carry out a trademark search. You can then check to see if the name you intend to use has already been registered as a trademark by another business. Remember that if a name is too close to one that is already trademarked, it could still be liable to trademark infringement even though it is currently available. Which Is Better, an LLC or a S Corp?
Choosing your company’s legal structure is one of the most crucial decisions you will make when starting a business. Limited Liability Companies (LLCs) and S Corporations (S Corps) are two well-liked options. Both have particular benefits and drawbacks, so it’s critical to comprehend the distinctions before choosing one.
Because LLCs provide liability protection for the owners, their personal assets are not at danger if the business faces debts or legal action. This is why LLCs are so popular. Additionally, LLCs are exempt from double taxation, which means that the owner’s personal tax return is the only place where the business is taxed. However, compared to other business arrangements, setting up an LLC can be more expensive and may involve more paperwork.
S Corps, on the other hand, give small business owners tax benefits. The business is not liable to corporate income tax since the income it generates is passed through to the owners’ individual tax returns. S Corps also enable owners to keep their portion of business income free of self-employment taxes. S Corps, however, may necessitate more procedures and place more limits on ownership than other business formations.
A registered agent is a person or entity chosen by a company to accept legal notices and other official correspondence on the firm’s behalf in Wisconsin. It is possible to act as your own registered agent in Wisconsin, though it is advised that you hire a registered agent. A physical address in Wisconsin where legal notices can be delivered during regular business hours must be provided if you decide to act as your own registered agent.
While LLCs have many benefits for owners of small businesses, there are also some possible drawbacks to take into account. One drawback of LLCs is that they can cost more to establish than other company entities like sole proprietorships or partnerships. Additionally, LLCs might need extra documentation and formalities to keep up with state rules.
An LLC may have a harder time raising cash than other business formations like corporations, which is another possible drawback. It can be difficult to find investors or sell firm stock because LLCs are often controlled by a small number of people. Furthermore, compared to other corporate arrangements, LLCs may be subject to tighter constraints on ownership and management.