Although starting a business is a thrilling endeavor, there are numerous legal considerations. Getting a business license is one of the most crucial steps in beginning a business in Wisconsin. A business license is a permit granted by the state that enables you to legally run your company there. This article will walk you through the process of getting a business license in Wisconsin.
You must choose your business structure before you can submit an application for a business license in Wisconsin. Businesses can be organized in a variety of ways, such as corporations, partnerships, limited liability companies (LLCs), and sole proprietorships. Choose the structure that is best for your company because each one has different legal and tax ramifications.
Step 2: File a Business Registration Form After choosing your organizational structure, you must register your company with the state of Wisconsin. Online or postal registration is available for businesses. The registration process includes filing articles of organization (for LLCs) or articles of incorporation (for corporations), obtaining an employer identification number (EIN) from the IRS, and registering for state and local taxes.
Step 3: Submit an application for a business license You can submit an application for a business license after your company has been registered. Depending on where you are doing business and what kind of license you require. Some businesses require additional permits or licenses, such as a liquor license or a food service permit. You can apply for a business license online or by mail.
In Wisconsin, business licenses are typically valid for one year. You will need to renew your business license annually and pay a renewal fee. Failure to renew your license can result in fines or the revocation of your license.
If you need to change your LLC articles of organization in Wisconsin, you can do so by filing an amendment with the Department of Financial Institutions. The amendment must include the changes you want to make and must be signed by a majority of the LLC’s members. You will need to pay a fee to file the amendment.
Yes, you can be your own registered agent in Wisconsin. A registered agent is a person or entity that is designated to receive legal documents on behalf of your business. While you can act as your own registered agent, it’s important to note that you will need to have a physical address in Wisconsin where legal documents can be served.
The cost of forming an LLC in Wisconsin varies depending on several factors, including the type of LLC and the services you use to form your LLC. The filing fee for an LLC in Wisconsin is $130. There may be additional fees for expedited processing or other services.
Which Is Better, an LLC or a Sole Proprietorship? The decision between an LLC and a sole proprietorship depends on several factors, including your business type, your personal liability concerns, and your tax situation. A sole proprietorship is the simplest and least expensive business structure, but it offers no personal liability protection. An LLC, on the other hand, offers personal liability protection and may offer tax benefits, but it is more expensive to form and maintain. It’s important to consult with a business attorney or tax professional to determine which structure is right for you.
In conclusion, obtaining a business license in Wisconsin requires several steps, including determining your business structure, registering your business, applying for a business license, and renewing your license annually. If you need to change your LLC articles of organization, you can do so by filing an amendment, and you can act as your own registered agent in Wisconsin. The cost of forming an LLC in Wisconsin varies, and the decision between an LLC and a sole proprietorship depends on several factors.
The annual fee for an LLC in Wisconsin is $25.