What is an Administrative Dissolution of Corporation and How to Change the Name of an LLC in Wisconsin?

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What is an administrative dissolution of corporation?
Administrative dissolution is the taking away of the rights, powers, and authority of a domestic corporation, LLC, or other statutory business entity by the state administrator overseeing business entities, due to the entity’s failure to comply with certain obligations of the business entity statute.
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A legal procedure that ends a corporation’s existence is called an administrative dissolution. It occurs when a company disregards state laws and rules, such as by failing to submit yearly reports or pay taxes. An administrative dissolution may be started by the state government or by judicial order. A corporation loses its legal status and is unable to conduct business operations when it is administratively dissolved.

If you wish to rename your LLC in Wisconsin, you must submit an update to the DFI (Department of Financial Institutions). The original name of the LLC, the new name, and the amendment date must all be included in the amendment. Depending on the form of LLC you have, there is a filing cost that must be paid.

In Wisconsin, you must take the following actions in order to alter the name of your LLC:

1. Pick a new name: The new name cannot be used by another Wisconsin business or LLC. By conducting a search in the DFI’s online database, you can determine whether a name is available. Drafting an amendment is step two. It must include the original name, the new name, and the date of the amendment. To prepare the change, you can utilize the DFI’s template or get legal advice.

3. Submit the amendment: The amendment must be submitted to the DFI along with the filing fee. Depending on the sort of LLC you have, the charge changes.

4. Update your records: As soon as the DFI accepts the adjustment, you must change the name on all of your company’s documents, including contracts, licenses, and bank accounts.

The owners and shareholders of a corporation may suffer severe repercussions from administrative dissolution. The assets of the corporation may be forfeited, limited liability protection may be lost, and personal accountability for debts and commitments may result. In order to keep a good relationship with the state government and to comply with state rules and regulations.

In conclusion, a corporate administrative dissolution is a legal procedure that ends a corporation’s existence. In order to change the name of an LLC in Wisconsin, you must submit an amendment to the DFI, pay a filing fee, and update the company’s documents. Corporations must abide by state rules and regulations and keep their standing with the state government in order to avoid administrative dissolution.

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