Starting a corporation is an exciting venture that often marks an important milestone in a business owner's journey. Wisconsin, also known as 'America's Dairyland,' offers entrepreneurs a favorable business environment, making it an attractive state to start a corporation. However, before diving into this process, understanding the legal and operational aspects becomes crucial. In this article, we will highlight the steps, requirements, and important considerations when starting a corporation in Wisconsin.
Step 1: Choosing the Right Corporate Name
A compelling and unique corporate name sets the foundation for your business. Wisconsin mandates that your chosen corporation name should be distinguishable from existing entity names registered with the state. To check for name availability, use the 'Business Name Availability Checker' provided on the official website of the Wisconsin Department of Financial Institutions.
Step 2: Appointing the Initial Directors
Next, you need to appoint initial directors responsible for the formation of your corporation. Wisconsin requires a minimum of one director, who can be an individual or another corporation. It is important to choose directors who will diligently contribute to the growth and success of your corporation.
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Step 3: Preparing and Filing the Articles of Incorporation
To officially establish your corporation, you must prepare "Articles of Incorporation" and file them with the Wisconsin Department of Financial Institutions. The articles typically include information such as:
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1. The corporation's name and address.
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2. The registered agent's name and address (a person or entity designated to receive legal documents on behalf of the corporation).
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3. The number of authorized shares and their par value.
Remember, the wisconsin corporation Bureau website offers detailed instructions and pre-fillable forms to simplify the filing process.
Step 4: Drafting Corporate Bylaws
Corporate bylaws serve as internal governing rules for your corporation. Although not required by Wisconsin law, bylaws are highly recommended as they outline procedures for shareholder and director meetings, responsibilities, voting rights, and other essential aspects of corporate management. Bylaws provide clarity and prevent potential disputes within your corporation.
Step 5: Appointing a Registered Agent
In Wisconsin, each corporation must appoint a registered agent within the state. The registered agent is responsible for receiving important legal and tax documents on behalf of the corporation. This agent can be an individual residing in Wisconsin, or a domestic or foreign corporation authorized to do business in the state.
Step 6: Conduct an Organizational Meeting
Once the corporation is formed, an initial organizational meeting must be conducted by the new board of directors. During this meeting, the bylaws are typically adopted, and various corporate resolutions are passed. Minutes of this meeting should be carefully recorded and stored.
Important Considerations
Starting a corporation in Wisconsin also involves other important considerations, such as:
Licenses and Permits
After forming your corporation, you must identify and obtain any necessary licenses and permits specific to your business, as required by Wisconsin laws and regulations. The Wisconsin Department of Agriculture, Trade, and Consumer Protection website provides detailed information on licenses and permits for various industry sectors.
Tax Obligations
Wisconsin corporations have specific tax obligations, including corporate income tax and potentially sales and use tax, employment taxes, and franchise tax. Familiarize yourself with the tax requirements and consult with an accountant or tax professional to ensure compliance.
Virtual Office Space
If you do not have a physical office in Wisconsin and prefer a remote setup, consider utilizing virtual office spaces provided by third-party providers. These spaces offer a professional address, mail forwarding services, and access to meeting rooms, boosting your business's credibility while saving operational costs.
Insurance
Proper insurance coverage is essential for protecting your corporation in cases of accidents, liability claims, or natural disasters. Explore insurance options, such as general liability insurance, professional liability insurance, or business owner's policy, that cater specifically to your business needs.
Overall, starting a corporation in Wisconsin demands thorough understanding and compliance with its legal and operational requirements. By following the steps outlined, performing due diligence, and seeking professional guidance, you can confidently embark on this exciting journey of entrepreneurship while ensuring an organized and legally-compliant foundation for your corporation.
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