How To Wednesday… Creating and LLC

HowTo WednesdayPlease note that I actually wrote this on Wednesday, just didn’t get it published until today!

I help a lot of people set up an LLC with the State of Wisconsin. The process isn’t very complicated and I sometimes do it online, with my clients present.  Don’t think that this post is going to give you everything you need to know about setting up your LLC. Choosing to do business as an LLC as opposed to a partnership, corporation, non-profit, or sole proprietorship has implications on your taxes and your legal exposure if your business gets into trouble. Creating an LLC has implications on your estate if you should die. It becomes an asset that potentially is subject to division if you (or your partner) get divorced. I advise talking to a lawyer who can explain the different entity choices and what long-term effects the different choices have for you.

That being said, here we go, off to the State of Wisconsin Department of Financial Institutions. Your first step for setting up your LLC is to choose a name for it. You cannot pick a name that someone else is already using. How do you know if your choice is available?

Go to www.dfi.gov and click on “I want to search…”  a menu will drop down, choose “Corporate Records”