With all of the business entity choices available to new and existing businesses, a Limited Liability Company (LLC) can be a great entity choice for many types of businesses. They are easy to form, and they help protect your personal assets from the debts and liabilities of the business and its employees. An LLC doesn’t require the strict record keeping, paperwork, or operating formalities that a corporation requires. LLCs also provide flexible income tax options, and they don’t have the strict ownership restrictions of a corporation. Because of these positive qualities, LLCs are often the entity of choice for many businesses. However, most people who create an LLC fail to plan for the disposition of their LLC interest upon their death. Continue reading
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DIY Business Formation: Are You Sure It’s Right for You?
More Wisconsin-based entrepreneurs are taking the initiative to create their own business entities than ever before. And why shouldn’t they? Starting a business seems as easy as filing a form with Wisconsin’s Department of Financial Institutions (DFI).
The DFI is the filing office for creating Wisconsin corporations, limited liability companies, limited partnerships and other business types. And it’s true: Creating a business entity starts with filing a form there. There are many additional legal matters to consider when forming a business, however. Overlooking these matters can expose you to the risk of litigation, even putting your personal finances at risk.
Items to Consider When Starting a New Business
In addition to filing a form with the DFI, it’s a good idea to:
Properly prepare your operating documents. Depending on the type of business you create, you may be expected to prepare certain operating documents. These can include bylaws, operating agreements, partnership agreements or other important documents. The documents are critical. They define your organization’s operating terms and help protect your legal rights and responsibilities. Continue reading
Is a Limited Liability Company (LLC) Right for me?
Creating a Limited Liability Company (LLC)? Use Caution…Starting a Business is not always a simple venture
So you’re starting a new business? It can’t be that difficult…can it? You do the research and decide that a Limited Liability Company (LLC) is the best entity for your new venture. You may event go online and register your new entity with proper state agency. But use caution. Before you open the doors of your new business be sure you consult with a qualified Business Law Attorney to ensure that you’ve covered all the bases. Continue reading