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How To Fill Out Articles Of Organization For Wisconsin LLCs
To create an LLC in the state of Wisconsin, this all begins with the Articles of Organization. By downloading and filling out Form 502, you can start this process. The information that is requested on that form may not be readily available if you are just starting. There are certain things that you must set up before you can complete the entire form. That’s why it’s important to read through the Articles of Organization for Wisconsin to understand what you need to do first. Let’s start with what you need initially, and then reveal how to complete this document.
Secure Your LLCs Name
To register and secure the name of your limited liability company, this begins with a quick search on the business name database located at the Wisconsin Department of Financial Institutions. By searching for the name of your company, or whatever name you want to use with your LLC, you can see if it is listed. If it is not there, it is available for you to register for your LLC.
Locate And Hire A Registered Agent
The next step is to find your Registered Agent. These are mandatory professionals that every owner of an LLC must-have. You can find lists of available registered agents that will be happy to provide you with their services. In general, they need to be residents of Wisconsin. However, that doesn’t need to be the case. They could simply have the right to occupy a physical location in Wisconsin where mail can be received. You will have to compare the different ones that you find, as well as the prices they are charging so that you can decide on one prior to completing the Articles of Organization.
Determine Who Your Members And Managers Are
Now that you have your registered agent, you will now need to make a list of all of the members and managers that will be part of your LLC. These are individuals that will contribute to the operations of your business, and will also share in the profits. Likewise, they will be responsible for the taxes that you must pay as a result of making sales.
Determine Who The Organizer And Drafter Are Going To Be
The organizer is typically the individual that is coordinating all of the things related to the operations of your LLC. The drafter is the one that will write everything down, creating the Articles of Organization. They must be listed on this document, so you need to determine in advance who these individuals will be.
Get An Email And Phone Number For Your LLC
It is important to have a phone number that is specifically for your LLC. You should also have an email address as well. It is recommended that you get a phone number that is separate from your business phone, and a professional email should be created for your limited liability company as well. If not, you may want to use your existing phone and email that pertains to your business.
Complete The Articles Of Organization
Once you have gathered all of this information, you can complete Form 502 within the hour. You will start with the name of the LLC that you registered, add your registered agent’s name and address, and also list the name and address of your organizer. The drafter of the articles will be listed by name, as well as the organizer that is coordinating everything. You will list your phone number and email address for the LLC, and then confirm whether or not this is manager-managed or member-managed. Once that is completed, it will then need to be filed online. You can also submit this by mail. The cost of submitting by mail is $170. You can save $40 by filling this form online.
What About The Operating Agreement?
If you have the extra time, it is certainly a good idea to have an Operating Agreement handy. It will depict the operations of those involved with the LLC. It will state what powers they have, what rights they have, and what duties they are responsible for. It will list their obligations, liabilities, and it will also list them by name. It is important to have this access if you ever run into legal matters that will require defining your LLC as a separate entity. It will take just a few minutes to create a rough draft for this document, and subsequently, you can complete it prior to the formation of the LLC.
Once this is done, you will have to wait a total of 4 to 6 weeks for this to be approved and established. If you pay for expedited processing, it will take far less time, usually about 10 business days. Your LLC will then be set up, offering you the protection that most people seek when creating a limited liability company for their business. By following these simple steps, you will have all of the information needed to complete your Articles of Organization, so you can submit it in a reasonable amount of time.