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LLC Recap

By LLC TEAM

  • Complex to form.

    More complex than a sole proprietorship or partnership.

  • Choose a name.

    • Must have LLC or Limited Liability Company in the name.
    • Cannot include the word "partners" in the name.
    • You can reserve a name through the WDFI by filing an application or calling in to the dept for $30.

  • Filing

    • An LLC can have an delayed effective date as long as it is not more than 90 days after receipt of filing.
    • Articles of Organization are required to be filed with Dept of Financial institutions
    • $130 online filing fee
    • Registered Agent is required

  • Management

    • Operating agreement governs operation
    • Can be member managed or management managed.
    • Every member can do business on behalf

  • Taxes

    Pass-through taxation. Members file income/losses with their personal tax returns.

  • Profits/Losses

    • members receive profits as laid out in the operating agreement or in shares proportionate to initial investment.

  • Dissolution

    • Articles of Dissolution must be filed with the WDFI.
    • winding up: creditors are paid first, members and former members are returned their capital contributions, and then profits are shared if available.