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Starting your own business can be an exciting and fulfilling venture, but there are numerous factors to consider before you jump into the world of entrepreneurship. One of the first decisions you'll need to make is choosing the right legal structure for your business. For many small businesses in Wisconsin, forming an S-Corporation (also known as an S-Corp) offers numerous advantages and tax benefits. This guide will walk you through the steps of starting an S-Corporation in Wisconsin in 2023.
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What is an S-Corporation?
An S-Corporation is a type of legal structure that provides owners with limited liability while offering the benefits of pass-through taxation. This means that the corporation itself is not subject to federal income tax; instead, profits and losses are passed through to the individual shareholders, who then report them on their personal tax returns. This is different from a traditional C-Corporation that pays taxes separately from its shareholders.
Choose a Unique Business Name
The first step in starting an S-Corporation in Wisconsin is selecting a unique business name. Ensure your chosen name complies with Wisconsin's legal requirements, which mandate that the name must not be misleading, must contain a corporate suffix (e.g., "Inc."), and not infringe on the intellectual property rights of an existing business. You can check the availability of your preferred business name through the Wisconsin Department of Financial Institutions (DFI) online database.
Appoint Directors and Incorporators
An S-Corporation must appoint at least one director who will be responsible for managing the business. Directors must be at least 18 years old and can be either shareholders or third parties. Incorporators, on the other hand, are individuals or entities responsible for signing and filing the articles of incorporation with the Wisconsin Division of Corporations. While directors can be changed, incorporators are typically not involved in the long-term management of the corporation.
File Articles of Incorporation
To legally form your S-Corporation in Wisconsin, you must file Articles of Incorporation with the Wisconsin Department of Financial Institutions. The document includes essential information such as the corporation's name, registered agent's information, duration, purpose, and stock information. You can file the articles by mail or online, and a filing fee is required. Once approved, you will receive a certificate of incorporation, officially establishing your S-Corporation.
Create Corporate Bylaws
After incorporating your S-Corporation, it's essential to create corporate bylaws that outline the internal rules and procedures of your business. These bylaws typically include provisions regarding shareholder meetings, officer roles and responsibilities, voting rights, and other governance matters. By creating bylaws from the outset, you establish a clear framework that promotes organizational transparency, efficiency, and compliance.
Obtain an EIN and Register for Taxes
An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is required for S-Corporations to conduct business, hire employees, and file taxes. You can obtain an EIN from the Internal Revenue Service (IRS) either online or by mail. Similarly, to fulfill your tax obligations in Wisconsin, you need to register with the Department of Revenue for various state-level taxes, including income tax withholding and sales tax.
Determine Licensing and Permit Requirements
Before you can operate your S-Corporation, determine whether your business requires any specific licenses, permits, or certifications. Regulations vary based on the industry and location, so it's crucial to research and understand the necessary requirements. The Wisconsin Small Business Regulatory Assistance Program is an excellent resource for identifying licensing obligations and connecting with the relevant governmental agencies.
Consider Professional Support
While it's possible to navigate the process independently, engaging the services of professionals such as lawyers or incorporation services can provide valuable guidance and expertise. They can assist in filing documents correctly, compliance matters, and ensuring that your S-Corporation adheres to federal and state regulations. Professional support may ease the administrative burdens, allowing you to focus on the core aspects of your business.
Conclusion
Forming an S-Corporation in Wisconsin can be an advantageous choice for many entrepreneurs, providing limited liability, taxation benefits, and a flexible legal structure. By following the steps outlined in this guide, you will lay the foundation for a successfully structured business. Remember to conduct thorough research, consult legal and tax experts, and stay updated on state-specific requirements to ensure compliance with Wisconsin's business regulations.
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