The Limited Liability Company, or LLC, is a business structure that combines the advantages of many traditional business forms. An LLC enjoys the same type of limited liability as a corporation, but like the sole proprietorship and partnership, it is not taxed as its own entity. Like a corporation, a LLC can have unlimited shareholders, called members. But a key difference is if one of these shareholders dies or files for bankruptcy, the LLC is dissolved and will stop operations unless the remaining members form a new LLC. For hundreds of years, limited liability has been a primary goal of some business forms, but since the Wisconsin legislature enacted laws authorizing its formation, the modern LLC has become more and more popular.

Can My Business Be Formed as an LLC?

A business in Wisconsin can be organized using the form that it chooses. If the founders want to organize as an LLC, all that is required is filing the appropriate form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Wisconsin there are specific laws that govern the actions of LLC?s. In deciding whether you should organize as an LLC, you should consider carefully the applicable laws. Finding the right business structure for your company can lead to increased profits, but the process may take some time.

Can I Change the Form of My Business to an LLC?

Under certain conditions, a business in Platteville may change its form. Eligibility for conversion to a LLC is determined by Wisconsin law.

How Can an Attorney Help?

Attorneys experienced in Wisconsin business law can give you valuable input on whether your business would be more profitable as a LLC.