Incorporation in Wisconsin

Find the right Business Incorporation attorney in Superior, WI

By Wisconsin law, a business that has incorporated is identified thereafter as its own legal entity. As a separate entity from the owners, the business is then considered to be functioning on its own when it buys and sells property, assents to contracts and exercises legal rights. The Wisconsin Secretary of State receives and processes applications for incorporation, which must be submitted in compliance with local guidelines.

Benefits of Incorporation in Wisconsin

An incorporated business enjoys certain advantages, the most important being a limit of liability for the shareholders. The most shareholders can lose is the amount they invest in the business. If the business had remained a personal asset of the owners, they could run the risk of losing their personal property to pay for the company's financial liabilities in case of default. Furthermore, a business that has not incorporated puts the unnecessary burden on creditors in the Superior area to evaluate the credit worthiness of individual owners rather than that of the business, making loans more difficult. Lastly, the ownership of a corporation is divided into an abundance of equal portions or "shares" of stock. Without this mechanism, transferring ownership of a business would be impractical.

Costs of Incorporation

These benefits come at a price. First, incorporation in Wisconsin may require a filing fee. Second, a corporation pays taxes just like any other entity. In other words, the profits a corporation makes are now taxed separately, while any disbursements to shareholders are taxed as individual income. This is called double taxation. However, a business might avoid this disadvantage with proper planning and assistance from a local Superior lawyer.

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Life in Superior

Superior is the county seat for Douglas County, Washington. It has a population of about 27,000 and was founded as early as 1854. The city is known for its location at the west end of Lake Superior. It is also bordered by St. Louis Bay, Superior Bay, and two rivers.

As you can probably tell, water activities dominate the economy and culture of the city of Superior. One of the most popular tourist destinations is Barker's Island, which is the focal point of the city's recreation activities. The area includes a marina, a boat landing, swimming areas, and beaches. For many decades Superior has been the destination for boating and sailing vessels across the nation.

Superior also is known for its monuments and museums. The city has done well to preserve historic sea vessels such as the S.S. Meteor, built back in 1896. Further learning about American history can be had at the Fairlawn Museum.

Lawyers in Superior generally file legal claims at the Douglas County Circuit Court. In the city of Superior, some lawyers also participate in the local festivities, such as the annual Dragon Boat Festival.

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