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Are you contemplating starting an S-Corporation in Wisconsin? Well, you're in the right place. This comprehensive guide will walk you through the entire process, ensuring that you are well-prepared to establish your S-Corporation successfully. So, let's dive right in!
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What is an S-Corporation?
An S-Corporation, also known as an S-Corp, is a specific type of corporation that offers the business owner certain tax advantages and limited liability protection. Unlike a regular C-Corporation, an S-Corporation allows profits and losses to be passed through to the shareholders, avoiding the double taxation often associated with C-Corporations.
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Step 1: Choose an Appropriate Name
The first step towards establishing an S-Corporation in Wisconsin is to select a unique and suitable name for your business. It's important to ensure that your chosen name complies with the state rules and regulations. Conduct a thorough search on the Wisconsin Department of Financial Institutions' website to determine if your desired name is available. If it is, reserve it before someone else does.
Step 2: File Articles of Incorporation
After finalizing your business name, it's time to file articles of incorporation with the Wisconsin Department of Financial Institutions. These articles state essential information about your S-Corporation, such as its name, purpose, registered agent, duration, and the number of shares authorized. You can file the articles online or submit a printed copy with the required filing fee.
Step 3: Create your Corporate Bylaws
Corporate bylaws are a set of rules and regulations that dictate how your S-Corporation will operate. It covers essential elements such as shareholder and director meetings, voting procedures, officer roles, and other crucial aspects of your business. Draft a comprehensive set of bylaws or consult with a business attorney to ensure you comply with Wisconsin's legal requirements.
Step 4: Appoint Directors and Hold an Initial Meeting
Once your S-Corporation is formed, you must appoint directors to oversee its operation. Typically, Wisconsin requires a minimum of one director. After appointing directors, it is crucial to conduct an initial organizational meeting. During this meeting, directors can adopt bylaws, appoint officers, and address any pending matters related to the corporation's establishment.
Step 5: Obtain an EIN and Comply with Licensing and Tax Requirements
An Employer Identification Number (EIN) is a unique identifier required by the Internal Revenue Service (IRS) for tax purposes. Obtain an EIN for your S-Corporation by filling out Form SS-4, which can be easily done online at the IRS website.
Additionally, ensure compliance with all applicable licensing requirements, including state and local permits. Be aware of specific industry licenses, zoning and building permits, health and safety regulations, employment laws, and any other legal obligations relevant to your business operations.
Step 6: Elect S-Corporation Status with the IRS
For an S-Corporation, federal tax treatment can be advantageous. To enjoy the tax benefits, you must submit Form 2553, Election by a Small Business Corporation, to the IRS. Remember to file this form within 75 days of your S-Corporation's formation, or no later than 2 months and 15 days from the beginning of the tax year in which you want the election to take effect.
Step 7: Register for State Taxes
Wisconsin imposes various state taxes upon businesses, including sales tax, income tax, and unemployment insurance tax. Register your S-Corporation with the Wisconsin Department of Revenue to ensure compliance with these tax obligations. Check for any additional local tax requirements based on your business's location.
Step 8: Annual Reports and Ongoing Compliance
To maintain the good standing of your S-Corporation, you must file an annual report with the Wisconsin Department of Financial Institutions and pay the associated fee. Staying compliant with state and federal tax obligations, regular bookkeeping, and holding required meetings are essential to avoid any penalties or potential loss of liability protection.
Starting an S-Corporation in Wisconsin requires careful planning, adherence to legal guidelines, and attention to detail. By following these eight steps outlined in this guide, you'll be well on your way to establishing a successful S-Corporation in the state of Wisconsin. Good luck on your journey to entrepreneurship!
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