CAUTION: The reference materials, publications, guides, etc. linked to this site are intended to provide general background information. The approaches, effects and conclusions suggested in those materials may not apply uniformly in all states.
If you feel you need legal help, do not hesitate to consult your attorney.
The following are not the only types of entities available, nor should the descriptions provided below be construed as
all-inclusive:
Sole Proprietor
General Partnership
Corporation
Limited Liability Company
Limited Partnership
Limited Liability Partnership
Cooperative Association
Common Law Trust
Foreign Entities
Not Filed: Sole proprietorships and general partnerships are types of businesses that are not filed with the Department of Financial Institutions (DFI). Other public record custodians, such as the county Register of Deeds, may accept a notice or statement for record under the provisions of sections 134.17 and 178.39 of the Wisconsin Statutes.
A sole proprietor is a single individual who owns and operates the business. A business conducted by a sole proprietor has no legal separation between the individual and the business. No legal formalities are required to bring this form of business structure into being, and there are no particular formalities necessary for operation. As sole owner of the assets, the sole proprietor is entitled to all of the profits of the business but is personally responsible for all of its liabilities and obligations as well. There is no shield from liability other than insurance coverage.
A sole proprietor who wishes to conduct business under a name other than the real name of the person may elect to file a Registration of Firm Name with the county Register of Deeds according to the instructions. A sole proprietor can also elect to file a trade name with the Secretary of State.
When starting a business it is important to make an informed decision on your business structure. Your choice or action can affect your personal liability and tax obligations. You are encouraged to seek additional information and/or obtain the assistance of a qualified accountant or attorney before finalizing your choice of legal entity.
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A general partnership is an association of two or more persons to carry on a business as co-owners for profit. This form of business organization is ordinarily created by formal agreement, but a partnership may simply be created by oral agreements or may even be implied by the conduct and acts of the parties. A general partnership, like the sole proprietorship, is a business form with unlimited liability for the partners. This means that each partner's assets can be reached without limitation to satisfy partnership obligations incurred by the other partners. Unlike a sole proprietorship, a partnership must file an information return annually with the IRS.
A general partnership who wish to conduct business under a name other than the real name of the person may elect to file a Registration of Firm Name with the county Register of Deeds according to the instructions. A general partnership can also elect to file a trade name with the Secretary of State.
When starting a business it is important to make an informed decision on your business structure. Your choice or action can affect your personal liability and tax obligations. You are encouraged to seek additional information and/or obtain the assistance of a qualified accountant or attorney before finalizing your choice of legal entity.
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Filed: The following types of business organizations are filed with the Department of Financial Institutions (DFI). In addition, they may be required to file reports with the Department of Revenue (DOR) or with the Division of Unemployment Insurance.
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