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Incorporate in Wisconsin Registering With Department of Financial Institutions (Dfi)
Certain types of legal entities can only be formed through the DFI. Names of these entities are kept on file with the DFI once the entity has been formed. No separate registration is required. These entities are:
Business corporations Nonstock corporations (including domestic veterans organizations and Catholic congregations) Cooperative associations Limited partnerships Limited Liability Companies (LLCs) Limited Liability Partnerships (LLPs) Common Law Trusts
General partnerships and sole proprietors are not on record with DFI and may not be on record with any public office. "Religious societies," organized under sec. 187.01, Stats., are on record with the Register of Deeds of the county within which their principal office is located.
Registering for tax purposes A Business Tax Registration Certificate is required if your business is also required to have any of the following tax-related documentation:
WI Employer Identification Number (EIN) Use tax certificate Local exposition tax Alcohol beverage permit Seller's permit Retail alcohol beverage permit
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Incorporate in New Mexico (Nmprc)
A corporation is the most complex and formal business structure. A corporation exists as a distinct legal entity. As a legal ìperson,î separate from its owners, the corporation can make its own contracts, raise capital, assume liability, and ó just like the rest of us ó pay taxes. Corporations are usually formed by the authority of a state government. In New Mexico, they are governed by the New Mexico Public Regulation Commission (NMPRC).
If you wish to establish a corporation, specific statutory criteria must be met. (see Are Your Papers In Order?) Having a corporation may provide you with a vehicle for raising capital through the sale of shares of stock to either selected individuals or the general public. While shareholders own the corporation and select the management, they are generally not liable (in their roles as owners) for claims against the corporation beyond, of course, the amount they invested in the stock.
The corporationís status as a separate legal entity provides for continuity of existence. Death of an officer, director or stockholder, or the transfer of shares, for example, do not result in the termination of the corporation. Its management can continue to conduct business as before.
Advantages:
ï Limited investor liability ï Transferability of ownership ï Separate legal ìpersonî ï Continuity of existence ï Access to investment capital ï Delegated authority to hired management
Disadvantages:
ï Complexity of formation ï Double taxation ï Charter limitations and
Government Regulations
ï Administration of corporate structure ï Dissolving the corporation can be expensive
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