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More complex than a sole proprietorship or partnership.
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• Must have LLC or Limited Liability Company in the name.
• Cannot include the word "partners" in the name.
• You can reserve a name through the WDFI by filing an application or calling in to the dept for $30. -
• An LLC can have an delayed effective date as long as it is not more than 90 days after receipt of filing.
• Articles of Organization are required to be filed with Dept of Financial institutions
• $130 online filing fee
• Registered Agent is required -
• Operating agreement governs operation
• Can be member managed or management managed.
• Every member can do business on behalf -
Pass-through taxation. Members file income/losses with their personal tax returns.
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• members receive profits as laid out in the operating agreement or in shares proportionate to initial investment.
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• Articles of Dissolution must be filed with the WDFI.
• winding up: creditors are paid first, members and former members are returned their capital contributions, and then profits are shared if available.