A limited-liability company ("LLC") is commonly referred to as a "hybrid" business structure, meaning that it shares characteristics of both a corporation and a sole proprietorship. It allows its owners to insulate themselves from personal liability for business debts, does not require the payment of separate business taxes (the tax "passes through" to its owners), allows for a great deal of flexibility with regards to its organizational structure, and is subject to fewer regulations and restrictions than are other types of business structures.[1] Establishing such a company in Wisconsin is a rather straightforward process.
Self Employment Taxes Although we listed Pass Through Taxation as an LLC benefit, it can also be a disadvantage. Oftentimes the taxes that are passed through and reported as personal income of LLC members will be higher than the taxes at a corporate level. You will also still pay for federal inclusions such as Medicare and Social Security. If you're confused if this business structure will be the right tax choice for you, it's a good idea to speak to your accountant or financial advisor.
Need a simple, non-legalese “executor" definition? An executor is the person who handles a deceased person's estate, making sure all property is distributed according to the decedent's wishes and that all debts are paid. Usually, executors are close family members of the deceased—spouses, children, parents, or siblings—but the person writing a will (the “testator") can choose anyone to fulfill this role.
The articles of organization also should include information about how your LLC will be managed. You need to indicate whether the members of the LLC will do hands-on management or if there will be hired management. Another requirement is to discuss how long the LLC will be in existence (there is no limit on this, so it is fine to say in perpetuity).
Banking Since it's required to keep your business finances separate from your personal finances, you'll need a business checking account. Banks usually charge a number of different fees and monthly expenses for these types of accounts. Also, If a check is made out to your LLC, then it is required to be deposited into a business bank account and cannot just be cashed. And some banks might charge extra for this type of deposit.
Need a simple, non-legalese “executor" definition? An executor is the person who handles a deceased person's estate, making sure all property is distributed according to the decedent's wishes and that all debts are paid. Usually, executors are close family members of the deceased—spouses, children, parents, or siblings—but the person writing a will (the “testator") can choose anyone to fulfill this role.
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In a few states, you must take an additional step to make your company official: You must publish a simple notice in a local newspaper, stating that you intend to form an LLC. You are required to publish the notice several times over a period of weeks and then submit an "affidavit of publication" to the LLC filing office. Your local newspaper should be able to help you with this filing.
The businesses registered with the State of Utah are either located in Utah or doing business in Utah as a: Business Trust, Collection Agency, Corporation (For Profit and Non Profit), Professional Corporation, Doing Business As - DBA, Limited Liability Company - LLC, Limited Liability Partnership - LLP, Limited Partnerships - LP, Limited Cooperative Associations - LCA
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