Most Common Questions About Small Business: Part I

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By: Attorney William W. Wirkus

Opening a small business or startup company can be a daunting task.  The steps to opening a business, applying for permits and licenses, and setting up a framework for success requires careful planning.  Contact an experienced business lawyer for legal advice to help you navigate statutory and other legal requirements of a new business.  Here are some common questions regarding Wisconsin small businesses that our business attorneys can assist you with:

QDoes my business need to be an LLC?

A:  While not necessarily a legal requirement, it is highly recommended that your business be setup as an LLC, or other business entity.  The most important reason is for limited liability and protection of your personal assets.  Every situation is different and it is important to consult with a business attorney and your accountant about which type of business entity is best for you. 

Q:  Does my business need an EIN/tax id?  

A:  It depends.  There are very limited circumstances where a single-member LLC or LLC owned by a husband and wife may be able to use their social security number as their tax id.  However, most businesses will need to apply for a separate EIN/tax id with the Internal Revenue Service.        

Q:  What is a registered agent?

A:  A registered agent is the person or entity you designate as your recipient for service of process in the event of a lawsuit or for other official communications.  In Wisconsin you could appoint yourself the registered agent or use a third party service or your attorney as your registered agent, provided they are located in Wisconsin.  The name and address you designate for your registered agent/registered office will be publicly available for anyone who searches for your business through the Wisconsin Department of Financial Institutions. 

Contact Walden, Neitzke & Kuhary, S.C. today for a business lawyer free consultation to discuss your business needs.  https://www.waldenlaw.net/contact/ or (262) 518-9895 

Attorney William W. Wirkus

Attorney James R. Walden

Disclaimer: This article is general in nature, is not exhaustive, and should not be relied upon as legal advice, because legal advice cannot be given without full consideration of all relevant information relating to an individual’s situation.  This information is intended for Wisconsin only.