Professional corporations (PCs) are a common business structure for professionals, such as lawyers, doctors, and accountants. These corporations allow professionals to limit their personal liability while still maintaining the benefits of incorporation, such as tax advantages and access to capital.
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In Wisconsin, the process of forming a professional corporation is relatively simple and straightforward. This article will guide you through the steps required to create a professional corporation in Wisconsin.
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Step 1: Choose a Name for Your Corporation
The first step in forming a professional corporation in Wisconsin is choosing a name for your corporation. You must choose a name that is not already registered or in use by another corporation in Wisconsin.
Once you have selected a name for your corporation, you should conduct a search to ensure that it is available. You can search for existing corporate names on the Department of Financial Institutions (DFI) website.
When selecting a name for your corporation, keep in mind that it must include the words "Professional Corporation" or the abbreviation "P.C." This requirement applies to the end of the corporation's name or directly before the word "Incorporated" or its abbreviation "Inc."
Step 2: File Articles of Incorporation with the Wisconsin DFI
After selecting a name for your corporation, the next step is to file Articles of Incorporation with the Wisconsin DFI. You can file these documents online using the DFI's online portal, or you can download the form from the DFI website and mail it in.
When filing your Articles of Incorporation, you will need to provide the following information:
- The name of your corporation
- The purpose of your corporation
- The name and address of your registered agent in Wisconsin
- The names and addresses of your directors
- The names and addresses of your incorporators
- The address of your corporation's principal office
Along with these basic details, you will also need to include a cover letter that explains the purpose of your corporation. Be sure to indicate that you are forming a professional corporation in the letter.
Step 3: Obtain a Certificate of Authority or Qualification
If your corporation is headquartered outside of Wisconsin but plans to operate within the state, you must obtain a certificate of authority to do business in Wisconsin. This applies to both domestic and foreign corporations.
To apply for a certificate of authority, you will need to provide the following:
- The name of your corporation
- The state in which your corporation was formed
- The date of formation for your corporation
- A certificate of good standing from your home state
- The name and address of your registered agent in Wisconsin
- The name and addresses of your directors
Step 4: Obtain Any Necessary Licenses or Permits
Many professions in Wisconsin require specialized licenses or permits to operate legally. If your professional corporation falls into a regulated field, such as an attorney, doctor, or engineer, then you will need to obtain any necessary licenses or permits before you can begin operations within the state.
The licensing requirements will vary depending on your profession and the services you offer. You should consult with the appropriate licensing board or agency to determine the specific requirements for your profession.
Step 5: Draft Bylaws for Your Professional Corporation
Once you have completed the incorporation process, the next step is to draft bylaws for your corporation. Bylaws are a set of rules and regulations that govern the operation of your corporation. They will outline how the corporation will function and how decisions will be made.
Your bylaws should include provisions for issues such as:
- The size and duties of your board of directors
- The timing and frequency of shareholder meetings
- The method of electing officers and directors
- The responsibilities and authorities of your officers
Keep in mind that your bylaws should be tailored to the specific needs of your corporation and its profession.
Step 6: File Your Annual Report with the Wisconsin DFI
After you have successfully formed your professional corporation, the Wisconsin DFI will require that you file annual reports to remain in good standing. This report is due each year on the first day of your corporation's anniversary month of formation.
In the annual report, you will need to provide the following information:
- The name of your corporation
- The address of your corporation's principal office
- Your registered agent's name and address
- A list of your corporation's officers and directors
- Your corporation's purpose
- The number of shares issued and outstanding
Conclusion
Forming a professional corporation in Wisconsin offers many benefits, including personal liability protection and access to tax advantages. The process requires following the steps outlined in this article, starting with choosing a name and filing articles of incorporation. From there, you will need to obtain any necessary licenses and permits, draft bylaws, and file your annual report with the Wisconsin DFI.
Many professional corporations find it helpful to work with an attorney in Wisconsin who is familiar with the unique requirements and regulations for their specific profession. With the right guidance and knowledge, creating and maintaining a professional corporation in Wisconsin can be a straightforward process.
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