Wisconsin secretary of state certificate of good standing
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Local counsel is often asked to provide a “good standing” opinion in the standard form real estate opinion given by commercial lenders to local counsel in order to provide fundamental assurances to the lender regarding the borrower’s organizational status in that state. For corporations or limited liability companies, a typical formulation of that opinion would be as follows:
Local counsel in most states will usually respond to such a request by requesting a current good standing certificate for the applicable borrower entity from the Secretary of State’s office or another governmental agency in that state that is responsible for issuing such certificates. The local counsel will then provide some variation of the requested opinion based on such good standing certificate upon receipt of a certificate stating that the entity was in fact incorporated or organized and is in good standing as of the date of the certificate.
In Wisconsin, however, the appropriate state agency, the Wisconsin Department of Financial Institutions (DFI), issues “Certificates of Status” rather than “Good Standing Certificates.” Although a Certificate of Status issued by the DFI does not state that an entity is in “good standing,” it does address the entity’s incorporation, organization, or qualification in Wisconsin (if applicable), as well as a few other very specific matters concerning the entity’s organizational status. As a result, Wisconsin lawyers serving as local counsel must normally change the standard language in the lender’s form opinion to match the language in the DFI’s actual certificate.
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It’s a good idea to see if your company name is available as a web domain. Even if you have no immediate plans to create a business website, you may want to purchase the URL to deter others from doing so.
If your LLC will have managers, you must specify this. If you have managers, make a list of each one’s initials. You must list at least one member if your LLC will be managed by its members.
Although an Operating Agreement is not required to form an LLC in Wisconsin, it is still a good idea to have one. You can begin working on your operating agreement before, during, or after filing your articles of incorporation.
You do not have to file your operating agreement with the state; it will be kept in your LLC’s private business records.
Create a personalized operating agreement for your LLC with our free Operating Agreement Tool.
To protect your company’s corporate veil, you must use dedicated business banking and credit accounts. When you blend your personal and business accounts, your personal assets (your home, car, and other valuables) are at risk if your LLC is sued.
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“Certificate of Status” is the official name for a Certificate of Good Standing in Wisconsin. Before allowing a company to do business as a “foreign entity” in a state, most states require a certificate of good standing (or its equivalent) (process called foreign qualification). Companies that want to expand internationally may need to receive a certificate of good standing and then certify it for use in other countries (either with Apostille or Embassy Certification).
If a company is registered in Wisconsin and is in good standing, it may request a Certificate of Status from the Wisconsin Department of Financial Institutions. Processing can take up to one business day in most cases.
We can assist you in obtaining a Certificate of Status from the Wisconsin Department of Financial Institutions for your company. If your company is found to be in bad standing, we will investigate the reasons for this and propose solutions to restore it to good standing, and we will inform you of the findings of our investigation.
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The criteria for creating a corporation vary by state. You’ll want to know the state criteria for Wisconsin incorporation whether you’re starting a business or incorporating an existing one.
The term “Corporation,” “Incorporated,” “Company,” “Limited,” or an abbreviation thereof, as well as words or abbreviations of words with similar meanings in another language, must appear in the corporation’s name. The words “bank” and variants are prohibited, as is the use of the word “cooperative.” The name cannot state or indicate that the corporation is organized for a purpose other than that stated in its Articles of Incorporation. It must be distinguishable from other corporations, limited liability companies, and other business entities allowed to use the name in the state on the Secretary of State’s records.
The Articles of Incorporation are the legal documents that must be completed in order to form a company in Wisconsin. The information that must be included in the formation document varies from state to state. Wisconsin’s standards are as follows: