Business Entity Formation
Definition: The form of business a business owner
uses to operate his or her company. It’s a legal fiction
created to assist and facilitate the ownership, management and
transfer of businesses. Business entities may operate as legal
persons owning assets and incurring liabilities and managing those
assets. Business entities are separate and distanced legally from
the business owners.
Business entities are formed at the state level throughout the
United States. Thus, there is no local or federal impact here.
Wisconsin Department of Financial Institutions
http://www.wdfi.org
The Wisconsin Department of Financial Institutions regulates the
formation of all business entities in Wisconsin except sole proprietorships
and general partnerships. These forms of business do not need
to file with the state to begin doing business. However, there
may be other regulatory issues such as business license, trademark
or trade name issues that sole proprietors or general partnerships
should consider, and this site can be a valuable resource. When
using this site, click on the Corporate Services link to review
the list of frequently asked questions. There’s also a section
that includes helpful forms.
State of Wisconsin
http:/www.wisconsin.gov
The State of Wisconsin home page is a very helpful resource. When
there, click on Business Services, which leads to a link to business
forms. This link defines all of the forms in Wisconsin and links
back to the Wisconsin Department of Financial Institutions Web
site, which includes information on how to complete them.
US Small Business Administration (SBA)
http://www.sba.gov
The SBA is an important information resource for small business
owners, and a source of small business loans.
UW-Madison Entrepreneur’s Center
http://www.corprelations.wisc.edu/entrepreneurs.html
This site includes a wealth of information and resources for entrepreneurs,
including the Entrepreneur’s Center’s Startup Enterprise,
which helps move research from the laboratory into the commercial
marketplace; the New Business Start-up Initiative; consulting
and mentoring resources for new and established businesses; and
information on events and publications geared toward entrepreneurs.
For a list of Greater Madison Chamber of Commerce (GMCC) members offering these services, click click here.
