You may be asked to provide a certificate of status for your limited liability company (LLC). Banks and creditors often ask for this document before issuing business credit to ensure you comply.
A Wisconsin certificate of status is relatively easy to obtain, but it does take some know-how. Lucky for you, this handy guide walks you through the process.
What Is a Wisconsin Certificate of Status?
In Wisconsin, a certificate of status, called a certificate of good standing in most states, verifies that your LLC fully complies with state regulations. The state will issue the certificate if you’ve met all deadlines and filed all relevant reports.
Keep in mind that you’re not required to get a certificate of status in Wisconsin, but banks and creditors might request one, so it’s wise to have it on hand.
In What Situations Would I Need a Certificate of Status?
Again, a bank or creditor might request a certificate of status when you apply for a business loan or business credit. This is simply part of their due diligence and risk assessment, confirming that your business has no outstanding regulatory issues.
In addition, if you expand your business to other states, you’ll have to register as a foreign LLC. In such cases, the new state may request a certificate of status from your home state.
Requirements to Obtain a Certificate of Status in Wisconsin
You must have a registered business entity in the state, either an LLC or a corporation. Sole proprietorships and partnerships do not register with the state, so they cannot obtain a certificate of good standing.
You’ll also need to comply with all legal requirements for your LLC or corporation in Wisconsin. That means you’ll need to be up to date on all licenses, permits, and reporting requirements.
Which Department Issues Certificates of Status in Wisconsin?
In Wisconsin, the Department of Financial Institutions issues certificates of status. You can obtain one online.
How to Get a Certificate of Status in Wisconsin
Visit the Department of Financial Institutions’ online certificate of status request page. To start your request, click the button at the top or bottom of the page.
Click through the next page by selecting Choose Entity. Then, search for your business using significant words.
Select your business from the list, and confirm that you’ve selected the right business.
Fill out your contact information in the fields below.
Once you’ve reviewed the business and contact information, you’ll be able to add the certificate of status to your cart and pay for it.
The fee is $10, and assuming your LLC is in full compliance, you should be able to access your certificate online immediately.
Alternatively, you can have the form delivered through email or physical mail or pick it up at the Department of Financial Institutions. You’ll pay an additional $25 for expedited service for these options.
You cannot request your certificate by mail. You can only request it online.
Getting a certificate of status may seem like a hassle, but you won’t think that when you need financing. So be sure to get it done when you have a chance – you, and your LLC, will be happy you did.