LLCs are a business entity that provides protection for your personal assets. You can start your LLC journey by going to the One Stop Business Portal. It costs $130.
Once you set up an LLC you will have to file an annual report. You will receive a postcard in the mail. Go to Wisconsn DPI and answer the questions. It costs $26 annually.
The US Financial Crimes Enforcement Network has created a report for businesses called the Beneficial Ownership Information (BOI) Report. This report needs to be filed for LLCs started before 2024 by January 31, 2025. If you began or will begin an LLC in 2024, you must file within 3 months.
You need to track how much you make. It is best to have a separate business bank account. If you work from home than your home address is your business address. Anytime you have to leave and do business keep track of the mileage. Your expenses are anything that is REASONABLE & NECESSARY to run your business.
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