Wisconsin Checklist - Sale of a Business

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Multi-State
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US-04096BG
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The sale of any ongoing business, even a sole proprietorship, can be a complicated transaction. The buyer and seller (and their attorneys) must consider the law of contracts, taxation, real estate, corporations, securities, and antitrust in many situations. Depending on the nature of the business sold, statutes and regulations concerning the issuance and transfer of permits, licenses, and/or franchises should be consulted. If a license or franchise is important to the business, the buyer generally would want to make the sales agreement contingent on such approval. Sometimes, the buyer will assume certain debts, liabilities, or obligations of the seller. In such a sale, it is vital that the buyer know exactly what debts he/she is assuming.
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FAQ

To dissolve your LLC in Wisconsin, submit Wisconsin Form 510, Articles of Dissolution to the Department of Financial Institutions: Division of Corporate and Consumer Services (DFI) in person or by mail or commercial delivery. Use of the DFI form is not mandatory; you may draft your own articles of dissolution.

Employment TaxesCheck the box to tell the IRS your business has closed and enter the date final wages were paid on line 17 of Form 941 or line 14 of Form 944.Attach a statement to the return showing the name of the person keeping the payroll records and the address where those records will be kept.14-Mar-2022

Steps to Take to Close Your BusinessFile a Final Return and Related Forms.Take Care of Your Employees.Pay the Tax You Owe.Report Payments to Contract Workers.Cancel Your EIN and Close Your IRS Business Account.Keep Your Records.

Follow these steps to close your business with the Wisconsin Department of Revenue and prevent future notices and assessments....Close your sales and use tax account:Complete the Request to Close Account in My Tax Account, or.Email DORBusinessTax@wisconsin.gov, or.Call (608) 2662776.

If your sole proprietorship business has no profit or loss during the full year, it's not necessary to file a Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship) for that year.

Wisconsin Statutes do not require registration for a sole proprietorship. You may voluntarily register with the County Registrar of Deeds and the Wisconsin Department of Financial Institutions 608/261-9555 .

If you have paid any contractors at least $600 for services (including parts and materials) during the calendar year in which you close your business, you must report those payments.

Follow these steps to closing your business:Decide to close.File dissolution documents.Cancel registrations, permits, licenses, and business names.Comply with employment and labor laws.Resolve financial obligations.Maintain records.

Less...Hold a Board of Directors meeting and record a resolution to Dissolve the Wisconsin Corporation.Hold a Shareholder meeting to approve Dissolution of the Wisconsin Corporation.File all required Annual Reports with the Wisconsin Department of Financial Institutions.Clear up any business debts.More items...

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Wisconsin Checklist - Sale of a Business