Business licence in Wisconsin?

Question

Hi everyone!

I know real estate brokers and salespeople need a professional license to conduct business in Wisconsin, but does anyone know if a real estate investment company needs a business license to conduct business? I found a reference to Real Estate Business Entities but I can't tell if investors fall under that category.

Anyone have any insights?

Chad Nagel · Answer

@Clint Farlinger  I think your mistaken. According to my research,  WI requires an LLC doing business in the state  to have a registered agent in WI. NOT  a license thru the dept of safety and professional services. If you have found different information, I would love to look thru it.

Scott Schultz · Answer

No Business License is needed unless your municipality requires one in WI, you can fly as a sole proprietor, LLC, LP or Corp. biggest thing to watch out for is being identified as a business at your home, the municipality wants to nail you with personal property tax.

Todd Goedeke · Answer

Scott, MY REPLY was referring to a license, not registration. My IRA LLC is not a business. I do not apply for a new tax id number just because it's an LLC. IRAs are individually owned, thus taxed under a social security number. The point I was making is that just because one owns a property in state of WI does not require any licensing with any agency.

Are you saying that owning rental real estate in WI is conducting a business in WI?  Not true, see above.

In working with estate planning Attys. Where revocable trusts were involved people did not have to register the revocable trust with the state. Only when having a new tax Id number issued for an irrevocable trust is a new tax number generated and the act of applying for one is registering.

If a person living in IL owns property in WI under their own social security number and as an LLC why would they register? For what reason, there is no new tax Id number? They may pay property tax in WI on WI property.

Scott Schultz · Answer

its not a License per say, its registering your entity in the state, this holds true in just about every state in the union

Scott Schultz · Answer

as a follow up, it it were owned by an individual you would only need to pay tax on income/file a return for your business activity in WI

Scott Schultz · Answer

Todd,

You do need to register your LLC in WI, and have a registered agent in WI as well, and file and pay taxes on income earned in WI, Check with a qualified CPA on this, but im about 90% sure this is the case

Todd Goedeke · Answer

Clint, are you saying that any business entity : LLC, partnership, C- Corp, S Corp must register with WI Dept. of Financial Institutions to rent out real estate in WI? Where specifically did you get that info from? Following that logic all IRA and solo 401k holders living out of state would have to register with WI Financial Inst. dept. if their retirement plan owned real estate in WI. My IRA and Solo 401k is thru IRA Financial Group ,headquarters Miami and New York. I don t have to register or be licensed as a business in every state I own properties thru my retirement plan. I file yearly only in the state where the IRA LLC was formed. If it was formed in WI I file my yearly report and pay a fee in WI. There are no yearly filing fees for the Solo 401k. Where properties are located ,owned by that LLC ,has no relavance. If it did you would have to register and pay yearly fees in every state you owned property for business purposes!

Clint Farlinger · Answer

@Chad Nagel  Perhaps I misunderstood the question.  No, I'm not required to have a license through Dept of Safety and Professional Services, but a license is required through the Department of Financial Institutions.

Clint Farlinger · Answer

I have an LLC that owns and rents residential property in Wisconsin, and that LLC is required to be registered with the state and maintain a license.

Business licence in Wisconsin?

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