A registered agent is a person or company designated to receive legal correspondence on behalf of a company. This includes government, tax, and legal correspondence. You are legally required to have a registered agent for your LLC or corporation.
Legal Requirements for Registered Agents
The registered agent must:
- Have a physical address in the same state as your business.
- Be available during standard business hours to receive Service of Process.
- Forward the received documents to the LLC owners.
Registered agents ensure the public and government can contact your business within normal business hours. They are also responsible for maintaining records relevant to your business’s operation.
Becoming Your Own Registered Agent
If you live in the state where your business is registered, you have the option to be your own registered agent. However, consider whether this is the best choice for various reasons:
- The registered agent’s address is public record.
- Being your own agent requires you to be available during regular business hours to accept legal papers.
- There are privacy concerns as the registered agent’s address is disclosed in company documents.
Specifics for Registered Agents in Wisconsin
In Wisconsin:
- The agent must be a resident or an authorized business entity in the state.
- The agent needs a physical street address in the state, not a PO Box.
- Being your own agent in your home state can save fees but consider the responsibilities and privacy aspects.
Considerations for LLC Owners
Real estate investors who form an LLC and invest locally may only need a registered agent in their home state. When choosing to be your own agent, remember:
- You must reside in the state of business formation.
- You should be able to accept legal documents during business hours.
- You will be responsible for handling legal and tax filings.