What Is the Purpose of a Non-stock Corporation?

Forming a Wisconsin Non-Stock Corporation

A Wisconsin non-stock corporation is a business formed under state law. Non-stock corporations have members with membership interest instead of shareholders or "owners."

To form a non-stock corporation articles of incorporation must be filed with the Wisconsin Department of Financial Institutions. The department allows electronic filing.

Benefits of a Wisconsin Non-Stock Corporation

Benefits of a Wisconsin non-stock corporation include: limited liability protection for members, management through a board of directors, and ability to dedicate assets to charitable causes.

On dissolution, assets of a Wisconsin non-stock corporation must go to another non-profit or charitable cause. They cannot be distributed to members or individuals. This ensures assets further the public good.

Comparison: Non-Stock Corporation vs. LLC

A non-stock corporation business is formed under Wisconsin state law. Non-stock corporations have members with membership interest instead of shareholders or "owners." To form a non-stock corporation articles of incorporation must be filed with the Wisconsin Department of Financial Institutions. The department allows electronic filing. Benefits of a Wisconsin non-stock corporation include: limited liability protection for members and management through a board of directors.

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