Keeping owners, managers, and stakeholders up to date on issues affecting their businesses.
Wisconsin restated the Wisconsin Uniform Limited Liability Company Law, found in Chapter 183 of the Wisconsin Statutes (the "Act"). This article summarizes the Act's provisions on capital contributions, an important issue for most limited liability companies (LLCs).
A member’s right to payment after withdrawing from the LLC depends on what law or agreement governs the LLC. If the LLC is governed by the Old Law, a member would be entitled to cash out; if the LLC is governed by the New Law, the member is required to let it ride; and if the LLC has an operating agreement, the member is likely bound by the agreement made among the members. The stakes can be high for both the withdrawing member and the ongoing LLC business, and the parties’ rights are not always clear.
Since prior Wisconsin law didn't require a Limited Partnership to deliver an annual report, you may be confused as to why you need to deliver one now.