A Reminder on Wisconsin’s Revised Uniform Partnership Act Changes for 2018
Jeff Storch | 01.29.18
2015 Wisconsin Act 295 repealed and recreated the Wisconsin Uniform Partnership Act (Chapter 178, Stats.). The Act governs Wisconsin general partnerships and limited liability partnerships.
Although the Act was enacted in 2016, some of its provisions first take effect in 2018. Of note:
- A partnership formed on or after January 1, 2018, will be governed by Chapter 178, as recreated by the Act.
- A partnership formed prior to January 1, 2018, also will be governed by the recreated Chapter 178, beginning on January 1, 2018, unless the partnership elected before January 1, 2018, to continue to be governed by prior law.
- Limited liability partnerships will be required to file annual reports for the first time. In 2018, the Wisconsin Department of Financial Institutions will begin to mail out report forms to the registered agents on file for Wisconsin limited liability partnerships.
See our earlier post for a more detailed explanation of the Act.
DISCLAIMER: The information provided is for general informational purposes only. This post is not updated to account for changes in the law and should not be considered tax or legal advice. This article is not intended to create an attorney-client relationship. You should consult with legal and/or financial advisors for legal and tax advice tailored to your specific circumstances.