Keeping owners, managers, and stakeholders up to date on issues affecting their businesses.
When new entities such as limited liability companies (LLCs) are registered with the Wisconsin Department of Financial Institutions (WDFI), they may be put on a mailing list that can be purchased by third parties. We have had clients receive third-party solicitations within a day or two of their entity registering with WDFI.
When a party is holding property presumed to be abandoned, the holder must file a report with the Wisconsin Department of Revenue (DOR) summarizing the held property. Failure to file may lead to various financial penalties. Therefore, it is in a holder’s best interest to promptly file an appropriate report.
When negotiating a merger or acquisition, reporting the acquired company’s payments of nonqualified deferred compensation (NQDC) or other reportable payments made before closing likely is not one of the key deal terms. However, if the acquiror will require the acquired company to terminate and pay out its NQDC plans before closing, particularly to non-employees (such as independent directors of the acquired company who will not continue with the acquiror), the parties should consider addressing who will be responsible for reporting those payments come tax reporting time.