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Keeping owners, managers, and stakeholders up to date on issues affecting their businesses.

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Alabama Federal Ruling Exempts Certain Parties from Corporate Transparency Act Compliance

On March 1, 2024, the U.S. District Court of the Northern District of Alabama, Northeastern Division, granted summary judgment in National Small Business United v. Yellen. The case, filed by the National Small Business Association (NSBA) and others, alleged that the passage and enforcement of the Corporate Transparency Act (CTA) exceeded the U.S. Constitution’s limits on congressional power.

From Cash Out to Let it Ride: Wisconsin’s New LLC Laws Change Members’ Rights After Withdrawal

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.

Deadline Approaching to File Statement of Nonapplicability with WDFI to Opt Out of Wisconsin's New LLC Law

WDFI's last business day of 2022 with office hours is Friday, December 30, 2022 from 7:45am to 4:30pm. If you are planning to file a Statement of Nonapplicability with WDFI to opt out of Wisconsin's New LLC Law, acceptable Statements should be received by WDFI before then to be considered timely filed (notwithstanding that the instructions on the form say to file no later than December 31, 2022). WDFI's processing time is about five business days.

Wisconsin's New Limited Liability Company Statutes: Key Updates and Provisions

On April 15, 2022, Tony Evers signed Senate Bill 566/Act 258 into law, repealing and recreating Chapter 183 (the Wisconsin Uniform Limited Liability Company Law, or "WULLCL"), which governs limited liability companies. Among the Act's various provisions, it generally adopts the Revised Uniform Limited Liability Company Act, subject to certain intentional differences. This article highlights certain changes in the WULLCL that will be of interest to those doing business in Wisconsin.

Why am I Getting Notices After Creating My Wisconsin LLC?

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.

Leveling Up: What to Do When You’re Ready to Form an LLC

For many business owners, there comes a time when it makes sense to move from a sole proprietorship or partnership to a more formal business entity, such as a limited liability company (LLC) or corporation. There are many possible reasons, but a common one is that the owners want to utilize the personal liability protection that those entities offer.