Keeping owners, managers, and stakeholders up to date on issues affecting their businesses.
Business deals are often built around company assets pledged as collateral to secure a loan or other obligation. In these transactions, the secured party must be confident that the individual pledging the company’s assets actually has legal authority to do so. When that authority is missing or unclear, both sides risk finding out too late that the pledge cannot be enforced, turning a seemingly safe deal into an expensive dispute.
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.
The New Law’s provisions will apply to all LLCs starting January 1, 2023 including LLCs that were formed prior to the effective date. If you do nothing, the New Law will govern your LLC beginning on the effective date.