On Friday, April 15th, 2022, Wisconsin Governor Tony Evers signed the new Wisconsin Business Entity Package, 2021 Wisconsin Act 258. The new Act updates Wisconsin’s limited liability company and limited partnership laws to reflect the most recent Uniform Acts promulgated by the Uniform Law Commission, with several modifications to facilitate Wisconsin businesses and practice. The new Act also makes changes to all five business entity Chapters (general partnerships, limited partnerships, business corporations, nonstock corporations, and limited liability companies) to accommodate “cross-species” transactions involving more than one type of business entity and to improve consistency across Wisconsin’s business entity statutes.
Meissner Tierney Fisher & Nichols S.C. shareholders Thomas J. Nichols, Randal J. Brotherhood, and Adam J. Tutaj were the chairs or co-chairs of the Committees of the State Bar of Wisconsin’s Business Law Section that were responsible for drafting substantive modifications to the Uniform Laws in order to conform it to Wisconsin business law and practice.
Tom Nichols, who, along with others at the firm, has been involved in Wisconsin’s business entity statutes ever since Wisconsin adopted its limited liability company law in the 1990s, said, “Conforming Wisconsin’s business entity laws to the Uniform Laws is an important step forward for legal certainty and business climate in Wisconsin. This is especially true for limited liability companies, which was Adam Tutaj’s project this time around.”