On Thursday, February 6, 2020, shareholders Tom Nichols, Randy Brotherhood and Adam Tutaj testified before the Wisconsin State Assembly’s Judiciary Committee in support of Assembly Bill 854. AB 854 would update Wisconsin’s limited partnership and limited liability company laws to reflect the current Uniform Laws promulgated by the Uniform Law Commission (ULC), in order to foster uniformity among the states with respect to limited partnerships and LLCs. Additionally, the bill would update Wisconsin’s partnership, business corporation and nonstock corporation statutes to streamline and harmonize certain common provisions among all five entity types.
Tom, Randy and Adam (respectively) chair the Partnership, Corporation and LLC Committees of the State Bar Business Law Section. The proposed bill is the product of over a decade of work by these Committees and, if enacted, would represent a significant modernization of Wisconsin’s business entity statutes—bringing added clarity, cohesiveness and continuity that would make Wisconsin an even more attractive place to start and run a business.
Read the reports and full bill at the following links: