Corporate News: A Legal Update

On January 1, 2023, Wisconsin’s new limited liability company (LLC) law goes into effect. The Wisconsin Uniform Limited Liability Company Law (WULLCL), created by 2021 Wis. Act 258 and signed by Governor Tony Evers on April 15, 2022, completely repeals and replaces Wisconsin’s existing LLC laws in Chapter 183 of the Wisconsin Statutes (the “Old Laws”). The WULLCL—the new Chapter 183 of the Wisconsin Statutes—represents Wisconsin’s take on the Revised Uniform Limited Liability Company Act, which has been adopted in some form by nearly half of all states. With less ...