Recent changes to the Wisconsin Business Corporation Law impose three new requirements on Wisconsin businesses before property of a merging entity is vested in the surviving entity. Read about the interpretive difficulties that businesses will experience when attempting to comply with the statute due to drafting ambiguities and the consequences of noncompliance to businesses conducting mergers and acquisitions in Wisconsin.
Vol. 76, No. 7, July
2003
Back
to article
Sen. Stepp Authors Fix
to Next Economy Glitch
Hearing that Wisconsin businesses were encountering problems under
one provision in the Next Economy law (2001 WI Act 44), State Sen. Cathy
Stepp (R-Sturtevant) will soon introduce corrective legislation. Stepp
is chair of the Senate Committee on Economic Development, Job Creation
and Housing.
Problems under the original Next Economy law surfaced when it was
discovered that businesses completing a merger or conversion would be
required to file real estate conveyances on all real estate - a
requirement that did not previously exist under statute. For businesses
with extensive real estate holdings, this potentially could have meant
hundreds of filings - a burdensome and costly prospect. The proposed
legislation repeals the conveyance requirement and returns Wisconsin to
preexisting law.
In addition, the proposal incorporates other provisions drafted and
supported by the State Bar's Business Law Section and its Corporations
Committee, which modernize and update Wisconsin's Corporations
Statute.
For more information on the proposed Chapter 180 package, please see
Sen. Stepp's article.
State Bar CLE Books offers revised
LLCs and LLPs: A Wisconsin Handbook
The new edition of this popular handbook can help you advise clients
on using LLCs and LLPs in Wisconsin. The revised handbook reflects new
developments such as the default pass-through tax treatment of LLCs and
LLPs under the "check-the-box" regulations, the authorization of
single-member LLCs (SMLLCs), and the rule permitting Wisconsin attorneys
to use LLCs and LLPs in their practices. You'll also find detailed
discussions of the choice of an appropriate business entity,
organization of the business, business formalities, and operational and
tax issues.
An entire chapter of the handbook is devoted to annotated forms.
Purchase a copy of the handbook and you'll receive all the forms on disk
free of charge. The disks are available in WordPerfect®
6/7/8/9 (also works with Microsoft® Word) or ASCII file
format.
515+ pp.; 1999, $165 (includes 2003 supplement). Price for supplement
only: $40. Product Code: AK0065. ISBN: 1-57862-026-0. For more
information or to order, please phone the State Bar at (800) 728-7788 or
go to www.wisbar.org/cle/books/.
Back
to article
Wisconsin
Lawyer
