Wisconsin Business Law Changes
The state of Wisconsin revised its business laws, introducing the Wisconsin Uniform Limited Liability Company Law effective from January 1, 2023. Existing LLCs must opt out by December 31, 2022 to stay under current laws.
Changes in Wisconsin LLC Rules
The new law alters rules for Wisconsin LLCs, including the removal of the requirement to specify in articles whether the LLC is member or manager managed. Third parties can no longer access publicly filed documents to identify the management.
Operating Agreements Updates
Operating agreements in Wisconsin now have more flexibility, allowing for items previously demanded in written agreements. Written agreements are recommended to mitigate confusion, disputes, and risks.
There are benefits to customizing operating agreements to address individual business requirements and terms over default state rules, showcasing a commitment to professionalism and effective business management.