Important Changes Affecting Your LLC
On April 15th, 2022, Wisconsin Governor Tony Evers signed the 2021 Wisconsin Act 258 into law, which will bring forth changes to Wisconsin’s LLC laws. The new Wisconsin Uniform Limited Liability Company Law (WULLCL) is set to take effect on January 1, 2023. The new WULLCL will apply to all existing Wisconsin LLCs and all new Wisconsin LLCs created after January 1, 2023. However, all LLCs that exist prior to January 1, 2023, are given the option to “opt out” of the changes and continue to be governed by the previous LLC laws. To opt out, an LLC must file a Statement of Non-applicability with the Wisconsin Department of Financial Institutions (WDFI) no later than December 31, 2022. If an LLC chooses to opt out, it can opt back in to the new WULLCL at any time by filing a Statement of Applicability with the WDFI.
Please note that we are sending this e-mail as a courtesy only to make you aware of the new law. Some of the provisions may have a significant impact on your LLC. We, as CPA’s cannot provide any guidance in this regard. Please contact your attorney for assistance with decisions whether or not to opt out and non-applicability filings.
Brien P Batley CPA