Nov. 2, 2011 – As you’ve come to expect, State Bar of Wisconsin PINNACLE^™ has made it a practice to track changes in the laws that affect Wisconsin lawyers and their clients and to update its publications and practice tools to reflect those changes. It continues the trend with its release of the 2011 revision of LLCs and LLPs: A Wisconsin Handbook. 

Wisconsin’s changing business climate

Wisconsin’s business climate changed dramatically in 1994, when the state’s limited liability company (LLC) act went into effect. That same year the State Bar of Wisconsin published the original Limited Liability Company Handbook, written by the same attorneys who had drafted Wisconsin’s LLC law and, later, its limited liability partnership (LLP) law.

The following years have seen LLPs and single-member LLCs added to the mix, amendment of the Supreme Court Rules to permit lawyers to adopt limited liability formats, and federal enactment of “check-the-box” regulations, making pass-through tax treatment the default status for LLCs and LLPs. Limited liability formats are now Wisconsin’s business entity of choice. Since 1998, more new LLCs have been formed in Wisconsin than have new corporations, a continuing trend joined by growing numbers of LLPs.

As the law and business climate have changed, so has this book. The State Bar revised and updated it in 1999, renaming it LLCs and LLPs: A Wisconsin Handbook, to account for all new business format options. In 2007 it was revised again. Now PINNACLE has released the 2011 revision, reflecting the continuing evolution of limited liability law.

The revision gives you the latest information and forms

Available in both print and electronic format via Books UnBound^™, LLCs and LLPs offers attorneys everything they need to advise clients on LLCs and LLPs in the post-“check-the-box” era. It includes the latest case law, regulations, statutes, and practice tips. It addresses such topics as operating agreements, management and control issues, distributions, mergers and conversions, federal and state tax issues, foreign LLCs and LLPs, and limited liability entities for professional practices. The book also addresses specific issues relating to single-member entities.

LLCs and LLPs devotes an entire chapter to forms, including operating agreements for member-managed and manager-managed LLCs; member agreements for single-member LLCs; an LLP partnership agreement; and limited liability legal practice forms. Extensive annotations point out drafting issues and alternative provisions. Unannotated forms are included free of charge.

LLCs and LLPs: A Wisconsin Handbook is available in print to members for $185 and nonmembers for $235, plus tax, shipping, and handling. Subscribers to the Bar’s automatic supplementation service will receive future updates at a discount off the regular price. Annual subscriptions to Books UnBound start at $129 per title and $649 for the full library (single-user prices; call for firm pricing). To order this handbook, or for more information, visit WisBar’s Marketplace or contact the State Bar at (800) 728-7788 or (608) 257-3838.