Oct. 17, 2012 – The year 1994 marked a milestone in Wisconsin business history. That was when the Legislature enacted the limited liability company act. It was also the year the State Bar of Wisconsin published the original Limited Liability Company Handbook, written by the same attorneys who had drafted Wisconsin’s LLC and LLP laws.
Much has changed since 1994, and both the law and State Bar of Wisconsin PINNACLE® books have followed suit. Limited liability partnerships and single-member LLCs were added to the mix, the Supreme Court amended its Rules to permit lawyers to adopt limited liability formats, and the IRS adopted “check-the-box” regulations, which made 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 limited liability partnerships.
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 the new limited liability options. The book was revised in 2007 and, most recently, in 2011. Now, in keeping with the continuing evolution of the law, State Bar of Wisconsin PINNACLE has released the 2012 supplement, reflecting changes since publication of the last edition.
Available in both print and electronically 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 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. It also addresses specific issues relating to single-member entities. And, with this latest supplement it includes the latest case law, regulations, statutes, and practice tips.
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 $219 and nonmembers for $269, plus tax and shipping. Subscribers to the Bar’s automatic supplementation service will receive future updates at a discount off the regular price. Single-user and solo-firm subscriptions to Books UnBound start at $149 per title per year, and $649 for annual use of the full library (call for firm pricing). To order LLCs and LLPs: A Wisconsin Handbook, or for more information, contact the State Bar at (800) 728-7788 or (608) 257-3838.