Wisconsin Lawyer
Vol. 80, No. 9, September 2007
More than 100,000 business entities are currently in default with their annual report filing with the Department of Financial Institutions (DFI), some dating back to more than 10 years. The DFI began administratively dissolving these entities in mid-September. Entities formed under Wis. Stat. chapters 180, 183, 181, and 185 will be affected. DFI has the authority to administratively dissolve an entity when:
- The corporation does not pay, within one year, fees or penalties due to the DFI; or
- The corporation does not have its annual report on file with the DFI within one year after it is due.
The administrative dissolution program serves to update the DFI's records listings and remove nonexistent and nonactive businesses from the state data bank. Businesses that are dissolved may be reinstated by filing an annual report and paying all incurred back filing fees. Direct questions to: DFI Deputy Administrator, Ray Allen at (608) 264-7950.
Wisconsin Lawyer
