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    August 01, 2018

    LLCs and LLPs: One Handbook Holds the Answers to Your Questions about Limited Liability Entities

    Limited liability corporations and partnerships are now the business entities of choice in Wisconsin. Turn to LLCs and LLPs: A Wisconsin Handbook for up-to-date guidance about our state's preferred business format.

    Aug. 1, 2018 – Just 25 years after LLCs began transforming Wisconsin’s business community, limited liability formats are the entities of choice.

    As of June 2018, LLCs as well as LLPs represent more than 70 percent of all business entities active in Wisconsin, according to statistics from the State of Wisconsin Department of Financial Institutions.

    Get Comprehensive Guidance, Practical Forms, and Sample Agreements

    Available in both print and electronically, the newly revised sixth edition of the LLCs and LLPs: A Wisconsin Handbook from State Bar of Wisconsin PINNACLE® treats 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.

    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. The complete set of forms is also available online through Books UnBound®, the State Bar’s interactive online library.

    Stay Current on Recent Changes

    The handbook also addresses several significant changes affecting LLPs. First, the Wisconsin’s Uniform Partnership Act was replaced with the Revised Uniform Partnership Act, affecting LLPs formed after Jan. 1, 2018. LLPs formed before that date may elect to operate under the new law.

    Among other things, the new law provides that a partnership is a legal entity that can sue and be sued in its own right, clarifies duties of partners to each other, and modifies provisions for dissociation of partners and dissolution and winding up.

    Other LLP changes involve new laws overhauling IRS partnership audit rules. Attorneys drafting partnership agreements will find useful language in the Handbook’s sample agreements.

    Learn from Knowledgeable Authors

    Lead author attorney Joseph W. Boucher has been writing the book on LLCs since he helped draft Wisconsin’s limited liability company act enacted in 1994. For the sixth edition of the Handbook, he is joined by attorneys Steven R. Battenberg, Chris A. Jenny, Debra Sadow Koenig, Marcus S. Loden, Sarah E. McNally, Douglas J. Patch, Bret A. Roge, Jed Roher, and Timothy C. Smith.

    How to Order

    LLCs and LLPs: A Wisconsin Handbook is available in both print for $219 for members and $269 for nonmembers, plus tax and shipping. An electronic version, including all forms, is available to members for $159 and nonmembers for $199 through Books UnBound®.

    Subscribers to the State Bar’s automatic supplementation service will receive future updates at a discount off the regular price.

    For more information or to place order, visit the WisBar Marketplace or call the State Bar at (800) 728-7788 or (608) 257-3838.



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