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    Wisconsin Lawyer
    July 01, 2003

    The Conveyance Glitch in the Next Economy Law (Sidebar)

    Recent changes to the Wisconsin Business Corporation Law impose three new requirements on Wisconsin businesses before property of a merging entity is vested in the surviving entity. Read about the interpretive difficulties that businesses will experience when attempting to comply with the statute due to drafting ambiguities and the consequences of noncompliance to businesses conducting mergers and acquisitions in Wisconsin.

    Jennifer Boatwright

    Wisconsin Lawyer
    Vol. 76, No. 7, July 2003

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    Sen. Stepp Authors Fix to Next Economy Glitch

    Hearing that Wisconsin businesses were encountering problems under one provision in the Next Economy law (2001 WI Act 44), State Sen. Cathy Stepp (R-Sturtevant) will soon introduce corrective legislation. Stepp is chair of the Senate Committee on Economic Development, Job Creation and Housing.

    Problems under the original Next Economy law surfaced when it was discovered that businesses completing a merger or conversion would be required to file real estate conveyances on all real estate - a requirement that did not previously exist under statute. For businesses with extensive real estate holdings, this potentially could have meant hundreds of filings - a burdensome and costly prospect. The proposed legislation repeals the conveyance requirement and returns Wisconsin to preexisting law.

    In addition, the proposal incorporates other provisions drafted and supported by the State Bar's Business Law Section and its Corporations Committee, which modernize and update Wisconsin's Corporations Statute.

    For more information on the proposed Chapter 180 package, please see Sen. Stepp's article.

    State Bar CLE Books offers revised LLCs and LLPs: A Wisconsin Handbook

    The new edition of this popular handbook can help you advise clients on using LLCs and LLPs in Wisconsin. The revised handbook reflects new developments such as the default pass-through tax treatment of LLCs and LLPs under the "check-the-box" regulations, the authorization of single-member LLCs (SMLLCs), and the rule permitting Wisconsin attorneys to use LLCs and LLPs in their practices. You'll also find detailed discussions of the choice of an appropriate business entity, organization of the business, business formalities, and operational and tax issues.

    An entire chapter of the handbook is devoted to annotated forms. Purchase a copy of the handbook and you'll receive all the forms on disk free of charge. The disks are available in WordPerfect® 6/7/8/9 (also works with Microsoft® Word) or ASCII file format.

    515+ pp.; 1999, $165 (includes 2003 supplement). Price for supplement only: $40. Product Code: AK0065. ISBN: 1-57862-026-0. For more information or to order, please phone the State Bar at (800) 728-7788 or go to www.wisbar.org/cle/books/.

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