Jurisdictional Updates 4-20-2022

Wisconsin – Legislation Allows for Cross Species Transactions

Senate Bill 566 (Act 258) signed by the governor April 15 and effective April 17 updates and harmonizes five business entity statutes: Chapter 178 (partnerships); Chapter 179 (limited partnerships); Chapter 180 (stock corporations); Chapter 181 (non-stock corporations); and Chapter 183 (LLCs). Among other things, all five entity types may merge and engage in so-called “cross-species” transactions. The bill text can be accessed at https://docs.legis.wisconsin.gov/2021/related/acts/258.  The Department of Financial Institutions (DFI) Division of Corporate & Consumer Services posted two new forms which enable entities to elect to be subject to the new law or the prior la– Form 399/599 in which existing entities can elect to be subject to the new law and Form 398/598 Statement of Nonapplicability in which entities can elect to be subject to the prior law.    Form 398/598 – Statement of Nonapplicability Form 399/599 – Statement of Applicability