Wisconsin looks at major modernization of business laws | Business

MADISON — Wisconsin lawmakers are taking the next step in what would be the biggest rewrite of the state’s business laws in decades.

Lawmakers held a hearing at the Capitol Wednesday to discuss the Uniform Limited Partnership Act and Uniform Limited Liability Company Act. The two would modernize Wisconsin’s business statutes, and get the state in line with more than 20 other states’ common business laws.

“This is a pretty important piece of legislation,” Tom Nichols, president of the Wisconsin Institute of CPAs, told lawmakers Wednesday. “It’s essentially updating two major chapters of the Wisconsin business entity statutes, and making significant changes to three others. So essentially all five of the major business entities are being affected here.”

The Uniform Law Commission, one of the biggest backers of the ULPA and ULLCA, describes the changes as an update that “recognizes modern day uses of limited partnerships by providing…

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