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Limited Liability Company (LLC) Opt-Outs

Amundsen Davis LLC

Opt In/Out Deadline for New Wisconsin LLC Law is December 31, 2022

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On January 1, 2023, Wisconsin’s new limited liability company (LLC) law goes into effect. The Wisconsin Uniform Limited Liability Company Law (WULLCL), created by 2021 Wis. Act 258 and signed by Governor Tony Evers on April...more

Amundsen Davis LLC

Tick Tock: Election to Opt-Out of Wisconsin’s New “Creditor-Friendly” LP And LLC Acts Expire December 31, 2022

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Effective January 1, 2023, Wisconsin will arguably become a more creditor-friendly state for judgment creditors of an LP partner or LLC member by virtue of the additional rights afforded a judgment creditor under Chapters 179...more

Husch Blackwell LLP

What You Need to Know About Wisconsin's New LLC Laws

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On January 1, 2023, the revised Wisconsin business laws go into effect. Among the changes, is a complete overhaul of Chapter 183, leading to the creation of the Wisconsin Uniform Limited Liability Company Law (WULLCL). This...more

Bradley Arant Boult Cummings LLP

The New Partnership Audit Rules Are Here to Stay: It’s Time to Act - Construction and Procurement Law News, Q2 2018

The January 1, 2018 effective date of the new federal partnership audit rules quietly came and went, with many of our partnership and LLC clients and their advisers hoping that the rules were just a bad dream or would at...more

Whitman Legal Solutions, LLC

If One Musician Plays A Wrong Note, the Entire Orchestra Now May Pay the Price -- Be Aware of New Partnership Tax Audit Rules

In 1985, the “participatory journalist” George Plimpton worked as a temporary percussionist, playing sleigh bells, triangle, bass drum, and most notably, gong, with the New York Philharmonic. During a performance, he once...more

Miles & Stockbridge P.C.

How You May Be Affected by the Changes to Partnership Audit Rules

In 2015, Congress passed the Bipartisan Budget Act that created a new Centralized Partnership Audit regime that is effective for income tax returns filed of partnership taxable years beginning after December 31, 2017. These...more

BakerHostetler

Preparing for the New Partnership Audit Rules

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The Bipartisan Budget Act of 2015 substantially changed audit-related rules impacting entities taxed as partnerships, including both state-law partnerships and many limited liability companies (LLCs). The most significant...more

Neal, Gerber & Eisenberg LLP

IRS Issues Guidance to Partnerships Opting-In to New Partnership Audit Regime

The Internal Revenue Service (IRS) issued temporary regulations on August 4, 2016, providing the time, form and manner for partnerships to elect to apply the new partnership audit regime enacted by the Bipartisan Budget Act...more

Foley Hoag LLP

Partnership Audit Regime Shakeup

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The recent Bipartisan Budget Act of 2015 (the “Act”) sets forth a new tax audit regime for partnerships (and limited liability companies taxed as partnerships) that will have far-reaching consequences. The new audit...more

Cozen O'Connor

New Partnership Audit Rules Require Careful Review of Partnership and LLC Agreements

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If you are a partner of a partnership or a member of a limited liability company (LLC) taxed as a partnership, or are entering into a new partnership or LLC, you may have some important decisions to make in light of impending...more

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