Wisconsin Business Law Blog : Waukesha, New Berlin, Oconomowoc Corporate & Real Estate Lawyer & Attorney

The Wisconsin Supreme Court, in the recent case of Bank Mutual v. S.J. Boyer Construction, Inc., et al, found that those who guaranty a note may remain liable on their guarantees, even when the lender releases the primary obligor in its quest to shorten the redemption period when foreclosing. The Supreme Court determined that when the statute says that all who are "personally liable for debt secured by the mortgage" are to be released, it means those on the note, and not those on the guarantee, which stems from a different obligation than the note.

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If you exclude attorneys fees for services (such as preparing an operating agreement and determining what additional filings, permits, etc. that the business will need to get up and running), the most basic cost to register or “organize” an LLC currently in Wisconsin online is $130.00 paid to the Wisconsin Department of Financial Institutions, which simply involves the registration of the LLC’s Articles of Organization. There may be additional non-attorney fee costs as well, such as if the LLC will be making sales subject to Wisconsin Sales/Use Tax which would require the current $20.00 fee to submit an Application for Business Tax Registration to the Wisconsin Department of Revenue whereby the entity applies for a Seller’s Permit and/or it’s Wisconsin Employment Identification Number among other reasons.   It is recommended that you also draft an operating agreement which among other things sets forth the percentage ownership interests among the members (owners) of the LLC as well as their capital contributions and how distributions will be made. In addition, in most cases the LLC should obtain a Federal Tax Identification Number from the IRS which can be done online at no cost.

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