AB854: Bill Text

AB854,191,20 (3) (a) The purchase price of the interest of the partner pursuant to this section is the amount that would be distributable to the partner if, on the date of the transaction, the assets of the partnership were sold and the partnership were wound up, with the sale price equal to the greater of the partnership's liquidation value or the value based on a sale of the partnership's entire activities and affairs as a going concern without the partner.

AB854,191,24 (b) Interest accrues on the purchase price from the date of the transaction to the date of payment. At the option of the partnership, some or all amounts owing, whether or not presently due, from the partner to the partnership may be offset against the purchase price.

AB854,192,4 (c) The partnership shall defend, indemnify, and hold the partner harmless against all liabilities of the surviving, acquiring, converted, or domesticated entity, as the case may be, incurred after the transaction, except liabilities incurred by an act of the partner.

AB854,192,9 (d) If no agreement for the purchase of the interest of the partner pursuant to this section is reached within 120 days of the date of the transaction, the partnership, or the surviving, acquiring, converted, or domesticated entity, as the case may be, shall pay, or cause to be paid, in money to the partner the amount it estimates to be the purchase price and accrued interest, reduced by any offsets under par. (b).

AB854,192,11 (e) The payment required by par. (d) must be accompanied by all of the following:

AB854,192,13 1. A statement of partnership assets and liabilities as of the date of the transaction.

AB854,192,14 2. The latest available partnership balance sheet and income statement, if any.

AB854,192,15 3. An explanation of how the estimated amount of the payment was calculated.

AB854,192,19 4. Written notice that the payment is in full satisfaction of the obligation to purchase unless, not later than 120 days after the written notice, the partner commences an action to determine the purchase price, any offsets and accrued interest under par. (b), or other terms of the obligation to purchase.

AB854,193,7 (4) The partner may maintain an action against the partnership, pursuant to s. 179.0111, to determine the purchase price of the partner's interest, any offsets and accrued interest under sub. (3) (b), or other terms of the obligation to purchase. The action must be commenced not later than 120 days after the partnership has made payment in accordance with sub. (3) (d) or within one year after written demand for payment if no offer is made in accordance with sub. (2). The court shall determine the purchase price of the partner's interest, any offset due under sub. (3) (b), and accrued interest, and enter judgment for any additional payment or refund. The court may assess reasonable attorney fees and the fees and expenses of appraisers or other experts for a party to the action, in amounts the court finds equitable, against a party that the court finds acted arbitrarily, vexatiously, or not in good faith. The finding may be based on the partnership's failure to make an offer or payment or to comply with sub. (3).

AB854,193,9 (5) A partner does not give the consent required by sub. (1) merely by consenting to a provision of the written partnership agreement.

AB854,193,10 subchapter XII

AB854,193,11 MISCELLANEOUS PROVISIONS

AB854,193,15 179.1201 Uniformity of application and construction. In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact the uniform law.

AB854,193,21 179.1202 Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 USC 7001 to 7031, but does not modify, limit, or supersede section 101 (c) of that act, 15 USC 7001 (c), or authorize electronic delivery of any of the notices described in section 103 (b) of that act, 15 USC 7003 (b).

AB854,142 Section 142. 180.0103 (3m) of the statutes is created to read:

AB854,193,23 180.0103 (3m) “Business" includes every trade, occupation, and profession.

AB854,143 Section 143. 180.0103 (5) of the statutes is amended to read:

AB854,194,5 180.0103 (5) “Corporation" or “domestic corporation," except as used in sub. (9), means a corporation for profit that is not a foreign corporation and that is incorporated under or becomes subject to this chapter. “Corporation" or “domestic corporation" includes, to the extent provided under s. 180.1703, a corporation with capital stock but not organized for profit.

AB854,144 Section 144. 180.0103 (7d) of the statutes is created to read:

AB854,194,8 180.0103 (7d) “Domestic" means, with respect to an entity, an entity whose governing law is the law of this state.

AB854,145 Section 145. 180.0103 (8) of the statutes is amended to read:

AB854,194,21 180.0103 (8) “Entity" means a person other than an individual and includes a domestic corporation; a foreign corporation; a limited liability company; a nonprofit or nonstock corporation; a limited partnership; a partnership; a stock or nonstock general cooperative association; an unincorporated a limited cooperative association; a profit or nonprofit unincorporated association; a statutory trust; a business trust; a business trust or common-law business trust; an estate; a partnership; a trust; 2 or more persons having a joint or common economic interest; a state or an agency, commission, department, authority, bureau or other instrumentality of a state; a governmental subdivision; the United States; and a foreign government an association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality; or any other legal or commercial entity.

AB854,146 Section 146. 180.0103 (8r) of the statutes is created to read:

AB854,194,24 180.0103 (8r) “Foreign" means, with respect to an entity, an entity whose governing law is other than the law of this state.

AB854,147 Section 147. 180.0103 (9) of the statutes is amended to read:

AB854,195,5 180.0103 (9) “Foreign corporation" means a corporation for profit incorporated under a law other than the law of this state and whose governing law is other than the law of this state, except a railroad corporation, an association created solely for religious or charitable purposes, an insurer or motor club, a savings and loan association, a savings bank or a common law trust.

AB854,148 Section 148. 180.0103 (9m) and (9r) of the statutes are created to read:

AB854,195,8 180.0103 (9m) “General cooperative association" means, with respect to a Wisconsin cooperative, a cooperative organized under ch. 185.

AB854,195,13 (9r) “Governing law" means, with respect to an entity, the law of the jurisdiction that collectively governs its internal affairs and the liability of the persons associated with the entity for a debt, obligation, or other liability of the entity under s. 180.0105 or the corresponding applicable law with respect to entities other than domestic corporations.

AB854,149 Section 149. 180.0103 (11g) and (11i) of the statutes are created to read:

AB854,195,17 180.0103 (11g) “Jurisdiction," used to refer to a political entity, means the United States, a state, a foreign country, or a political subdivision of a foreign country.

AB854,195,19 (11i) “Limited cooperative association" means, with respect to a Wisconsin cooperative, a cooperative organized under ch. 193.

AB854,150 Section 150. 180.0103 (11m) of the statutes is amended to read:

AB854,196,2 180.0103 (11m) “Person" includes means an individual and an entity, business corporation, nonprofit or nonstock corporation, partnership, limited partnership, limited liability company, general cooperative association, limited cooperative association, unincorporated association, statutory trust, business trust, common-law business trust, estate, trust, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.

AB854,151 Section 151. 180.0103 (12g) of the statutes is created to read:

AB854,196,5 180.0103 (12g) “Property" means all property, whether real, personal, or mixed or tangible or intangible, or any right or interest therein.

AB854,152 Section 152 . 180.0103 (12r) of the statutes is created to read:

AB854,196,9 180.0103 (12r) “Record," used as a noun, means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

AB854,153 Section 153. 180.0103 (13m) of the statutes is created to read:

AB854,196,13 180.0103 (13m) “Registered agent" means an agent of a corporation or foreign corporation that is authorized to receive service of any process, notice, or demand required or permitted by law to be served on the corporation or foreign corporation.

AB854,154 Section 154. 180.0103 (16m) of the statutes is created to read:

AB854,196,17 180.0103 (16m) “State" means a state of the United States, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.

AB854,155 Section 155. 180.0103 (17g) of the statutes is created to read:

AB854,196,19 180.0103 (17g) “Transfer" includes all of the following:

AB854,196,20 (a) An assignment.

AB854,196,21 (b) A conveyance.

AB854,196,22 (c) A sale.

AB854,196,23 (d) A lease.

AB854,196,24 (e) An encumbrance, including a mortgage or security interest.

AB854,196,25 (f) A gift.

AB854,197,1 (g) A transfer by operation of law.

AB854,156 Section 156. 180.0105 of the statutes is created to read:

AB854,197,4 180.0105 Governing law. (1) The law of this state governs all of the internal affairs of a corporation.

AB854,197,8 (2) The fact that one or more shareholders of a corporation are, or are not, subject to tax on the income of the corporation shall have no effect on the application of the law of this state under sub. (1) other than as a fact to be taken into account in the application of such law.

AB854,157 Section 157 . 180.0112 of the statutes is created to read:

AB854,197,12 180.0112 Delivery of a record. (1) Except as otherwise provided in this chapter, permissible means of delivery of a record include delivery by hand, mail, conventional commercial practice, and electronic transmission.

AB854,197,14 (2) Delivery to the department is effective only when a record is received by the department.

AB854,158 Section 158 . 180.0120 (1) (intro.) of the statutes is amended to read:

AB854,197,20 180.0120 (1) (intro.) Except as provided in Subject to sub. (4), a document required or permitted to be filed under by the department pursuant to this chapter with the department must, a record must be received by the department, comply with this chapter, and satisfy all of the following requirements to be filed under s. 180.0125 (2) (a):

AB854,159 Section 159. 180.0120 (1) (g) of the statutes is amended to read:

AB854,197,24 180.0120 (1) (g) Be delivered to the department for filing and be accompanied by one exact or conformed copy and the filing fee required by s. 180.0122 unless and to the extent the department permits electronic delivery of records.

AB854,160 Section 160. 180.0120 (3) (a) (intro.) of the statutes is amended to read:

AB854,198,2 180.0120 (3) (a) (intro.) Any of the following persons may execute a document described in s. 180.0122 (1) (a), (b), (h) to (j), (Lg), (m) to (r) and (u) to (ym) par. (am):

AB854,161 Section 161. 180.0120 (3) (am) of the statutes is created to read:

AB854,198,4 180.0120 (3) (am) The documents to which par. (a) applies are the following:

AB854,198,5 1. Articles of incorporation.

AB854,198,6 2. An application for use of indistinguishable name.

AB854,198,7 3. An application for registered name or renewal of registered name.

AB854,198,8 4. A statement of change of registered office.

AB854,198,9 5. A director or principal officer statement under s. 180.0860 (1).

AB854,198,10 6. Amendment of articles of incorporation.

AB854,198,12 7. Restatement of articles of incorporation with or without amendment of articles.

AB854,198,13 8. Articles of merger, conversion, interest exchange, or domestication.

AB854,198,14 9. Articles of dissolution.

AB854,198,15 10. Articles of revocation of dissolution.

AB854,198,16 11. An application for reinstatement following administrative dissolution.

AB854,198,17 12. An application for certificate of authority.

AB854,198,18 13. An application for amended certificate of authority.

AB854,198,19 14. An application for certificate of withdrawal.

AB854,198,20 15. An annual report of a domestic corporation or foreign corporation.

AB854,198,21 16. Articles of correction.

AB854,162 Section 162. 180.0120 (5) and (6) of the statutes are created to read:

AB854,199,2 180.0120 (5) If law other than this chapter prohibits the disclosure by the department of information contained in a document delivered to the department for filing, the department shall file the document if the document otherwise complies with this chapter but may redact the information.

AB854,199,5 (6) When a document is delivered to the department for filing, any fee required under s. 180.0122 and any fee, interest, or penalty required to be paid to the department must be paid in a manner permitted by the department.

AB854,163 Section 163 . 180.0121 (1) (a) 4. of the statutes is amended to read:

AB854,199,8 180.0121 (1) (a) 4. An application for a certificate articles of conversion under s. 180.1161 (5).

AB854,164 Section 164 . 180.0122 (1) (intro.) of the statutes is renumbered 180.0122 (1m) (intro.) and amended to read:

AB854,199,14 180.0122 (1m) (intro.) Except as provided under sub. (5), the department shall collect the following fees when the documents records described in this subsection are delivered to the department for filing or, under pars. (e) and (f), the telephone applications are made: