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AB566,343,12 12(4p) “Entity" means a person other than an individual.
AB566,343,14 13(4t) “Foreign" means, with respect to an entity, an entity whose governing law
14is other than the law of this state.
AB566,343,17 15(5) “Foreign limited liability company" means an association that would be a
16limited liability company subject to this chapter but for the fact that its governing
17law is not the law of this state.
AB566,343,19 18(5g) “General cooperative association" means, with respect to a Wisconsin
19cooperative, a cooperative organized under ch. 185.
AB566,343,24 20(5m) “Governing law" means, with respect to an entity, the law of the
21jurisdiction that collectively governs its internal affairs and the liability of the
22persons associated with the entity for a debt, obligation, or other liability of the entity
23under s. 183.0104 or the corresponding applicable law with respect to entities other
24than domestic limited liability companies.
AB566,344,2
1(5p) “Individual" includes the estate of an individual adjudicated incompetent
2or a deceased individual.
AB566,344,4 3(6) “Jurisdiction," used to refer to a political entity, means the United States,
4a state, a foreign country, or a political subdivision of a foreign country.
AB566,344,6 5(7m) “Limited cooperative association" means, with respect to a Wisconsin
6cooperative, a cooperative organized under ch. 193.
AB566,344,9 7(8) “Limited liability company," except in the phrase “foreign limited liability
8company" and in subch. X, means an entity formed under this chapter or which
9becomes subject to this chapter under subch. X or s. 183.0110.
AB566,344,12 10(9) “Manager" means a person that under the operating agreement of a
11manager-managed limited liability company is responsible, alone or in concert with
12others, for performing the management functions stated in s. 183.0407 (3).
AB566,344,14 13(10) “Manager-managed limited liability company" means a limited liability
14company that qualifies under s. 183.0407 (1).
AB566,344,15 15(11) “Member" means a person to whom all of the following apply:
AB566,344,1816 (a) The person has become a member of a limited liability company under s.
17183.0401 or was a member in a company when the company became subject to this
18chapter under s. 183.0110.
AB566,344,1919 (b) The person has not dissociated under s. 183.0602.
AB566,344,21 20(12) “Member-managed limited liability company" means a limited liability
21company that is not a manager-managed limited liability company.
AB566,345,2 22(13) “Operating agreement" means the agreement, whether or not referred to
23as an operating agreement and whether oral, implied, in a record, or in any
24combination thereof, of all the members of a limited liability company, including a

1sole member, concerning the matters described in s. 183.0105 (1). The term includes
2the agreement as amended or restated.
AB566,345,4 3(14) “Organizer" means a person that acts under s. 183.0201 to form a limited
4liability company.
AB566,345,10 5(15) “Person" means an individual, business corporation, nonprofit or nonstock
6corporation, partnership, limited partnership, limited liability company, general
7cooperative association, limited cooperative association, unincorporated association,
8statutory trust, business trust, common-law business trust, estate, trust,
9association, joint venture, public corporation, government or governmental
10subdivision, agency, or instrumentality, or any other legal or commercial entity.
AB566,345,13 11(16) “Principal office" means the principal executive office of a limited liability
12company or foreign limited liability company, whether or not the office is located in
13this state.
AB566,345,15 14(17) “Property" means all property, whether real, personal, or mixed or tangible
15or intangible, or any right or interest therein.
AB566,345,18 16(18) “Record," used as a noun, means information that is inscribed on a tangible
17medium or that is stored in an electronic or other medium and is retrievable in
18perceivable form.
AB566,345,21 19(19) “Registered agent" means an agent of a limited liability company or
20foreign limited liability company that is authorized to receive service of any process,
21notice, or demand required or permitted by law to be served on the company.
AB566,345,24 22(20) “Registered foreign limited liability company" means a foreign limited
23liability company that is registered to do business in this state pursuant to a
24statement of registration filed by the department.
AB566,346,2
1(21) “Sign" means, with present intent to authenticate or adopt a record, any
2of the following:
AB566,346,33 (a) To execute or adopt a tangible symbol.
AB566,346,54 (b) To attach to or logically associate with the record an electronic symbol,
5sound, or process.
AB566,346,8 6(22) “State" means a state of the United States, the District of Columbia, Puerto
7Rico, the U.S. Virgin Islands, or any territory or insular possession subject to the
8jurisdiction of the United States.
AB566,346,9 9(23) “Transfer" includes all of the following:
AB566,346,1010 (a) An assignment.
AB566,346,1111 (b) A conveyance.
AB566,346,1212 (c) A sale.
AB566,346,1313 (d) A lease.
AB566,346,1414 (e) An encumbrance, including a mortgage or security interest.
AB566,346,1515 (f) A gift.
AB566,346,1616 (g) A transfer by operation of law.
AB566,346,20 17(24) “Transferable interest" means the right, as initially owned by a person in
18the person's capacity as a member, to receive distributions from a limited liability
19company, whether or not the person remains a member or continues to own any part
20of the right. The term applies to any fraction of the interest, by whomever owned.
AB566,346,23 21(25) “Transferee" means a person to which all or part of a transferable interest
22has been transferred, whether or not the transferor is a member. The term includes
23a person that owns a transferable interest under s. 183.0603 (1) (c).
AB566,346,25 24(26) “Written operating agreement" means an operating agreement, or part
25thereof, that is set forth in a record.
AB566,347,2
1183.0103 Knowledge; notice. (1) A person knows a fact if any of the following
2applies:
AB566,347,33 (a) The person has actual knowledge of the fact.
AB566,347,44 (b) The person is deemed to know the fact under law other than this chapter.
AB566,347,5 5(2) A person has notice of a fact if any of the following applies:
AB566,347,76 (a) The person has reason to know the fact from all the facts known to the
7person at the time in question.
AB566,347,88 (b) The person is deemed to have notice of the fact under sub. (2m) or (4) (b).
AB566,347,12 9(2m) A statement of authority under s. 183.0302 or statement of denial under
10s. 183.0303 on file in the office of the department is notice of the matters identified
11in such statements. Except as otherwise provided in sub. (4), such statements are
12not notice of any other fact.
AB566,347,15 13(3) Subject to s. 183.0210 (6), a person notifies another person of a fact by taking
14steps reasonably required to inform the other person in ordinary course, whether or
15not those steps cause the other person to know the fact.
AB566,347,17 16(4) (a) A person not a member is deemed to know of a limitation on authority
17to transfer real property as provided in s. 183.0302 (7).
AB566,347,1918 (b) A person not a member is deemed to have notice of all of the following as
19follows:
AB566,347,2120 1. A limited liability company's dissolution 90 days after a statement of
21dissolution under s. 183.0702 (2) (b) 1. becomes effective.
AB566,347,2322 2. A limited liability company's termination 90 days after a statement of
23termination under s. 183.0702 (2) (b) 6. becomes effective.
AB566,348,3
13. A limited liability company's participation in a merger, interest exchange,
2conversion, or domestication 90 days after the articles of merger, interest exchange,
3conversion, or domestication under subch. X become effective.
AB566,348,6 4(5) This subsection applies to notice that is required under this chapter and
5that is made subject to this subsection by express reference to this subsection.
6Written notice is effective at the earliest of the following:
AB566,348,77 (a) When received.
AB566,348,98 (b) Five days after its deposit in the U.S. mail, if mailed postpaid and correctly
9addressed.
AB566,348,1210 (c) On the date shown on the return receipt, if sent by registered or certified
11mail, return receipt requested, and the receipt is signed by or on behalf of the
12addressee.
AB566,348,1413 (d) For notices from the department, upon successful transmission by e-mail
14as provided in this chapter.
AB566,348,16 15183.0104 Governing law. (1) The law of this state governs all of the
16following:
AB566,348,1717 (a) The internal affairs of a limited liability company.
AB566,348,1918 (b) The liability of a member as member and a manager as manager for a debt,
19obligation, or other liability of a limited liability company.
AB566,348,23 20(2m) Except as otherwise provided in ss. 183.0404 (1), 183.0407 (2) (b), and
21183.0707 (2) (b), the fact that one or more of the members of a limited liability
22company are, or are not, subject to tax on the income of the limited liability company
23shall, of itself, not alter the governing law applicable under sub. (1).
AB566,349,2 24(3m) The operating agreement may require, consistent with applicable
25jurisdictional requirements, that any or all claims involving the governing law

1applicable under sub. (1) shall be brought solely and exclusively in the courts of this
2state.
AB566,349,5 3183.0105 Operating agreement; scope, function, and limitations. (1)
4Except as otherwise provided in subs. (3) and (4), the operating agreement governs
5all of the following:
AB566,349,76 (a) Relations among the members as members and between the members and
7the limited liability company.
AB566,349,98 (b) The rights and duties under this chapter of a person in the capacity of
9manager.
AB566,349,1110 (c) The activities and affairs of the company and the conduct of those activities
11and affairs.
AB566,349,1212 (d) The means and conditions for amending the operating agreement.
AB566,349,1413 (e) Mergers, interest exchanges, conversions, and domestications under subch.
14X.
AB566,349,16 15(2) To the extent the operating agreement does not provide for a matter
16described in sub. (1), this chapter governs the matter.
AB566,349,17 17(3) An operating agreement may not do any of the following:
AB566,349,1818 (a) Vary the law applicable under s. 183.0104 or 183.0110.
AB566,349,1919 (am) Vary the provisions of this section.
AB566,349,2120 (b) Vary a limited liability company's capacity under s. 183.0109 to sue and be
21sued in its own name.
AB566,349,2322 (c) Vary any requirement, procedure, or other provision of this chapter
23pertaining to any of the following:
AB566,349,2524 1. Registered agents, except to require some form of vote or consent of the
25members notwithstanding s. 183.0116 (2).
AB566,350,2
12. The department, including provisions pertaining to records authorized or
2required to be delivered to the department for filing under this chapter.
AB566,350,33 (d) Vary the provisions of s. 183.0204.
AB566,350,54 (e) Alter or eliminate, or restrict the remedies for breach of, the duty of loyalty
5or the duty of care, except as otherwise provided in sub. (4).
AB566,350,96 (f) Eliminate, or restrict remedies for the breach of, the contractual obligation
7of good faith and fair dealing under s. 183.0409 (4), but a written operating
8agreement may prescribe the standards, if not manifestly unreasonable, by which
9the performance of the obligation is to be measured.
AB566,350,1110 (g) Relieve or exonerate a person from liability for conduct that constitutes any
11of the following:
AB566,350,1312 1. A willful failure to deal fairly with the company or its members in connection
13with a matter in which the person has a material conflict of interest.
AB566,350,1614 2. A violation of the criminal law, unless the person had reasonable cause to
15believe that the person's conduct was lawful or no reasonable cause to believe that
16the person's conduct was unlawful.
AB566,350,1717 3. A transaction from which the person derived an improper personal profit.
AB566,350,1818 4. Willful misconduct.
AB566,350,2419 (h) Vary the information required under s. 183.01075 or unreasonably restrict
20the duties and rights under s. 183.0410, but the operating agreement may impose
21reasonable restrictions on the availability and use of information obtained under
22that section and may define appropriate remedies, including liquidated damages
23and security for liquidated damages, for a breach of any reasonable restriction on
24use.
AB566,350,2525 (i) Vary the causes of dissolution specified in s. 183.0701 (1) (d).
AB566,351,2
1(j) Vary the requirement to wind up the company's activities and affairs as
2specified in s. 183.0702 (1), (2) (a), and (5).
AB566,351,43 (k) Unreasonably restrict the right of a member to maintain an action under
4subch. VIII.
AB566,351,85 (m) Vary the right of a member to approve a merger, interest exchange,
6conversion, or domestication under s. 183.1023 (1), 183.1033 (1), 183.1043 (1), or
7183.1053 (1), except by provision in a written operating agreement that does not
8impair the rights of a member under s. 183.1061.
AB566,351,119 (n) Vary the required contents of a plan of merger under s. 183.1022 (1), plan
10of interest exchange under s. 183.1032 (1), plan of conversion under s. 183.1042 (1),
11or plan of domestication under s. 183.1052 (1).
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