LLC Ya Next Year!

Earlier this year, the Wisconsin Legislature passed Act 258, which will bring updates to Wisconsin’s LLC Law. These changes are set to take effect on January 1, 2023. At a high level, the major updates include the following: For those out there reading, you might be wondering, “What does this have to do with me?” … Read more

Taking Capital Accounts into Account

Let’s say you just started a new business—congratulations! When you contribute to your new business at the outset, as well as when you contribute again at a later point, that capital contribution and those of the other owners need to be tracked somehow. Enter the Capital Account. A Capital Account is a general ledger used … Read more

Getting Off on the Right Foot: Steps to Take After Forming Your Company

Creating your Corporation or LLC is the first step towards the success of your new enterprise. But, as every entrepreneur already knows, creating the corporation (i.e. “mailing it in”), is only the first step. Here are a few additional items you should think about after your Articles of Incorporation have been filed with the WDFI. … Read more

Side Gig or Not: Limit Your Liability.

I have been asked quite a bit lately about when one should create a business entity like an LLC. I get told things like: “It is just a small side gig.” or, “It is a direct sales thing.” And I get it. You don’t know if it is going anywhere, and you don’t want to … Read more

Chinks In the Wall

I often get asked, “Now that I am an LLC or corporation, I am completely, 100% protected from personal liability, right?”  Well, um, how do I put this delicately?  Uh, no.  No, you are not.  “Wait, what!?”  It is because the company isn’t an impenetrable shield.  It is more like a really high wall that … Read more