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Legislative updates

Assembly Bill 897, effective June 1, 2018, amends provisions of the corporation law relating to the fees for the certificate of authority, withdrawal, and annual report of a foreign corporation that qualifies as a qualified new business venture that is certified under Sec. 238.15 (1).
Senate Bill 298, effective February 26, 2018, creates a new category of business corporation identified as a benefit corporation. A benefit corporation shall have a purpose of creating general public benefit. A general public benefit is a material positive impact on society and the environment through activities that promote some combination of specific public benefits.

Case summaries

Shareholder Suit
Arrowhead Systems, Inc. v. Grant Thornton LLP, No. 2019AP2268, decided October 15, 2020. The Wisconsin Court of Appeals held that the rule that denies standing to shareholders to bring direct claims seeking redress for injuries to the corporation applies even where the corporation was an S corporation with a sole shareholder who was claiming harm due to the corporation’s accountant’s tax strategy.

Other notices

On March 2, 2021 the Wisconsin Department of Financial Institutions (DFI) issued a news release warning businesses about solicitations designed to look like an invoice from the Secretary of State that requests payment of $72.50 for a “Certificate of Status.” The news release calls the solicitation “misleading” and states that it is not being sent by DFI. The news release can be read in full from the DFI’s website.