Wisconsin Statutes 178.0807 – Known claims against dissolved limited liability partnership
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Wisconsin Statutes 178.0807
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- in writing: includes any representation of words, letters, symbols or figures. See Wisconsin Statutes 990.01
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
(1) Except as otherwise provided in sub. (4), a dissolved limited liability partnership may give notice of a known claim under sub. (2), which has the effect provided in sub. (3).
(2) A dissolved limited liability partnership may in a record notify its known claimants of the dissolution. The notice must do all of the following:
(a) Specify the information required to be included in a claim.
(b) State that a claim must be in writing and provide a mailing address to which the claim is to be sent.
(c) State the deadline for receipt of a claim, which may not be less than 120 days after the date the notice is effective under s. 178.0103 (6).
(d) State that the claim will be barred if not received by the deadline.
(e) Unless the partnership has been throughout its existence a limited liability partnership, state that the barring of a claim against the partnership will also bar any corresponding claim against any partner or person dissociated as a partner which is based on s. 178.0306.
(3) A claim against a dissolved limited liability partnership is barred if the claim is a known claim and the notice requirements of sub. (2) are met with respect to the claim and any of the following applies:
(a) The claim is not received by the specified deadline.
(b) If the claim is timely received but rejected by the limited liability partnership, all of the following apply:
1. The partnership notifies the claimant in a record stating that the claim is rejected and will be barred unless the claimant commences an action against the partnership to enforce the claim within 90 days after the notice is effective under s. 178.0103 (6).
2. The claimant does not commence the required action within 90 days after the notice of rejection is effective under s. 178.0103 (6).
(4) This section does not apply to a claim based on an event occurring after the date of dissolution or a liability that on that date is contingent, or a liability for an additional assessment under s. 71.74 or for sales and use taxes determined as owing under s. 77.59.
(4r) The provisions of s. 178.0103 (6) shall apply to notices under this section.