Nuts & Bolts of a Wisconsin Shareholder Derivative Lawsuit
A shareholder derivative lawsuit is one brought by a shareholder on behalf of the corporation when that corporation has a valid cause of action and the corporation refuses to act on it. These types of suits are typically brought against an insider in the corporation, such as officers, directors or board members who are suspected…
Recent Changes for Enforcing Non-Compete Agreements in Wisconsin
Current Wisconsin law provides that employers may place restrictions on an employee or agent’s right to compete with the employer or principal. These restrictions are limited to the term of the employment or agency relationship plus a reasonable and specified time afterwards, within a specified territory. Furthermore, the restrictions must be reasonably necessary to protect…
What to Do When Your Partner Is Stealing from the Company
It seems straightforward enough – when someone steals from us, they owe us. Right? Well, in the land of Corporations and Limited Liability Companies (LLC), it’s not so straightforward. While such business structures afford its members certain protections from a tax or liability standpoint, when it comes to corporate theft, there are specific formalities that…
What to Do if My Company Is Being Sued
If you have ever been served with legal documents, you know that feeling in the pit of your stomach. Finding out your company is being sued can be a highly stressful experience. Before panic sets in, take a breath and know that there is help out there. The key thing is to act promptly, as…
Do I Need a License to Operate my WI Business?
Most businesses, regardless of their size, are required to have some sort of licensing to operate. Often, depending on the location and type of business, multiple licenses must be obtained to legally run a business in Wisconsin. The purpose of a business license is to alert the government to the existence of the business to…
As a Minority Member of a Wisconsin LLC, What Are My Rights?
Due to the potential for oppression of minority members of limited liability companies (LLCs), the State of Wisconsin has developed a comprehensive set of laws governing LLCs. While these laws set forth default principles of LLC management and operation, these default principles can be over-written by written agreement between the members. Wisconsin Minority Member Default…
Dangers and Pitfalls of Buying a Business
Being an entrepreneur is not a path for the lighthearted. Countless hours of hard work and copious amounts of capital are necessary to create a business that is both successful and profitable. For some business owners, purchasing an existing company is more appealing than starting a business from scratch, as another individual or team has…