A limited liability company may revoke a dissolution of the limited liability company under s. 183.0901 (1) within 120 days after the effective date of the dissolution. Revocation of the dissolution shall be authorized in the same manner that the dissolution was authorized. After the revocation of the dissolution is authorized, the limited liability company may revoke the dissolution by delivering to the department for filing a copy of the limited liability company’s articles of dissolution and articles of revocation of dissolution, which shall include all of the following... For more information see http://www.legis.state.wi.us/2007/data/acts/07Act133.pdf

The new text of 2007 WISCONSIN ACT 150 reads as follows: "No franchise subject to registration under this chapter may be sold in this state unless a copy of an offering circular is provided to the prospective franchisee at least 14 days prior to the execution by the prospective franchisee of any binding franchise or other agreement with the franchisor or any affiliate of the franchisor or at least 14 days prior to the payment of any consideration to the franchisor or any affiliate of the franchisor, whichever first occurs. The offering circular may be in a form that the division requires by rule, in a form permitted under 16 CFR 436 or in a form permitted by a successor to that regulation."

Under current law, there is an income tax exclusion for individuals for 60 percent of the net capital gains realized from the sale of assets held for at least one year. Under the bill, an individual; an individual partner or member of a partnership, limited liability company, or limited liability partnership; or an individual shareholder of a tax?option corporation (claimant) may subtract from federal adjusted gross income the amount of capital gain, not to exceed $10,000,000 in a taxable year, realized from the sale of any asset held more than one year.

Under current law, if the owner of real property that is subject to a mortgage defaults in making payments, the mortgagee, which is usually a financial institution, may commence a foreclosure action. If the mortgagee prevails and obtains a foreclosure judgment, the property owner (mortgagor) may redeem the property before a sheriff's sale by paying the amount of the judgment to the clerk of court. If the mortgagor does not redeem the property, it will be sold at a sheriff's sale after six months to one year, depending on the type of property and whether the mortgagor will owe a deficiency, which is the amount by which the judgment exceeds the amount obtained at the sale.

This bill addresses foreclosure reconveyances. A foreclosure reconveyance is defined as a transaction under which the mortgagor transfers title to residential real property in foreclosure to a third party, called a foreclosure purchaser in the bill. The foreclosure purchaser redeems the property and subsequently conveys, or promises to subsequently convey, to the mortgagor (foreclosed homeowner) an interest in the property that allows the foreclosed homeowner to remain in possession of the property, such as an interest in a land contract, a purchase agreement, an option to purchase, or a lease.

This bill creates an income tax and franchise tax credit for businesses that pay tuition for an individual to attend a university, college, or technical college. Sole proprietorships, corporations, and insurers may claim the credit. Partnerships, limited liability companies, and tax?option corporations compute the credit but pass it on to the partners, members, and shareholders in proportion to their ownership interests. The credit is an amount equal to 1) 50 percent of the tuition paid by a business for an individual to attend school in a taxable year, if the individual is enrolled in a degree?granting program; and 2) 75 percent of the tuition paid by a business for an individual to attend school in a taxable year, if the individual is enrolled in a degree?granting program and if the individual’s taxable income is not more than 185 percent of the federal poverty line.

Matthew R. Schwitzer, the managing attorney of Schwitzer Law Offices, LLC, will concentrate on providing legal advice and guidance to individual, business, and institutional clients. The firm will concentrate on general business and corporate matters including organization, restructuring and refinancing, real estate, securities, and technology/intellectual property matters. The firm is well positioned to handle or co-counsel on all levels of dispute resolution, from probate and employment cases to commercial litigation.

at 6-9 p.m., Nov. 8, Business Assistance Center, 2701 Larsen Road, Green Bay. In a group setting, workshop participants will review the basics of going into business and identify the next steps. The program includes time for questions and answers so individual needs are addressed. To register or obtain more information call (920) 496-9010 or go online at http://www.uwgb.edu/sbdc.

Wednesday, November 14, 2007 6:00 PM to 9:00 PM at the Regency Suites, KI Convention Center, 333 Main St. Green Bay WI 54301.

relating to an income and franchise tax credit for sales tax paid for the right to purchase season admission to athletic events sponsored by an institution of higher education. For more information, see http://www.legis.state.wi.us/2007/data/AB559hst.html.

Wisconsin Senate Bill 221 was referred to the joint committee on Finance by committee on Senate Organization in the Senate on October 29, 2007 relating to creating an individual income tax checkoff for the Special Olympics Wisconsin, Incorporated, and making an appropriation. For more information, see http://www.legis.state.wi.us/2007/data/SB221hst.html.

Wisconsin Assembly Bill 108 was referred to joint committee on Finance in the Assembly on October 30, 2007 relating to free access to state parks and state trails by certain disabled veterans and former prisoners of war. For more information, see http://www.legis.state.wi.us/2007/data/AB108hst.html.

on November 14, 2007, for teachers throughout the state who are interested in incorporating Project Citizen into their curriculum. Contact Dee Runaas, LRE Coordinator, at 608-250-6191 for more information.