State revenue department publishes guidance for LLCs

The Wisconsin Department of Revenue has published a guide for limited liability companies (LLCs) to help promote the understanding of these entities for tax purposes. Effective Jan. 1, 1994, Wisconsin law authorized the organization and operation of limited liability companies in Wisconsin to enable the business entity to possesses both corporate characteristics and characteristics associated with a partnership. The publication covers the formation, management, and dissolution of an LLC in Wisconsin along with the state’s tax treatment of these business entities.