LRB-2761/1
CTS:lmk:ch
2005 - 2006 LEGISLATURE
April 3, 2006 - Introduced by Representatives Hundertmark, Vos, Musser, Ott,
Nass, Hahn, Hines and
Kleefisch, cosponsored by Senators Kanavas and
Stepp. Referred to Committee on Financial Institutions.
AB1163,1,2
1An Act to repeal 180.0622 (2) (b); and
to renumber and amend 180.0622 (2)
2(a) of the statutes;
relating to: liability of shareholders.
Analysis by the Legislative Reference Bureau
Current law imposes personal liability on each shareholder of a corporation
organized under the laws of this state, including an insurance company that issues
stock, for any amount owed by the corporation to its employees for up to six months
of work per employee. The amount of a shareholder's personal liability is limited to
the value of the shares that the shareholder owns. This bill eliminates those
provisions of current law.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB1163, s. 1
3Section
1. 180.0622 (2) (a) of the statutes is renumbered 180.0622 (2) and
4amended to read:
AB1163,1,85
180.0622
(2) Except as provided in par. (b) or unless Unless otherwise provided
6in the articles of incorporation, a shareholder of a corporation is not personally liable
7for the acts or debts of the corporation, except that a shareholder may become
8personally liable by his or her acts or conduct other than as a shareholder.
AB1163, s. 2
1Section
2. 180.0622 (2) (b) of the statutes is repealed.
AB1163,2,43
(1) This act first applies to debts incurred on the effective date of this
4subsection.
