183.0403 Liability for contributions.
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/wi/chapter-183/183-0403A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
183.0403 Liability for contributions.
(1)A person’s obligation to make a contribution to a limited liability company is not excused by the person’s death, disability, termination, or other inability to perform personally.
(2)If a person does not fulfill an obligation to make a contribution other than money, the person is obligated at the option of the limited liability company to contribute money equal to the value of the part of the contribution which has not been made.
(3)Unless otherwise provided in a written operating agreement, a member’s obligation to provide tangible or intangible property or other benefit to a limited liability company, including money, services performed, promissory notes, other agreements to contribute money or property, and contracts for services to be performed, as a contribution to the limited liability company may be compromised only by the written consent of all the members. If a creditor of a limited liability company extends credit or otherwise acts in reliance on an obligation described in sub.
(1)without knowledge or notice of a compromise under this subsection, the creditor may enforce the obligation.