March 2005Published Article

Supreme Court Action May Dramatically Impact Duties of LLC Members

Business Law News, State Bar of Wisconsin

On January 14, 2005, the Wisconsin Supreme Court in a case of first impression heard oral argument in Gottsacker v. Monnier (Appeal No. 03-0457). As presented to the Court, the essence of the case is: (1) do members of a member-managed limited liability company (an “LLC”) owe fiduciary duties under Chapter 183 to other LLC members or to the LLC itself, and (2) are members of a member-managed LLC precluded under Wis. Stat. section 183.0404 from voting on issues that may advance their individual interests? Did the Gottsackers Have a General Partnership?

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