The number of shareholders is limited to 50 or less at the time it elects statutory close status. Limited Liability Company Ch. It combines features of both a partnership and a corporation. Limited Partnership Ch. A limited partnership has one or more general partners and one or more limited partners.
Management is exercised by the general partners, with the limited partners as passive investors.
Limited Liability Partnership Ch. Cooperative Association Ch. A cooperative association is formed on a membership basis with no capital stock, or on a membership basis with capital stock. Five or more adults, one of whom must be a resident of Wisconsin, may organize a cooperative. A common law trust is organized by creating a Declaration of Trust.