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I am a owner of an LLC. The sales contract that my customers…

Customer Question
I am a owner...

I am a owner of an LLC. The sales contract that my customers enter into specifies that that "advertiser agrees to pay 1 1/2 per month interest on past due accounts." In the state of Wisconsin can I compound ?

Lawyer's Assistant: Can you tell me what state the LLC is registered in?

Wisconsin

Lawyer's Assistant: Has anything been officially filed? If so, what?

My LLC has been filed. What else are you referring to?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

What else should he, or she know?

Submitted: 10 months ago.Category: Legal
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Answered in 14 minutes by:
10/4/2017
Lawyer: John, Attorney replied 10 months ago
John
John, Attorney
Category: Legal
Satisfied Customers: 6,051
Experience: Licensed and practicing attorney.
Verified

.Late payment charges are governed by Section 138.05(3), Wis. Stats. The max you can charge is 12% per year with no compounding. You cancompund if your drop the rate to 6%

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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