Wisconsin Administrative Code
Department of Administration
Chapter Adm 83 - Woman-owned business certification program
Section Adm 83.25 - Documentation of ownership
Universal Citation: WI Admin Code ยง Adm 83.25
Current through February 26, 2024
(1)
(a) An applicant shall submit documentation
showing ownership of at least 51% of the business by a woman. This
documentation may include, but is not limited to, the three preceding years of
business taxes, a current business financial statement, business licenses,
buy-out agreements and financial agreements.
(b) For a sole proprietorship, additional
documentation may include, but is not limited to, canceled checks used to
purchase ownership.
(c) For a
partnership, additional documentation may include, but is not limited to,
partnership agreements, purchase agreements, and salary and profit-sharing
records.
(d) For a corporation,
additional documentation may include, but is not limited to, articles of
incorporation, corporate by-laws, a corporate-borrowing resolution, stock
certificates, stock-affirmation forms, and salary and profit-sharing
records.
(e) For a joint venture,
additional documentation may include, but is not limited to, a joint venture
agreement that is written and signed by all of the joint venturers. Each joint
venture agreement shall specify all of the following:
1. The capital contribution made by each
joint venturer, the control each will exercise, and the distribution of profit
and loss. The agreement shall allocate the control and the distribution of
profit and loss in proportion to the contributions of the joint
venturers.
2. The useful business
function the joint venture will perform and the part of the work each joint
venturer will do.
(2) The department may require documentation showing how and when the woman's interest in the business was acquired.
(3)
(a) The department shall apply the following
rules in situations in which marital assets form a basis for ownership of a
business:
1. When marital assets other than
the assets of the business in question are held jointly or as marital property
by both spouses, and are used to acquire the ownership interest asserted by the
woman, the department shall conclude that the woman acquired her ownership
interest in the enterprise with her own individual resources, provided that the
other spouse irrevocably renounces and transfers all rights in the ownership
interest in the manner sanctioned by the laws of the state in which either
spouse or the enterprise is domiciled. The department may not count a greater
portion of joint or marital property assets toward ownership than state law
would recognize as belonging to the qualifying member of the
business.
2. The application for
WBE certification shall include a copy of the document that is used for legally
transferring and renouncing the rights as required in subd. 1.
(b) In instances where marital
ownership is not clearly established, the department may request a
marital-property waiver form in which both spouses certify that only the female
spouse controls and manages the business, or an affidavit stating that the
spouses have signed a marital-property agreement in which the male spouse
relinquishes control and management of the business.
Disclaimer: These regulations may not be the most recent version. Wisconsin may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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