Wis. Admin. Code Department of Administration § Adm 83.24 - Determination of ownership

Current through March 28, 2022

(1) An applicant shall meet all of the following eligibility standards:

(a)

1. The ownership by one or more women is real, substantial and continuing, going beyond the pro-forma ownership of the business as reflected in its ownership documents.

2. Each woman owner shares in all risk and profits commensurate with her ownership interest as demonstrated by a detailed examination of the substance of her business arrangements with others.

3. Each woman owner receives the customary incidents of ownership, such as salary, rights to dividends, ownership of assets and ownership of intangible assets such as copyrights and patents.

(b) The contributions of capital and expertise by the woman owner or owners to acquire their interest in the business is real and substantial, and in proportion to the interest acquired.

(2) Contributions of personal or professional services alone are not real and substantial for the purposes of this section, except these contributions shall receive consideration when given in conjunction with other tangible forms of investment. Other insufficient contributions include, but are not limited to, promises to contribute capital or expertise in the future, a note payable to the business or to its owners who are not women, or the mere participation as an employee.

(3) Women shall hold at least 51% of the securities that constitute ownership of a business.

(4) Securities or assets of a business that are held in trust are not considered as held by a woman in determining the ownership of a business, except under the following circumstances:

(a) The beneficial owner of the securities or assets held in trust is a woman, and the trustee is a woman.

(b) A woman is the sole grantor of assets held in a revocable living trust, and a woman is the beneficiary and trustee.

(5) The department may not consider securities that are held by any guardian for a minor, in determining ownership and control.

(6) An ownership interest arising in a male spouse solely because of the operation of marital property laws may not disqualify an applicant from certification if both spouses certify that the female performs the majority of the control and management of the business.

Notes

Wis. Admin. Code Department of Administration § Adm 83.24

CR 06-113: cr. Register May 2007 No. 617, eff. 6-1-07.