Wis. Admin. Code Department of Administration § Adm 83.25 - Documentation of ownership

Current through November 29, 2021

(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.

Notes

Wis. Admin. Code Department of Administration § Adm 83.25
CR 06-113: cr. Register May 2007 No. 617, eff. 6-1-07.

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