Section 84.06. Documentation of ownership.

  The department shall require documentation of the ownership of at least 51% of the business by a minority owner or owners:

(1)  Documentation may include, but is not limited to, the following: current business income tax return, current business financial statement, business licenses, buy-out agreements and financial agreements.

(a) In the case of a sole proprietorship, additional documentation may include, but is not limited to, canceled checks used to purchase ownership.

(b) In the case of a partnership, additional documentation may include, but is not limited to, partnership agreements, purchase agreements, salary and profit sharing records.

(c) In the case of a corporation, additional documentation may include, but is not limited to, articles of incorporation, corporate by-laws, corporate borrowing resolution, stock certificates, stock affirmation forms, salary and profit sharing records.

(d) In the case of a joint venture, additional documentation may include, but is not limited to, a joint venture agreement which is written and signed by all of the joint venturers. Each joint venture agreement shall specify:

1. The capital contribution made by each joint venturer; the control each will exercise; and the distribution of profit and loss. Each of these elements must be allocated in proportion to their contribution; and

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 minority owner's or owners' interest in the business was acquired.

(3)  In those instances when an ownership interest arises in a nonapplicant nonminority spouse because of the operation of marital property laws, the department may request a signed marital property waiver form in which both spouses certify that only the minority spouse controls and manages the business or an affidavit stating that a marital property agreement has been signed in which the nonminority spouse relinquishes control and management of the business.

History: Cr. Register, September, 1987, No. 381 , eff. 10-1-87.

Note

A stock affirmation form may be obtained, at no charge, from: Department of Administration, Minority Business Certification Program, P.O. Box 7970, Madison, WI 53707-7970. Microsoft Windows NT 6.1.7601 Service Pack 1 A marital property waiver form may be obtained, at no charge, from: Department of Administration, Minority Business Certification Program, P.O. Box 7970, Madison, WI 53707-7970. Microsoft Windows NT 6.1.7601 Service Pack 1