Section 140.07. Types of entities.

 

(1)   Sole proprietorships. A sole proprietorship may report the entire value of assets jointly owned by the sole proprietor and by one or more persons on its financial statement. The financial statement shall be signed by the sole proprietor.

(2)   Partnerships. Partnerships shall submit a statement for the partnership as a whole and individual statements for each of the general partners. If the partnership agreement provides for anything other than an equal sharing by the partners, it shall be prominently noted on the statements. The provisions of sub. (1) relating to the listing of jointly owned assets also apply to this subsection.

(3)   Corporations. A financial statement is required for the corporation which will hold the license. A financial statement of a controlling corporation, parent corporation or an interlocking corporation may be submitted, but shall not be substituted for the financial statement of the applicant.

History: Cr. Register, March, 1985, No. 351 , eff. 4-1-85; 2013 Wis. Act 363 : renum. (3) (a) to (3), r. (3) (b) Register May 2014 No. 701 , eff. 6-1-14.

Note

An example of a joint asset would be a home owned by the sole proprietor and his or her spouse. Microsoft Windows NT 6.1.7601 Service Pack 1 1989 Wis. Act 303 repealed s. 180.41, Stats. Microsoft Windows NT 6.1.7601 Service Pack 1