Adm 82.12(52)(52) “Treasury shares” means the shares which have been issued but later re-acquired by a corporation and which have not been canceled or restored to the status of authorized but unissued shares. Adm 82.12(53)(53) “Unissued shares” means shares which the corporation is authorized to issue but which have not yet been distributed to shareholders or subscribers. Adm 82.12(54)(54) “Useful business function” means the provision of materials, supplies, equipment or services to customers, including the state. Acting as a conduit to transfer funds to a business that is not certified under this chapter does not constitute a useful business function, unless doing so is a normal industry practice. Adm 82.12(55)(55) “Voting shares” means those shares that give the holder the right to vote for directors and other matters – in contrast to non-voting shares, which simply entitle the holder to dividends, if any. Adm 82.12(56)(56) “Wholesaler” means a middle person or distributor who sells mainly to retailers, other merchants, and industrial commercial institutional users, as distinguished from consumers. Adm 82.12 HistoryHistory: EmR1041: emerg. cr., eff. 11-14-10; CR 11-004: cr. Register September 2011 No. 669, eff. 10-1-11; corrections in (1), (15) made under s. 13.92 (4) (b) 6., Stats., corrections in (4), (8), (16), (22), (26) made under s. 13.92 (4) (b) 7., Stats., Register September 2011 No. 669; correction in (1) made under s. 13.92 (4) (b) 6., Stats., Register December 2011 No. 672; correction in (38) made under s. 13.92 (4) (b) 7., Stats., Register March 2017 No. 735; correction in (31) made under s. 13.92 (4) (b) 7., Stats., Register June 2023 No. 810. Adm 82.20Adm 82.20 Certification criteria. In order to become certified as a DVB — a business, financial adviser, or investment firm shall meet all of the following eligibility standards: Adm 82.20(1)(1) The business, financial adviser, or investment firm satisfies all of the criteria in the DVB definition in s. Adm 82.12 (17). Adm 82.20(2)(2) If the business, financial adviser, or investment firm is a sole proprietorship, a disabled veteran owns 100 percent of the company assets. Adm 82.20(3)(a)(a) If the business, financial adviser, or investment firm is a partnership, each partner shall act as a principal in his or her own behalf and as agent of his or her co-partners, and general rules of law applicable to agents shall apply with equal force in determining rights and liabilities of partners. One or more disabled veterans shall own at least 51 percent of the partnership interests. Adm 82.20(3)(b)(b) If the business, financial adviser, or investment firm is a limited partnership, one or more disabled veteran general partners shall own at least 51 percent of the general partnership interest and exert at least 51 percent of the control of the partnership. The disabled veteran general and limited partners shall receive at least 51 percent of the partnership’s profits and benefits, including tax credits, deductions and postponements. Adm 82.20 NoteNote: See section Adm 82.12 for definitions of general partner, limited partner, limited partnership, and partnership. Adm 82.20(4)(4) If the business, financial adviser, or investment firm is a limited liability company, one or more disabled veterans own at least 51 percent of membership interests in the LLC organization, and exert at least 51 percent of the management and control among the members. The disabled veteran owners also participate in all risks and profits of the organization at a rate commensurate with their membership interests. Adm 82.20(5)(5) If the business, financial adviser, or investment firm has a corporate form of organization, one or more disabled veterans own at least 51 percent of all voting stock of the corporation. Any voting agreements among the shareholders do not dilute the beneficial ownership, the rights, or the influence of the disabled veteran owners of the stock or classes of stock of the corporation. The disabled veteran owners possess the right to all customary incidents of ownership, such as the ability to transfer stock, title possession, and enter binding agreements. Adm 82.20 NoteNote: Nonprofit corporations do not meet the for-profit condition in section Adm 82.12 (17) (intro.) and therefore are not eligible for certification. Adm 82.20(6)(6) If the business, financial adviser, or investment firm is a joint venture, one or more disabled veteran-owned entities hold at least 51 percent of the beneficial ownership interest in the joint venture, and exert at least 51 percent of the control and management of the joint venture. The disabled veteran-owned entity partners of the joint venture are certified or are eligible for certification as a DVB. Adm 82.20(7)(7) If the business, financial adviser, or investment firm is a subsidiary or affiliate, one or more disabled veterans own at least 51 percent of the parent company. Adm 82.20 HistoryHistory: EmR1041: emerg. cr., eff. 11-14-10; CR 11-004: cr. Register September 2011 No. 669, eff. 10-1-11; correction in (1) made under s. 13.92 (4) (b) 7., Stats., Register December 2011 No. 672. Adm 82.22Adm 82.22 Documentation of being a disabled veteran. An applicant shall submit the verification specified in s. 16.283 (1) (b), Stats. Adm 82.22 NoteNote: Section 16.283 (1) (b) of the Statutes, as reprinted under section Adm 82.12 (16), defines “disabled veteran” and addresses verification of that status by the department of veterans affairs. Adm 82.22 HistoryHistory: EmR1041: emerg. cr., eff. 11-14-10; CR 11-004: cr. Register September 2011 No. 669, eff. 10-1-11; correction made under s. 13.92 (4) (b) 7., Stats., Register September 2011 No. 669. Adm 82.24Adm 82.24 Determination of ownership. Adm 82.24(1)(1) An applicant shall meet all of the following eligibility standards: Adm 82.24(1)(a)1.1. The ownership by one or more disabled veterans is real, substantial and continuing, going beyond the pro-forma ownership of the business as reflected in its ownership documents. Adm 82.24(1)(a)2.2. Each disabled veteran owner shares in all risk and profits commensurate with his or her ownership interest as demonstrated by a detailed examination of the substance of his or her business arrangements with others. Adm 82.24(1)(a)3.3. Each disabled veteran 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. Adm 82.24(1)(b)(b) The contributions of capital and expertise by the disabled veteran owner or owners to acquire their interest in the business is real and substantial, and in proportion to the interest acquired.