Adm 82.12(28)(28)“Joint venture agreement” means a written agreement signed by each joint venturer specifying the terms and conditions of the joint venture.
Adm 82.12(29)(29)“Limited liability company” means a company formed under ch. 183, Stats., or under a similar statute of another state, and similar in structure to a partnership, but its members are not personally liable for the entity’s debts and liabilities. Its members may participate in the management of the company without risking personal liability.
Adm 82.12(30)(30)“Limited partner” means any partner in a limited partnership who is not a general partner.
Adm 82.12(31)(31)“Limited partnership” has the meaning given in s. 179.0102 (12), Stats.
Adm 82.12 NoteNote: Section 179.0102 (12) of the Statutes reads as follows: ““Limited partnership,” except in the phrase “foreign limited partnership,” or “domestic limited partnership” means an entity which was formed under this chapter or became subject to this chapter and which is still subject to this chapter. The term includes a limited liability limited partnership.”
Adm 82.12(32)(32)“Marital-property agreement” means an agreement that complies with s. 766.58, Stats.
Adm 82.12(33)(33)“Marital property laws” means ch. 766, Stats.
Adm 82.12(34)(34)“Marital-property waiver” means a form provided by the department to document separate control and management of a business under marital property laws.
Adm 82.12(35)(35)“Nonprofit organization” means an organization as defined in s. 108.02 (19), Stats.
Adm 82.12(36)(36)“On-site visit” means a visit to an applicant’s physical place of business for the verification of information submitted in the application and accompanying documentation.
Adm 82.12(37)(37)“Parent company” means a company that has at least a majority direct-voting control over another company.
Adm 82.12(38)(38)“Partnership” has the meaning given in s. 178.0102 (11), Stats.
Adm 82.12 NoteNote: Section 178.0102 (11) of the Statutes reads as follows: ““Partnership” or “domestic partnership” means an association of 2 or more persons, except to the extent provided in s. 178.0801 (6), to carry on as co-owners a business for profit whose governing law is the law of this state, and which is subject to this chapter, including an association that has become and is still subject to this chapter. The term includes a limited liability partnership.”
Adm 82.12(39)(39)“Partnership agreement” means a written agreement signed by each partner specifying the terms and conditions of the partnership.
Adm 82.12(40)(40)“Partnership interest” means a partner’s share of the profits and losses of the partnership and the right to receive distributions of partnership assets.
Adm 82.12(41)(41)“Principal place of business” means the physical location at which or from which a business performs, is maintained, or operates the majority of its business.
Adm 82.12(42)(42)“Recertification” means the process by which DVB status is reconfirmed, prior to expiration at the close of the three-year certification period.
Adm 82.12(43)(43)“Renewal” means a one-year continuation of a DVB certification, at the end of each of the first two years of the three-year certification period, as subject to a review by the department.
Adm 82.12(44)(44)“Retailer” means the seller of goods or commodities directly to consumers at a retail price.
Adm 82.12(45)(45)“Secretary” means the secretary of the department.
Adm 82.12(46)(46)“Securities” means stocks, bonds, notes, convertible debentures, warrants or other documents that represent a share in a business, or a debt owed by a business.
Adm 82.12(47)(47)“Shares” means the units into which the proprietary interests in a corporation are divided.
Adm 82.12(48)(48)“Sole proprietorship” means a business in which one person owns all the assets of the business and is solely liable for all the debts of the business.
Adm 82.12(49)(49)“Stock-affirmation form” means a form provided by the department and affirmed by the applicant stating that the stock ownership of the corporation is as presented in the application, and in which the applicant agrees to notify the department in the event that additional stock is sold.
Adm 82.12(50)(50)“Stock certificate” means a certificate issued by a corporation certifying that the named person is the owner of a designated number of shares of stock.
Adm 82.12(51)(51)“Subsidiary” means a corporation in which one other corporation owns a majority of the voting shares.
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.