Adm 82.12(17)(b) (b)

Adm 82.12(17)(b)1. 1. If publicly owned, at least 51 percent of the stock is owned and controlled by one or more disabled veterans who are either U.S. citizens or lawfully admitted to the United States for permanent residence, as defined under 8 USC 1101 (a)(20); and the management and daily operations are controlled by one or more of those disabled veterans, except as provided in subd. 2.

Adm 82.12(17)(b)2. 2. One or more duly authorized representatives of one or more disabled veterans may control the management and daily business operations of the business, financial adviser, or investment firm.

Adm 82.12(17)(c) (c) It is currently performing a useful business function.

Adm 82.12(17)(d) (d) It has its principal place of business in this state.

Adm 82.12 Note Note: Section 8 USC 1101 (a)(20) reads as follows “The term ‘lawfully admitted for permanent residence’ means the status of having been lawfully accorded the privilege of residing permanently in the United States as an immigrant in accordance with the immigration laws, such status not having changed.”

Adm 82.12(18) (18) “Disabled veteran-owned entity” means a disabled veteran-owned business, financial adviser, or investment firm.

Adm 82.12(19) (19) “Distributor” means one that markets or sells merchandise, such as a wholesaler.

Adm 82.12(20) (20) “Duly authorized representative” has the meaning given in s. 45.04 (1) (a), Stats.

Adm 82.12 Note Note: Section 45.04 (1) (a) of the Statutes reads as follows: “ ‘Duly authorized representative’ means any person authorized in writing by the veteran to act for the veteran, the veteran’s guardian if the veteran is adjudicated incompetent, or a legal representative if the veteran is deceased. Where for proper reason no representative has been or will be appointed, the veteran’s spouse, an adult child, or, if the veteran is unmarried, either parent of the veteran shall be recognized as the duly authorized representative.”

Adm 82.12(21) (21) “Expiration” means the specified end of the DVB certification, at the close of the three-year certification period.

Adm 82.12(22) (22) “Financial adviser” has the meaning given in s. 16.283 (1) (d), Stats.

Adm 82.12 Note Note: Section 16.283 (1) (d) of the Statutes reads as follows: “ ‘Financial adviser’ means a business that serves as an adviser with regard to the sale of evidences of indebtedness or other obligations.

Adm 82.12(23) (23) “General partner” means a partner in a limited partnership who participates fully in the profits, losses and management of a partnership and who is personally liable for its debts.

Adm 82.12(24) (24) “Industry standard” means the usual and customary practice in the delivery of products or services within a particular business sector, such as procurement, billing payment and performance.

Adm 82.12(25) (25) “Interest” means a right, claim, financial or legal share in a business.

Adm 82.12(26) (26) “Investment firm” has the meaning given in s. 16.283 (1) (e), Stats.

Adm 82.12 Note Note: Section 16.283 (1) (e) of the Statutes reads as follows: “ ‘Investment firm’ means a business that serves as a manager, co-manager, or in any other underwriting capacity with regard to the sale of evidences of indebtedness or other obligations or as a broker-dealer as defined in s. 551.102 (4).”

Adm 82.12(27) (27) “Issued shares” means the shares of a corporation which its articles of incorporation have authorized for issuance and which have actually been sold to subscribers. They may include treasury shares.

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 Note Note: 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.