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181.0213(2)(b)3. 3. The domestic corporation or foreign corporation has, during its most recently completed report year, filed with the department an annual report required by s. 181.0214.
181.0213(2)(b)4. 4. The domestic corporation has not filed articles of dissolution.
181.0213(2)(b)5. 5. The foreign corporation has not filed an application for a certificate of withdrawal under s. 181.1520 (2).
181.0213(2)(c) (c) The domestic corporation's effective date of its articles of incorporation or the foreign corporation's effective date of its certificate of authority.
181.0213(3) (3)The certificate of status may include other facts of record in the department that are requested.
181.0213(5) (5)Subject to any qualification stated in a certificate of status issued by the department, the certificate is conclusive evidence that the corporation or foreign corporation is in existence or is authorized to transact business in this state.
181.0213(6) (6)Upon request by telephone or otherwise, the department shall confirm, by telephone, any of the information required in a certificate of status under sub. (2) and may confirm any other information permitted under sub. (3).
181.0213 History History: 1997 a. 79; 2021 a. 258 ss. 412, 414, 416, 418, 421, 423.
181.0214 181.0214Annual report for department.
181.0214(1) (1)A corporation or foreign corporation authorized to transact business in this state shall deliver to the department for filing an annual report that states all of the following:
181.0214(1)(a) (a) The name of the corporation or foreign corporation.
181.0214(1)(b) (b) The street and e-mail address of its registered office in this state and the name of its registered agent at that office.
181.0214(1)(c) (c) The street address of its principal office.
181.0214(1)(d) (d) The name and address of each director and principal officer.
181.0214(1)(e) (e) In the case of a foreign corporation, the jurisdiction of its governing law and any fictitious name adopted under s. 181.1506 (1).
181.0214(2) (2)Information in the annual report must be current as of the date the report is signed by the corporation or foreign corporation.
181.0214(3)(a)(a) A domestic corporation shall deliver its annual report to the department in each year following the calendar year in which the domestic corporation's articles of incorporation became effective, during the calendar year quarter in which the anniversary date of the articles' effective date occurs.
181.0214(3)(b) (b) A foreign corporation authorized to transact business in this state shall deliver its annual report to the department during the first calendar quarter of each year following the calendar year in which the foreign corporation becomes authorized to transact business in this state.
181.0214(4) (4)If an annual report does not contain the information required by this section, the department promptly shall notify the reporting corporation or foreign corporation in a record and return the report to it for correction. If the annual report is corrected to contain the information required by this section and delivered to the department within 30 days after the effective date of such notice, the annual report is timely filed.
181.0214(5) (5)If an annual report contains a registered office or registered agent which differs from the information shown in the records of the department immediately before the report becomes effective, the differing information is considered a statement of change under s. 181.0502 or 181.1508.
181.0214 History History: 1997 a. 79; 2013 a. 20; 2021 a. 258 ss. 435, 436, 606, 609, 611, 613.
subch. III of ch. 181 SUBCHAPTER III
PURPOSES AND POWERS
181.0301 181.0301 Purposes.
181.0301(1)(1)Permitted purposes. A corporation incorporated under this chapter has the purpose of engaging in any lawful activity unless a more limited purpose is set forth in the articles of incorporation.
181.0301(2) (2)Effect of other regulation. A corporation engaging in an activity that is subject to regulation under another statute of this state may incorporate under this chapter only if incorporation under this chapter is not prohibited by the other statute. The corporation shall be subject to all limitations of the other statute.
181.0301 History History: 1997 a. 79.
181.0302 181.0302 General powers. Unless its articles of incorporation provide otherwise, a corporation has perpetual duration and succession in its corporate name and has the same powers as an individual to do all things necessary or convenient to carry out its affairs, including the power to do all of the following:
181.0302(1) (1)Legal actions. Sue and be sued, complain and defend in its corporate name.
181.0302(2) (2)Corporate seal. Have a corporate seal, which may be altered at will, and to use it, or a facsimile of it, by impressing or affixing it or in any other manner reproducing it.
181.0302(3) (3)Bylaws. Make and amend bylaws not inconsistent with its articles of incorporation or with the laws of this state, for regulating and managing the affairs of the corporation.
181.0302(4) (4)Property acquisition. Purchase, receive, lease or otherwise acquire, and own, hold, improve, use and otherwise deal with, property or any legal or equitable interest in property, wherever located.
181.0302(5) (5)Disposition of property. Sell, convey, mortgage, pledge, lease, exchange and otherwise dispose of all or any part of its property.
181.0302(6) (6)Interests in other entities. Purchase, receive, subscribe for or otherwise acquire, and own, hold, vote, use, sell, mortgage, lend, pledge or otherwise dispose of, and deal in and with, shares or other interests in, or obligations of, any other entity.
181.0302(7) (7)Contracts and liabilities. Make contracts and guarantees; incur liabilities; borrow money; issue notes, bonds and other obligations; and secure any of its obligations by mortgage or pledge of any of its property, franchises or income.
181.0302(8) (8)Loans. Lend money, invest and reinvest its funds and receive and hold property as security for repayment, except as limited by s. 181.0832.
181.0302(9) (9)Participation in other entities. Be a promoter, partner, member, associate or manager of any entity.
181.0302(10) (10)Exercise of powers. Conduct its activities, locate offices and exercise the powers granted by this chapter in or outside this state.
181.0302(11) (11)Directors, officers, employees and agents. Elect or appoint directors, officers, employees and agents of the corporation, define their duties and fix their compensation.
181.0302(12) (12)Pension and incentive plans. Pay pensions and establish pension plans, pension trusts and other benefit and incentive plans for any of its current or former directors, officers, employees and agents of the corporation, its subsidiaries or its affiliates.
181.0302(13) (13)Benefit plans. Provide benefits or payments to directors, officers and employees of the corporation, its subsidiaries or its affiliates, and to their estates, families, dependents or beneficiaries, in recognition of the past services of the directors, officers and employees to the corporation, its subsidiaries or its affiliates.
181.0302(14) (14)Compensation. Establish reasonable compensation for all directors for services to the corporation as directors, officers or otherwise. Unless otherwise provided in the articles of incorporation or bylaws, the board of directors, by the affirmative vote of a majority of the directors then in office and irrespective of any personal interest of any of its members, may establish reasonable compensation for all directors for such services or delegate this authority to an appropriate committee.
181.0302(15) (15)Donations. Make donations and otherwise devote its resources for the public welfare or for charitable, scientific, educational, humanitarian, philanthropic or religious purposes.
181.0302(16) (16)Dues. Impose dues, assessments, admission and transfer fees upon its members.
181.0302(17) (17)Admission of members. Establish conditions for admission of members, admit members and issue memberships.
181.0302(18) (18)Businesses. Carry on a business.
181.0302(19) (19)Other. Do all things necessary or convenient, not inconsistent with law, to further the activities and affairs of the corporation.
181.0302 History History: 1997 a. 79.
181.0303 181.0303 Emergency powers.
181.0303(1)(1)Definition. In this section, “emergency" has the meaning given in s. 181.0207 (1).
181.0303(2) (2)Powers. In anticipation of or during an emergency, the board or members of a corporation may do all of the following:
181.0303(2)(a) (a) Modify lines of succession to accommodate the incapacity of a director, officer, employee or agent.
181.0303(2)(b) (b) Relocate the principal office, designate alternative principal offices or regional offices, or authorize the officers to do so.
181.0303(3) (3)Meetings. Unless emergency bylaws adopted under s. 181.0207 provide otherwise, all of the following apply to a meeting of the board during an emergency:
181.0303(3)(a) (a) The corporation need give notice of a meeting of the board only to those directors whom it is practicable to reach and the corporation may give notice in any practicable manner, including by publication and radio.
181.0303(3)(b) (b) One or more officers of the corporation present at a meeting of the board may be considered to be a director for the meeting, in order of rank and within the same rank in order of seniority, as necessary to achieve a quorum.
181.0303(4) (4)Action taken during emergency. Corporate action taken in good faith during an emergency under this section to further the ordinary affairs of the corporation binds the corporation and may not be used to impose liability on a corporate director, officer, member, employee or agent.
181.0303 History History: 1997 a. 79.
181.0304 181.0304 Effect of unauthorized corporate acts. No act of a corporation and no conveyance or transfer of real or personal property to or by a corporation shall be invalid by reason of the fact that the corporation was without capacity or power to do such act or to make or receive such conveyance or transfer, except that lack of capacity or power may be asserted in all of the following cases:
181.0304(1) (1)Proceedings by members or directors. A proceeding by a member or director against the corporation to enjoin the doing of any act or the transfer of real or personal property by or to the corporation. If the unauthorized acts or transfer sought to be enjoined is being, or is to be, performed or made pursuant to any contract to which the corporation is a party, the court may, if all of the parties to the contract are parties to the proceeding, and if the court considers the same to be equitable, set aside and enjoin the performance of the contract. The court may allow to the corporation or to the other parties to the contract, as the case may be, compensation for the loss or damage sustained by either of them as a result of the action of the court in setting aside and enjoining the performance of the contract. Anticipated profits to be derived from the performance of the contract may not be awarded by the court as a loss or damage sustained.
181.0304(2) (2)Proceedings by the corporation. A proceeding by the corporation, whether acting directly or through a receiver, trustee or other legal representative, or through members in a representative suit, against the incumbent or former officers or directors of the corporation.
181.0304(3) (3)Proceedings by the attorney general. A proceeding by the attorney general, as provided in this chapter, to dissolve the corporation, or a proceeding by the attorney general to enjoin the corporation from performing unauthorized acts.
181.0304 History History: 1997 a. 79.
181.0320 181.0320 Private foundations.
181.0320(1)(1)Prohibited acts. A private foundation, as defined in section 509 (a) of the Internal Revenue Code, may not do any of the following:
181.0320(1)(a) (a) Engage in any act of self-dealing, as defined in section 4941 (d) of the Internal Revenue Code, which would give rise to any liability for the tax imposed by section 4941 (a) of the Internal Revenue Code.
181.0320(1)(b) (b) Retain any excess business holdings, as defined in section 4943 (c) of the Internal Revenue Code, which would give rise to any liability for the tax imposed by section 4943 (a) of the Internal Revenue Code.
181.0320(1)(c) (c) Make any investment which would jeopardize the carrying out of any of its exempt purposes, within the meaning of section 4944 of the Internal Revenue Code, so as to give rise to any liability for the tax imposed by section 4944 (a) of the Internal Revenue Code.
181.0320(1)(d) (d) Make any taxable expenditures, as defined in section 4945 (d) of the Internal Revenue Code, which would give rise to any liability for the tax imposed by section 4945 (a) of the Internal Revenue Code.
181.0320(2) (2)Required distributions. Each corporation that is a private foundation, as defined in section 509 of the Internal Revenue Code, shall distribute, for the purposes specified in its articles of organization, for each taxable year, amounts at least sufficient to avoid liability for the tax imposed by section 4942 (a) of the Internal Revenue Code.
181.0320(3) (3)Exceptions. Subsections (1) and (2) do not apply to any corporation to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the articles of organization or other instrument governing such corporation or governing the administration of charitable funds held by it and that the same may not properly be changed to conform to such subsections.
181.0320(4) (4)Powers of courts and attorney general. This section does not impair the rights and powers of the courts or the attorney general of this state with respect to any corporation.
181.0320 History History: 1997 a. 79.
181.0330 181.0330 Offer and sale of securities. A corporation or a foreign corporation may not offer or sell any of its securities in this state, unless the securities are registered under ch. 551 or unless the securities or the offer or sale of the securities is exempt from registration under ch. 551.
181.0330 History History: 1997 a. 79.
subch. IV of ch. 181 SUBCHAPTER IV
NAME
181.0401 181.0401 Corporate name.
181.0401(1)(1)General requirements.
181.0401(1)(a)(a) The corporate name of a corporation:
181.0401(1)(a)1. 1. Must contain the word “corporation", “incorporated", “company" or “limited" or the abbreviation “corp.", “inc.", “co." or “ltd." or a variation of these words or abbreviations, of like import in another language, except as provided in par. (b), or that differs only with respect to capitalization of letters or punctuation.
181.0401(1)(a)2. 2. May not contain language stating or implying that the corporation is organized for a purpose other than that permitted by s. 181.0301 and its articles of incorporation.
181.0401(1)(a)3. 3. May not contain language stating or implying that the entity is organized for a purpose subject to regulation under another statute of this state, unless its purpose is not prohibited by, and the entity is subject to all the limitations of, the other statute.
181.0401(1)(b) (b) A corporation in existence on January 1, 1999, need not change its name to comply with par. (a) 1.
181.0401(2) (2)Distinguishability.
181.0401(2)(a) (a) Except as provided in subs. (3) and (4), the corporate name of a domestic corporation must be distinguishable upon the records of the department from all of the following names:
181.0401(2)(a)1. 1. Any name of an existing person whose formation required the filing of a record by the department and which is not at the time administratively dissolved.
181.0401(2)(a)2. 2. The corporate name of a stock corporation or a foreign stock corporation authorized to transact business in this state.
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2019-20 Wisconsin Statutes updated through 2021 Wis. Act 267 and through all Supreme Court and Controlled Substances Board Orders filed before and in effect on November 2, 2022. Published and certified under s. 35.18. Changes effective after November 2, 2022, are designated by NOTES. (Published 11-2-22)