Section Adm 82.24 - Determination of ownership(1) An applicant shall meet all of the following eligibility standards: (a)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.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.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.(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.(2) Contributions of personal or professional services alone are not real and substantial for the purposes of this section, except these contributions shall receive consideration when given in conjunction with other tangible forms of investment. Other insufficient contributions include promises to contribute capital or expertise in the future, a note payable to the business or to its owners who are not disabled veterans, or the mere participation as an employee.(3) Disabled veterans shall hold at least 51 percent of the securities that constitute ownership of a business.(4) Securities or assets of a business that are held in trust are not considered as held by a disabled veteran in determining the ownership of a business, except under the following circumstances: (a) The beneficial owner of the securities or assets held in trust is a disabled veteran, and the trustee is a disabled veteran.(b) A disabled veteran is the sole grantor of assets held in a revocable living trust, and a disabled veteran is the beneficiary and trustee.(5) The department may not consider securities that are held by any guardian for a minor, in determining ownership and control.(6) An ownership interest arising in a spouse who is not a disabled veteran, solely because of the operation of marital property laws, may not disqualify an applicant from certification if both spouses certify that the disabled veteran or his or her duly authorized representative performs the majority of the control and management of the business.Wis. Admin. Code Department of Administration Adm 82.24
EmR1041: emerg. cr., eff. 11-14-10; CR 11-004: cr. Register September 2011 No. 669, eff. 10-1-11.