Adm 84.02(33)(33) “Minority business procurement program” means a program which establishes goals, set-asides, or preferences in the purchase, lease or rental of goods and services from, or in the letting of contracts to, minority business enterprises. Adm 84.02(35)(35) “Non-Wisconsin business” means a business which is not incorporated under ch. 180, Stats., or which does not have its principal place of business in Wisconsin. Adm 84.02(36)(36) “On-site visit” means a visit to the site of business of an applicant or minority business enterprise. Adm 84.02(37)(37) “Outstanding shares” means the shares of a corporation which have been issued and are in the hands of shareholders. They do not include treasury shares. Adm 84.02(38)(38) “Parent company” means a company which has at least a majority direct voting control over another company. Adm 84.02(39)(39) “Partnership” means an association of 2 or more persons to carry on, as co-owners, a business for profit. Adm 84.02(40)(40) “Partnership agreement” means a written agreement signed by each partner specifying the terms and conditions of the partnership. Adm 84.02(41)(41) “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 84.02(42)(42) “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 84.02(42m)(42m) “Program” means the minority business certification program in the department. Adm 84.02(43)(43) “Secretary” means the secretary of the department. Adm 84.02(44)(44) “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 84.02(45)(45) “Shares” means the units into which the proprietary interests in a corporation are divided. Adm 84.02(46)(46) “Shareholder agreement” means any agreement among shareholders which spells out the rights or future interest in the corporation among the shareholders. Adm 84.02(47)(47) “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 84.02(48)(48) “Stock affirmation form” means a form provided by the department and affirmed by the business 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 84.02(49)(49) “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 84.02(50)(50) “Subsidiary” means a corporation in which one other corporation owns a majority of the voting shares. Adm 84.02(51)(51) “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 84.02(52)(52) “Unissued shares” means shares which the corporation is authorized to issue but which have not yet been distributed to shareholders or subscribers. Adm 84.02(54)(54) “Voting agreement” means an agreement among shareholders regarding the voting of their shares. Adm 84.02(55)(55) “Voting shares” means those shares which 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 84.02(56)(56) “Voting trust” means a written agreement among any number of shareholders to confer upon one or more persons, as trustees(s), the right to vote or otherwise represent their shares under specified terms and conditions. Adm 84.02(57)(57) “Wisconsin business” means a business which is incorporated under ch. 180, Stats., or which has its principal place of business in Wisconsin. Adm 84.02 HistoryHistory: Cr. Register, September, 1987, No. 381, eff. 10-1-87; correction in (1), (2), (10), (19), (30), (32), (53) made under s. 13.92 (4) (b) 6., 7., Stats. and renumbering of (10) to (31m) made under s. 13.92 (4) (b) 1., Stats., Register December 2011 No. 672. Adm 84.03Adm 84.03 Certification criteria. In order to be certified as a minority business enterprise, a business shall meet the following eligibility standards: Adm 84.03(1)(1) Be at least 51% owned, controlled and actively managed by one or more minority group members.