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.

Adm 82.12(55) (55) “Voting shares” means those shares that 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 82.12(56) (56) “Wholesaler” means a middle person or distributor who sells mainly to retailers, other merchants, and industrial commercial institutional users, as distinguished from consumers.

Adm 82.12 History History: EmR1041: emerg. cr., eff. 11-14-10; CR 11-004: cr. Register September 2011 No. 669, eff. 10-1-11; corrections in (1), (15) made under s. 13.92 (4) (b) 6., Stats., corrections in (4), (8), (16), (22), (26) made under s. 13.92 (4) (b) 7., Stats., Register September 2011 No. 669; correction in (1) made under s. 13.92 (4) (b) 6., Stats., Register December 2011 No. 672; correction in (38) made under s. 13.92 (4) (b) 7., Stats., Register March 2017 No. 735; correction in (31) made under s. 13.92 (4) (b) 7., Stats., Register June 2023 No. 810.

Adm 82.20 Adm 82.20 Certification criteria. In order to become certified as a DVB — a business, financial adviser, or investment firm shall meet all of the following eligibility standards:

Adm 82.20(1) (1) The business, financial adviser, or investment firm satisfies all of the criteria in the DVB definition in s. Adm 82.12 (17).

Adm 82.20(2) (2) If the business, financial adviser, or investment firm is a sole proprietorship, a disabled veteran owns 100 percent of the company assets.

Adm 82.20(3) (3) 

Adm 82.20(3)(a) (a) If the business, financial adviser, or investment firm is a partnership, each partner shall act as a principal in his or her own behalf and as agent of his or her co-partners, and general rules of law applicable to agents shall apply with equal force in determining rights and liabilities of partners. One or more disabled veterans shall own at least 51 percent of the partnership interests.

Adm 82.20(3)(b) (b) If the business, financial adviser, or investment firm is a limited partnership, one or more disabled veteran general partners shall own at least 51 percent of the general partnership interest and exert at least 51 percent of the control of the partnership. The disabled veteran general and limited partners shall receive at least 51 percent of the partnership’s profits and benefits, including tax credits, deductions and postponements.

Adm 82.20 Note Note: See section Adm 82.12 for definitions of general partner, limited partner, limited partnership, and partnership.

Adm 82.20(4) (4) If the business, financial adviser, or investment firm is a limited liability company, one or more disabled veterans own at least 51 percent of membership interests in the LLC organization, and exert at least 51 percent of the management and control among the members. The disabled veteran owners also participate in all risks and profits of the organization at a rate commensurate with their membership interests.

Adm 82.20(5) (5) If the business, financial adviser, or investment firm has a corporate form of organization, one or more disabled veterans own at least 51 percent of all voting stock of the corporation. Any voting agreements among the shareholders do not dilute the beneficial ownership, the rights, or the influence of the disabled veteran owners of the stock or classes of stock of the corporation. The disabled veteran owners possess the right to all customary incidents of ownership, such as the ability to transfer stock, title possession, and enter binding agreements.

Adm 82.20 Note Note: Nonprofit corporations do not meet the for-profit condition in section Adm 82.12 (17) (intro.) and therefore are not eligible for certification.

Adm 82.20(6) (6) If the business, financial adviser, or investment firm is a joint venture, one or more disabled veteran-owned entities hold at least 51 percent of the beneficial ownership interest in the joint venture, and exert at least 51 percent of the control and management of the joint venture. The disabled veteran-owned entity partners of the joint venture are certified or are eligible for certification as a DVB.

Adm 82.20(7) (7) If the business, financial adviser, or investment firm is a subsidiary or affiliate, one or more disabled veterans own at least 51 percent of the parent company.