Shareholder sale option at death.
Shareholder option to dissolve corporation.
Power of court to grant relief.
Greater quorum or voting requirements.
Officers; execution of documents.
Formation of service corporation.
Business corporation law applicable.
Filing articles of incorporation.
Participants; conflict of interest.
Alternative incorporation by one or 2 persons.
Professional relationships and liability.
Continuity; dissolution; stock transfer or redemption.
This chapter may be cited as the “Wisconsin business corporation law".
History: 1989 a. 303
Wisconsin's Business Corporation Law. Williams & Berry. Wis. Law. June 1990.
Chapter 180 Trailer Bill. DeGuire, Ware, & Williams. Wis. Law. July 1991.
LLC and Corporation Law Revisions. Boucher & Sosnowski. Wis. Law. Oct. 1996.
In this chapter, except as otherwise provided:
“Affiliate" means a person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, another person.
“Articles of incorporation" includes amended and restated articles of incorporation.
“Authorized shares" means the shares of all classes that a domestic corporation or foreign corporation is authorized to issue.
“Business" includes every trade, occupation, and profession.
“Conspicuous" means written so that a reasonable person against whom the writing is to operate should have noticed it, including printing in italics or boldface or contrasting color, or typing in capitals or with underlining.
“Corporation" or “domestic corporation," except as used in sub. (9)
, means a corporation for profit that is not a foreign corporation and that is incorporated under or becomes subject to this chapter. “Corporation" or “domestic corporation" includes, to the extent provided under s. 180.1703
, a corporation with capital stock but not organized for profit.
“Deliver" or “delivery" means any method of delivery used in conventional commercial practice, including delivery by hand, mail, commercial delivery and electronic transmission.
“Department", except in subs. (8)
, means the department of financial institutions.
“Distribution" means a direct or indirect transfer by a corporation of money or other property, other than its shares, or an incurrence of indebtedness by a corporation, to or for the benefit of its shareholders in respect to any of its shares, including but not limited to any of the following:
A purchase, redemption or other acquisition of shares.
“Domestic" means, with respect to an entity, an entity whose governing law is the law of this state.
“Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
“Electronic signature" means an electronic sound, symbol, or process, attached to or logically associated with a writing and executed or adopted by a person with intent to authenticate the writing.
“Electronic transmission" or “electronically transmitted" means Internet transmission, telephonic transmission, electronic mail transmission, transmission of a telegram, cablegram, or datagram, or any other form or process of communication that does not directly involve the physical transfer of paper and that is suitable for the retention, retrieval, and reproduction of information by the recipient.
“Entity" means a person other than an individual and includes a domestic corporation; a foreign corporation; a limited liability company; a nonprofit or nonstock corporation; a limited partnership; a partnership; a general cooperative association; a limited cooperative association; a profit or nonprofit unincorporated association; a statutory trust; a business trust; a business trust or common-law business trust; an estate; a trust; an association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality; or any other legal or commercial entity.
“Foreign" means, with respect to an entity, an entity whose governing law is other than the law of this state.
“Foreign corporation" means a corporation for profit incorporated under a law other than the law of this state and whose governing law is other than the law of this state, except a railroad corporation, an association created solely for religious or charitable purposes, an insurer or motor club, a savings and loan association, a savings bank or a common law trust.
“General cooperative association" means, with respect to a Wisconsin cooperative, a cooperative organized under ch. 185
“Governing law" means, with respect to an entity, the law of the jurisdiction that collectively governs its internal affairs and the liability of the persons associated with the entity for a debt, obligation, or other liability of the entity under s. 180.0105
or the corresponding applicable law with respect to entities other than domestic corporations.
“Governmental subdivision" includes a county, city, village, town and special purpose district.
“Individual" includes the estate of an individual adjudicated incompetent or a deceased natural person.
“Investment company" means a corporation that is registered, or is organized for the purpose of registering, as a management investment company under 15 USC 80a-1
, if the corporation's articles of incorporation state that the corporation is registered or is organized for the purposes of registering as a management investment company under 15 USC 80a-1
“Jurisdiction," used to refer to a political entity, means the United States, a state, a foreign country, or a political subdivision of a foreign country.
“Limited cooperative association" means, with respect to a Wisconsin cooperative, a cooperative organized under ch. 193
“Person" means an individual, business corporation, nonprofit or nonstock corporation, partnership, limited partnership, limited liability company, general cooperative association, limited cooperative association, unincorporated association, statutory trust, business trust, common-law business trust, estate, trust, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.
“Principal office" means the office, whether in or outside this state, of a domestic corporation or foreign corporation in which are located its principal executive offices and, if the domestic corporation or foreign corporation has filed an annual report under s. 180.1622
, that is designated as the principal office in its most recent annual report.
“Property" means all property, whether real, personal, or mixed or tangible or intangible, or any right or interest therein.
“Qualified new business venture" means a foreign corporation that is certified under s. 238.15 (1)
“Record," used as a noun, means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
“Registered agent" means an agent of a corporation or foreign corporation that is authorized to receive service of any process, notice, or demand required or permitted by law to be served on the corporation or foreign corporation.
“Shareholder" means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation.
“Shares" means the units into which the proprietary interests in a corporation are divided.
“Signed" or “signature" includes the execution or adoption of a manual, facsimile, conformed, or electronic signature, or any symbol, with intent to authenticate a writing.
“State" means a state of the United States, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.
“Subscriber" means a person who subscribes for shares in a corporation, whether before or after incorporation.
“Treasury shares" means shares of a corporation that have been issued, that have been subsequently acquired by and belong to the corporation and that have not been canceled or restored to the status of authorized but unissued shares.
“United States" includes an authority, bureau, commission, department and any other agency of the United States.
“Voting group" means any of the following:
All shares of one or more classes or series that under the articles of incorporation or this chapter are entitled to vote and be counted together collectively on a matter at a meeting of shareholders.
All shares that under the articles of incorporation or this chapter are entitled to vote generally on a matter.
The law of this state governs all of the internal affairs of a corporation.
The fact that one or more shareholders of a corporation are, or are not, subject to tax on the income of the corporation shall have no effect on the application of the law of this state under sub. (1)
other than as a fact to be taken into account in the application of such law.
History: 2021 a. 258
Except as otherwise provided in this chapter, permissible means of delivery of a record include delivery by hand, mail, conventional commercial practice, and electronic transmission.
Delivery to the department is effective only when a record is received by the department.