Wisconsin Statutes 183.1001 – Definitions
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In this subchapter:
Terms Used In Wisconsin Statutes 183.1001
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
- United States: includes the District of Columbia, the states, the commonwealth of Puerto Rico and the territories organized by congress. See Wisconsin Statutes 990.01
(1) “Acquired entity” means the entity all of one or more classes or series of interests of which are acquired in an interest exchange.
(2) “Acquiring entity” means the entity that acquires all of one or more classes or series of interests of the acquired entity in an interest exchange.
(2m) “Constituent entity” means a merging entity or a surviving entity in a merger.
(4) “Converted entity” means the converting entity as it continues in existence after a conversion.
(5) “Converting entity” means an entity that engages in a conversion.
(8) “Domesticated entity” means the domesticating entity as it continues in existence after a domestication.
(9) “Domesticating entity” means either a non-United States entity or a Wisconsin limited liability company that engages in a domestication.
(16) “Interest” means any of the following:
(a) A share in a business corporation.
(b) A membership in a nonprofit or nonstock corporation.
(c) A partnership interest in a general partnership.
(d) A partnership interest in a limited partnership.
(e) A membership interest in a limited liability company.
(f) A membership interest or stock in a general cooperative association.
(g) A membership interest in a limited cooperative association.
(h) A membership in an unincorporated association.
(i) A beneficial interest in a statutory trust, business trust, or common-law business trust.
(j) A comparable interest in any other type of unincorporated entity.
(18) “Interest holder” means any of the following:
(a) A shareholder of a business corporation.
(b) A member of a nonprofit or nonstock corporation.
(c) A general partner of a general partnership.
(d) A general partner of a limited partnership.
(e) A limited partner of a limited partnership.
(f) A member of a limited liability company.
(g) A member or stockholder of a general cooperative association.
(h) A member of a limited cooperative association.
(i) A member of an unincorporated association.
(j) A beneficiary or beneficial owner of a statutory trust, business trust, or common-law business trust.
(k) Any other direct holder of an interest.
(19) “Interest holder liability” means any of the following:
(a) Personal liability for a debt, obligation, or other liability of an entity which is imposed on a person under any of the following circumstances:
1. Solely by reason of the status of the person as an interest holder of the entity under its governing law.
2. Under the organizational documents of the entity in accordance with its governing law which make one or more specified interest holders or categories of interest holders liable in their capacity as interest holders for all or specified liabilities of the entity.
(b) An obligation of an interest holder of an entity under its organizational documents to contribute to the entity.
(21) “Merging entity” means an entity that is a party to a merger and exists immediately before the merger becomes effective.
(22m) “Non-United States entity” means an entity whose governing law is the law of any jurisdiction other than the United States or any state, but does not include an entity that has domesticated under the law of any other state.
(23m) “Organizational documents” means, with respect to an entity, whether in a record or, to the extent permitted under the entity’s governing law, other than in a record, the following or its equivalent under the entity’s governing law:
(a) For a domestic or foreign corporation, whether or not for profit, its articles of incorporation and bylaws.
(b) For a domestic or foreign partnership, its partnership agreement and, in the case of a domestic or foreign limited liability partnership, its statement of qualification as a limited liability partnership or foreign limited liability partnership.
(c) For a domestic or foreign limited partnership, its certificate of limited partnership and partnership agreement.
(d) For a domestic or foreign limited liability company, its certificate or articles of organization and operating agreement.
(e) For a business trust, its agreement of trust and declaration of trust.
(f) For any other entity, the basic records, agreements, or other items that create the entity and control its internal governance and the relations among its interest holders.
(24) “Plan” means a plan of merger under s. 183.1022, a plan of interest exchange under s. 183.1032, a plan of conversion under s. 183.1042, or a plan of domestication under s. 183.1052.
(37) “Surviving entity” means the entity that continues in existence after or is created by a merger.
(38) “Type of entity” means a generic form of entity that is any of the following:
(a) Recognized at common law.
(b) Recognized under a governing law.