WI Bar Practice Questions - Wisconsin Bar Examination Exam

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Under Wisconsin Statute Section 181.0202, a Wisconsin nonstock (nonprofit) corporation under Chapter 181 differs from a Chapter 180 business corporation primarily in that:

It cannot have officers It does not have shareholders or capital stock; instead, it may have members or simply directors, and its assets must be devoted to the corporation's purposes rather than distributed as profits It is exempt from all Wisconsin taxes automatically It can only exist for 5 years

Correct Answer:

It does not have shareholders or capital stock; instead, it may have members or simply directors, and its assets must be devoted to the corporation's purposes rather than distributed as profits

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