Corporate Officer Option {WKC-7602}

WKC-7602-E - CORPORATE OFFICER OPTION. This form, is used by closely held corporations in Wisconsin to elect exemption from the requirements of the Wisconsin Worker’s Compensation Act under §102.076. Specifically, a corporation with no more than two corporate officers and no other employees may file this form to declare that both officers have elected not to be subject to the Act. By submitting this completed notice to the Department of Workforce Development, Worker’s Compensation Division, the corporation avoids the obligation to maintain a worker’s compensation insurance policy—unless or until it hires additional employees or officers, or voluntarily rescinds the election. This exemption only applies if the corporation meets the criteria of having ten or fewer shareholders and no more than two officers. The form also explains the penalties for noncompliance if the corporation fails to obtain coverage when legally required, including fines based on unpaid premiums or daily penalties for uninsured periods. www.FormsWorkflow.com