61G4-15.0021. Business Organizations

61G4-15.0021 Business Organizations. (1) For purposes of this rule practice as an individual is considered practice as a business organization. After the licensee qualifies one business organization, any request to qualify another business organization is subject to approval by the Board. (2) If the business organization has a financially responsible officer, the financially responsible officer shall comply with the requirement of subsection 61G4-15.006(1), F.A.C., and shall provide to the Department a bond or irrevocable letter of credit, in the amount of $100,000 payable to the Board for fines and costs. (3)(a) The applicant seeking to qualify an additional business organization must appear before the Board unless the applicant qualifies for approval pursuant to s. 489.119, F.S., and: 1. The applicant owns 20% or greater of the proposed business organization; or 2. The applicant demonstrates that the applicant has been hired as a W-2 employee of the proposed business. (b) Any applicant applying to qualify an additional business organization that will result in the applicant qualifying three or more business organizations must appear before the Board, unless: 1. The applicant is applying to qualify their third business; and 2. The applicant demonstrates owning 20% or more of all three businesses to be qualified by submitting stock certificates or operating agreements for each business. (4) Qualification of a business organization is only effective as to that business organization; subsidiaries or parents of qualified business organizations must be separately qualified.