LAC 46:XXXI.503. School Licenses Issued to Legal Entities

A. School License. Any corporation, association, partnership or other legal entity applying for a license to operate a school shall provide the following to the board: 1. the name and address of each place of business maintained by the entity in the state of Louisiana; 2. a financial statement which includes a profit and loss statement, balance sheet and three-year forecast; 3. the articles of incorporation, articles of organization, partnership agreement or other organizational documentation; 4. the names, addresses and percentage interest of each partner, member or stockholder, for the purpose of this Subsection a landlord or lessor of equipment paid a percentage exceeding 20 percent shall be considered an owner or partner; and 5. the name and address of individual managing officer or partner. B. Ownership Change. A change of ownership of 35 percent or greater shall require submission of all information required by Subsection A.