La. Admin. Code tit. 46 § XXXI-503

Current through Register Vol. 50, No. 11, November 20, 2024

Section 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.

La. Admin. Code tit. 46, § XXXI-503

Promulgated by the Office of the Governor, Division of Administration, Board of Cosmetology, LR 29:329 (March 2003), Amended by the Office of the Governor, Board of Cosmetology, LR 44910 (5/1/2018).

AUTHORITY NOTE: Promulgated in accordance with R.S. 37:575(A)(2).