What is meant by substantial control?
60 views |Last modified 7/19/2024 3:45:08 AM EST | Added by TaxBandits Team
A reporting company should identify all individuals who have substantial control over a reporting company.
An individual exercises substantial control if they fit any of these categories:
- The senior officer: The person serves in the key positions of President, Chief Executive officer, Chief Financial Officer, General Counsel, and Chief Operating officer.
- Authority to appoint or remove: The person with the authority to appoint or remove any officers or board members.
- Decision Maker: The person is responsible for making important decisions about the finance, business structure, and operations.
- Other significant Control: The individual exerts significant control over a reporting company in various ways, which is still substantial.
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