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This may be obtuse, but I am wondering about the definition of principal owner under 1071. What 1071 states is a principal owner is A person who directly owns 25 percent or more of the equity interests of a business. At first glance I think of Beneficial Ownership, but I am now tripping myself up over the word directly. For example: Under Beneficial Ownership – If Company A is owned equally between Companies B & C and they are entities. Each Entity is owned 100% by separate individuals. The Beneficial owners would be the owner of Company B and Company C. Each owning 50%. Does this fall under the definition of direct? or is this indirect?
Thank you in advance for your replies.
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