Section 220-RICR-80-10-1.6 - Ownership RequirementsA. An applicant must satisfy either of §§ 1.6(A)(1) and (2) or (3) of this Part, as well as §§ 1.6(A)(4) through (6) of this Part below in order to be considered 51 percent owned by members of a definable minority group: 1. In a corporate form of organization, the Minority, Disadvantaged or Women shareholders of the corporation must own at least 51 percent of each and every class of stock, including 51 percent of all voting stock in the corporation; or2. In a partnership form of organization, the Minority, Disadvantaged or Women partners must own at least 51 percent of the partnership; or3. In any other form of organization, the Minority, Disadvantaged, or Women owners must own at least 51 percent of the business interest of the organization including but not limited to 51 percent of the ownership of assets, dividends, and intangible assets such as copyrights and patents; and4. The Minority, Disadvantaged or Women owners must demonstrate that they are entitled to receive profits from the business firm and that they are entitled to share in any other benefit which accrues to all owners of the business firm; and5. The Minority, Disadvantaged or Women owners must substantially share in all the risks assumed by the business firm, and6. The business firm cannot at any time enter into any agreement, option, scheme, or create any rights of conversion, which if exercised, would result in less than 51 percent minority, disadvantaged or women ownership of the business firm.220 R.I. Code R. 220-RICR-80-10-1.6