Utah Code 31A-40-306. Professional employer organization group
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(1) Subject to Subsection (2), a professional employer organization that is a member of a professional employer organization group may comply with Section 31A-40-205 or Sections 31A-40-302 through 31A-40-305 on a combined or consolidated basis if each member of the professional employer organization group guarantees the obligations under this chapter of each other member of the professional employer organization group.
Terms Used In Utah Code 31A-40-306
- Guarantee: means to assume an obligation of another person if that person fails to meet the obligation. See Utah Code 31A-40-102
- Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
- Person: includes :(146)(a) an individual;(146)(b) a partnership;(146)(c) a corporation;(146)(d) an incorporated or unincorporated association;(146)(e) a joint stock company;(146)(f) a trust;(146)(g) a limited liability company;(146)(h) a reciprocal;(146)(i) a syndicate; or(146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
- professional employer organization: means a person engaged in the business of providing a professional employer service. See Utah Code 31A-40-102
- Professional employer organization group: means two or more professional employer organizations that are majority owned or commonly controlled or directed by the same one or more persons. See Utah Code 31A-40-102
(2) The controlling entity of a professional employer organization group shall guarantee the obligations of a professional employer organization under this chapter if the professional employer organization group files a combined or consolidated audited financial statement that includes a person that is not:(2)(a) a professional employer organization; or(2)(b) a member of the professional employer organization group.