(1) is the sole owner of a sole proprietorship, limited liability company, C corporation, or S corporation; and

(2) is the only individual employed by the sole proprietorship, limited liability company, C corporation, or S corporation.

(b) (1) A self-employed individual may elect to participate in the Program by filing a written notice of election with the Secretary in accordance with regulations adopted by the Secretary.

(2) An election made under paragraph (1) of this subsection becomes effective on the date the written notice is filed.

(c) (1) If a self-employed individual elects to participate in the Program under subsection (b) of this section, the individual shall participate for an initial period of not less than 3 years.

(2) Once the initial participation period expires, the self-employed individual may renew participation in the Program for a period of not less than 1 year.

(3) If the self-employed individual does not wish to renew participation in the Program under paragraph (2) of this subsection, within 30 days before the participation period expires, the self-employed individual shall notify the Secretary in writing of the self-employed individual’s withdrawal from the Program.

(d) During the period a self-employed individual participates in the Program, the self-employed individual shall pay the contribution required under § 8.3-601 of this title.