1. A. Unless otherwise defined in the Act or this Chapter, the terms used in this Article have the meaning understood under generally accepted accounting principles and practices.

2. B. In this Article:

   1. 1. “ICPA” means Independent Certified Public Account.
   2. 2. “Parent corporation” means a corporation that directly owns at least 50 percent of the voting stock in another corporation. The other corporation is called a subsidiary of the parent corporation.
   3. 3. “Substantial business relationship” means the extent of a business relationship necessary under applicable state law to make a guarantee contract, issued incident to that relationship, valid and enforceable. A substantial business relationship arises from a pattern of recent or ongoing business transactions so a currently existing business relationship between a guarantor and the owner or operator is shown to the satisfaction of the Inspector.
   4. 4. “Tangible net worth” means a responsible party’s total assets minus the value of all liabilities and intangible assets.
   5. 5. “Intangible assets” means non-physical resources and rights, such as goodwill, patents, intellectual property, and copyrights, which have value to the responsible party because they provide a marketing advantage.

Historical Note

New Section made by final rulemaking at 25 A.A.R. 828, effective May 11, 2019 (Supp. 19-1).