Control
(1) Control means the power, directly or indirectly, to direct the management or policies of a person, whether through ownership of securities, by contract, or otherwise. (i) A person is presumed to control a corporation if the person: (A) Directly or indirectly has the right to vote 25 percent or more of a class of the corporation's voting securities; or (B) Has the power to sell or direct the sale of 25 percent or more of a class of the corporation's voting securities. (ii) A person is presumed to control a partnership if the person has the right to receive upon dissolution, or has contributed, 25 percent or more of the capital of the partnership. (iii) A person is presumed to control a limited liability company (LLC) if the person: (A) Directly or indirectly has the right to vote 25 percent or more of a class of the interests of the LLC; (B) Has the right to receive upon dissolution, or has contributed, 25 percent or more of the capital of the LLC; or (C) Is an elected manager of the LLC. (iv) A person is presumed to control a trust if the person is a trustee or managing agent of the trust. (2) Total assets means the total assets as shown on the balance sheet of the investment adviser or other person described above under paragraph (a)(3) of this section, or the balance sheet of the investment adviser or such other person with its subsidiaries consolidated, whichever is larger.