35 Miss. Code. R. 4-01-08-104

Exercising responsibility for fiscal management includes, but is not limited to, any one of the following activities:

1. A significant involvement in the day-to-day management of the business;

2. the authority to sign business checks or tax returns;

3. the authority to direct payment of business funds to creditors;

4. the authority to pledge business assets as collateral for loans, advances, or lines of credit for the business;

5. the authority to bind the business to contracts;

6. the authority to hire or fire employees who are authorized to perform any act described in three (3) through five (5) of this paragraph;

7. acting as a high ranking officer of the corporation or LLC including, but not limited to, President, Vice-President, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chairman, Vice-Chairman, Director, Controller, Secretary and/or Treasurer;

8. ownership of more than fifty percent (50%) interest in the corporation or LLC unless an operating agreement exists at the time the tax liability is accrued specifying that the taxpayer is not responsible for fiscal management; or

9. participating in decisions regarding the purchase or sale of the business or the authority to participate in decisions regarding the purchase or sale of the business.

Notes

35 Miss. Code. R. 4-01-08-104

Adopted 11/11/2017