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79 <br /> (4) Notice of the construction project is given in any open meeting of the city <br /> prior to the commencement of the construction project. <br /> U For purposes of this section, "construction" shall mean the building, erection, or <br /> establishment of new buildings, facilities, and infrastructure and shall not include routine <br /> maintenance and repair." <br /> PART II. BUSINESS REGULATION <br /> EXEMPT SMALL BUSINESS ENTITIES BUYING OR SELLING ENTITY-OWNED <br /> PROPERTY <br /> SECTION 2.1. G.S. 93A-2(c)(1)reads as rewritten: <br /> "(c) The provisions of G.S. 93A-1 and G.S. 93A-2 do not apply to and do not include: <br /> (1) Any partnership, corporation, limited liability company, association, or other <br /> business entity that, as owner or lessor, shall perform any of the acts <br /> aforesaid with reference to property owned or leased by them, where the acts <br /> are performed in the regular course of or as incident to the management of <br /> that property and the investment therein. The exemption from licensure <br /> under this subsection shall extend to the following persons when those <br /> persons are engaged in acts or services for which the corporation, <br /> partnership, limited liability company, or other business entity would be <br /> exempt hereunder: <br /> a. The officers and employees whose income is reported on IRS Form <br /> W-2 of an exempt 14+ecorporation. <br /> b. The general partners and employees whose income is reported on <br /> IRS Form W-2 of an exempt pa4aet:ship, and toe ,,,.,a germs <br /> partnership. <br /> C* The managers, member-managers, and employees whose income is <br /> reported on IRS Form W-2 of an exempt limited liability eempany <br /> �, ,mss-� s€n,ie eh*� <br /> ��en re�sens--��e�gag <br /> Ee tien � e:sliip, et: limited liability se v�,ettld b-e <br /> exemptmhev i, dem.company_ <br /> d. The natural person owners of an exempt closely held business entity_ <br /> For purposes of this subdivision, a closely held business entity is a <br /> limited liability company or a corporation, neither having more than <br /> two legal owners, at least one of whom is a natural person. <br /> e. The officers, managers, member-managers, and employees whose <br /> income is reported on IRS Form W-2 of a closely held business <br /> entity when acting as an agent for an exempt business entity if the <br /> closely held business entity is owned by a natural person either (i) <br /> owning fifty percent (50%) or more ownership interest in the closely <br /> held business entity and the exempt business entity or (ii) owning <br /> fifty percent (50%) or more of a closely held business entity that <br /> owns a fifty percent (50%) or more ownership interest in the exempt <br /> business entity. The closely held business entity acting as an agent <br /> under this sub-subdivision must file an annual written notice with the <br /> Secretary of State, including its legal name and physical address. The <br /> exemption authorized by this sub-subdivision is only effective if, <br /> immediately following the completion of the transaction for which <br /> the exemption is claimed, the closely held business entity has a net <br /> worth that equals or exceeds the value of the transaction. <br /> When a person conducts a real estate transaction pursuant to an <br /> exemption under this subdivision, the person shall disclose, in writing, to all <br /> parties to the transaction (i) that the person is not licensed as a real estate <br /> broker or salesperson under Article 1 of this Chapter, (ii) the specific <br /> exemption under this subdivision that aplies, and (iii) the legal name and <br /> physical address of the owner of the subject property and of the closely held <br /> business entity acting under sub-subdivision e. of this subdivision, if <br /> applicable. This disclosure may be included on the face of a lease or contract <br /> executed in compliance with an exemption under this subdivision." <br /> House Bill 765-Ratified Session Law 2015-286 Page 5 <br />