(a) (1) Except as provided in subsection (c) of this section, a license for the use of a corporation, an unincorporated entity, or a limited liability company shall be applied for by and issued to, as individuals: (i) three officers holding a financial interest in the corporation; or (ii) three authorized persons holding a financial interest in the limited liability company. (2) One of the three individual applicants who apply for a license shall be a resident of the county. (3) The license shall be in effect so long as the resident applicant remains a resident of the county. (4) For a license issued after July 1, 1984, the resident applicant: (i) 1. for a Class A beer and wine license or a Class A-1 or Class A-2 beer, wine, and liquor license, shall own at least 25% of the total corporation, unincorporated entity, or limited liability company; 2. for any type of license other than one specified in item 1 or 3 of this item, shall own at least 10% of the total corporation, unincorporated entity, or limited liability company; or 3. for a Class C-1, Class C-2, or Class C-3 license, may own any amount or no amount of the total corporation, unincorporated entity, or limited liability company; (ii) shall serve as manager or supervisor; and (iii) shall be physically present on the premises for a substantial amount of time on a daily basis. (5) An application for a license shall: (i) state the name and address of: 1. the corporation or unincorporated entity and each officer who holds a financial interest in the corporation or unincorporated entity; or 2. the limited liability company and each authorized person who holds a financial interest in the limited liability company; and (ii) be signed by: 1. the president or vice president of a corporation or an unincorporated entity and the three officers to whom the license is issued; or 2. the three authorized persons of a limited liability company to whom the license is issued. (6) If there are fewer than three officers or directors of a corporation or an unincorporated entity or fewer than three authorized persons of a limited liability company, each officer, director, or authorized person holding a financial interest in the corporation, unincorporated entity, or limited liability company shall apply for the license. (7) If a close corporation does not have officers or directors, one or more resident stockholders who own more than 50% of the stock together may apply for the license. (b) (1) In this section, "owner": (i) means a person who has a real, provable financial interest in the business; and (ii) includes a stockholder or managerial employee of the actual owner. (2) Stock ownership requirements established under subsection (a) of this section do not apply to an applicant for a Class B hotel or restaurant beer, wine, and liquor license or a Class BNR beer, wine, and liquor license in which: (i) a majority of the stock is owned or controlled either directly or indirectly by one or more corporations and is authorized for sale by the United States Securities and Exchange Commission; (ii) at least one license holder is a resident applicant of the business conducted on the licensed premises who is responsible for the day-to-day operation of the business; and (iii) each license holder is a named officer of the corporation. (3) The residency requirements established under subsection (a) of this section remain in effect for a Class B hotel or restaurant beer, wine, and liquor license or a Class BNR beer, wine, and liquor license for as long as the license is in effect. (c) (1) A Class ALP (assisted living program) beer, wine, and liquor license shall be applied for by and issued to the manager of the assisted living program. (2) The pecuniary interest requirements established under subsection (a) of this section, including stock ownership and limited liability company membership interests, do not apply to an applicant for a Class ALP (assisted living program) beer, wine, and liquor license.
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