What is the financial statement/net worth requirement for an applicant for a license under the act?
All of the following:
- Section 12 of the DPSTA requires the applicant (not its officers, directors, shareholders) demonstrate a minimum net worth of $50,000 per location.
- The maximum net worth for any entity regardless of the number of locations is $250,000.
- The financial statement is required to be completed in accordance with Generally Accepted Accounting Principles (GAAP).