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| | January 2, 2001 New Jersey Division of Consumer Affairs State Board of Examiners of Master Plumbers Rule Adoption |
 | | "10 percent ownership" means that the bona fide representative is entitled to 10 percent of any net profits from a business, owns a 10 percent equity interest in a plumbing contractor, and is entitled to 10 percent of the net proceeds from the sale of a business in the event of sale of the business. |
 | | If the plumbing contractor is a corporation, the bona fide representative owns stock equaling a 10 percent equity interest, and, if there are more than one class of stock, the stock owned by the bona fide representative is the highest level stock with full voting rights. |
 | | If the person performing the work is a journeyman, the bona fide representative, a New Jersey licensee employed by the bona fide representative or the supervisory journeyman shall maintain daily contact with the journeyman either directly, by telephone or through writing and, where the work requires a plumbing permit, shall inspect the work upon completion. |
| www.state.nj.us /oag/ca/adoption/plumber2.htm (1822 words) |
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