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Question 130: Two people own a mortgage company. The same two people own more than 50%, but less than 80%, of a title company. The title company performs most its work for the mortgage company. Another entity owns the balance of the title company and provides a 401(k) for itself and the title company. Our client is the mortgage company. Is this an affiliated service group? I've read that banks and other financial institutions are not considered to be A-Orgs, but I don't know if this applies to mortgage companies. |
Answer: This question, like many traditional ASG questions, turns on the definition of a service organization. If a business is not a service organization, it cannot be a "first service organization" or an "A-Org." |
Answers are provided as general guidance on the subjects covered in the question and are not provided as legal advice to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the law to the particular facts of this and similar situations.
The law in this area changes frequently. Answers are believed to be correct as of the posting dates shown. The completeness or accuracy of a particular answer may be affected by changes in the law (statutes, regulations, rulings, court decisions, etc.) that occur after the date on which a particular Q&A is posted.
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