NC S268

Adds definitions for "tangible net worth" (total tangible assets minus total liabilities, excluding goodwill, patents, copyrights, intellectual property, and trademarks) and "working capital" (current assets minus current liabilities) to the Professional Employer Organization Act

Changes financial statement filing deadline from 90 days to 120 days before application date and requires applicants to demonstrate a minimum $50,000 tangible net worth plus positive working capital

Allows the Commissioner to accept audited financial statements from a parent company if the parent guarantees all obligations related to the applicant's client companies, including payroll, taxes, workers' compensation, and employee benefits

Establishes specific grounds for license denial, including felony convictions, fraud findings, failure to meet financial requirements, or having controlling persons previously involved with PEOs that had licenses suspended or revoked

Adds a requirement that de minimis registrants not be domiciled in North Carolina and clarifies that advertising through publications, trade journals, or internet is permitted if not expressly directed toward NC employers