Independent Business Owner definition

Independent Business Owner means an individual or organization that meets the minimum criteria to become an Independent Business Owner pursuant to the Agreement. With regard to Business Entities that are Independent Business Owners, the equity holders of such Business Entities shall be subject to the obligations contained in the Agreement, and the fact that an Independent Business Owner is a Business Entity shall not prevent Common Sense Wellness Worldwide from enforcing the Agreement against the individuals who own or control such Business Entity. An individual’s execution of a Common Sense Wellness Worldwide Independent Business Owner Agreement on behalf of a Business Entity shall demonstrate acceptance of the foregoing.

Independent Business Owner means any independent agent of the Company or its Subsidiary that acts as a salesperson or manages an operation to perform fulfillment services in connection with the Business, including fulfillment with respect to freight shipped by customers of such Independent Business Owner or on behalf of other Sales Agents.

Independent Business Owner or “IBO” means an individual who is participating in this Compensation Plan via its status as an Active Independent Business Owner, and is eligible to earn Compensation.

Examples of Independent Business Owner in a sentence

• If an Independent Business Owner has enrolled online, all required documents and registration form must be submitted to Total Life Changes within thirty (30) days of the online enrollment.

• If required documents are not received within the 30- day period, the Independent Business Owner Application and Agreement shall automatically terminate.

• Accordingly, an Independent Business Owner should consult an attorney to assist him or her in the preparation of a will or other testamentary instrument.

• Upon enrollment, TLC will provide a unique Independent Business Owner Identification Number (IBO number) to the IBO by which he/she will be identified.

• The successor(s) in interest must: 1) Execute an Independent Business Owner Application and Agreement; 2) Comply with terms and provisions of the Agreement; 3) Meet all of the qualifications for the deceased Independent Business Owner‘s status; 4) Bonus and commission checks of a Total Life Changes Independent Business Ownership transferred pursuant to this Section 4.11 will be paid in a single check jointly to the legal successor(s) in interest.

• Unless otherwise provided for in the termination notice, termination shall be effective on the date on which written notice is mailed, faxed or delivered to an express courier to the Independent Business Owner’s last known address (or fax number), or his or her attorney, or when the Independent Business Owner receives actual notice of cancellation, whichever occurs first.

• Acceptance – means the acceptance by TLC of the application to become an IBO after the completion of an Independent Business Owner Application and Agreement and submission or delivery to TLC via online submission or other delivery service.

• A corporation, limited liability company, partnership, trust, or local equivalent (collectively referred to in this section as a “Business Entity”) may apply to be a TLC Independent Business Owner by submitting a copy of the organizational documents to TLC.

• An Independent Business Owner who resigns, which resignation must be in writing, may return product or marketing materials purchased within the last six (6) months prior to resignation, or longer if required by law, that is otherwise in good condition and resalable subject to TLC’s determination.

• All IBOs are required to provide, and certify the accuracy of, their Social Security Number, Federal Employer Identification Number, (US & Territory Residents) or equivalent government issued identification number, to TLC on the Independent Business Owner Application and Agreement.

More Definitions of Independent Business Owner

Independent Business Owner means an independent contractor who has signed and completed the official TLC Independent Business Owner Application and Agreement and whose Agreement has been accepted by TLC. May also be referred to as an IBO. An IBO is required to meet certain qualifications and is responsible for the training, motivation, support and development of the IBOs in their respective marketing organization. IBOs are entitled to purchase TLC products at wholesale prices, enroll Customers and new IBOs, and participate in the Compensation Plan. Preferred Customers and Direct Retail Customers are not Independent Business Owners. Level – means the layers of downline IBOs in a particular IBO’s marketing organization. This term refers to the relationship of an IBO relative to a particular upline IBO, determined by the number of IBOs between them who are related by sponsorship. For example, if A is the sponsor of B, B is the Sponsor of C, C is the sponsor of D, and D is the sponsor of E, then E is on A’s fourth level. Marketing Organization – means the Independent Business Owners and Customers who are enrolled or sponsored below a particular Independent Business Owner or Customer. Official Total Life Changes Material – means literature, audio or digital recordings and other materials developed, printed, published and distributed by Total Life Changes to Independent Business Owners. Qualifying Sales Volume (QV) – means the commissionable value of Total Life Changes products generated by an Independent Business Owner’s marketing organization, including the Independent Business Owner’s Personal Sales Volume (PV).