10-45-97. Professional employer organization defined.

For the purposes of § 10-45-96, the term, professional employer organization, means a firm which:

(1)    Enters into a contractual agreement with a client company to create a co-employment relationship for the provision of payroll, benefits, and other human resources functions;

(2)    Covers at least seventy-five percent of the client company's full-time or full-time equivalent employees domiciled in South Dakota; and

(3)    Maintains separate books and records of account for each client company.

Source: SL 1999, ch 57, § 2.