Which of the following is NOT a qualification for a control person?

A control person typically refers to an individual or entity that has significant influence or control over an organization, usually established by specific ownership thresholds or positions within the company. In this context, the correct answer indicates that being a managing member of a sole proprietorship does not qualify someone as a control person, because a sole proprietorship operates as a single individual managing their personal business and does not have the formal structures or voting securities found in corporations or partnerships.

The other options illustrate recognized qualifications for a control person. Owning 10% or more of voting securities signifies a significant level of control in a corporate context. Similarly, contributing 10% or more capital in a partnership denotes a significant financial stake, thereby granting influence over partnership decisions. An executive officer is inherently part of the company's decision-making structure and has authority that defines control within the organization.

In summary, the key distinction is that a sole proprietorship operates differently than corporate structures, and thus, merely being a managing member does not align with the qualifications that define a control person under typical regulatory frameworks.