(a) If the beneficiary owns and operates more than one enterprise in the Virgin Islands, benefits granted under this subchapter shall apply only to those specified in the certificate.
(b) With respect to a corporation, partnership, including a general partnership, limited partnership, limited liability partnership, or limited liability limited partnership, the Commission shall review the ownership structure, or the proposed ownership structure, of the corporation, partnership, limited liability company, trust or similar entity and may, upon review of the applicant's business plan or amended business plan, and consistent with the basic purposes and objectives of this subchapter, limit the number of shareholders, partners, owner or beneficiary of the entity. Any new shareholder, partner, owner or beneficiary added to the entity after its application has been approved may not claim benefits under this subchapter without the prior written approval of the Commission prior to the establishment of the new shareholder, partner owner or beneficiary of the entity. The Commission may adopt additional rules governing the approval of additional entities. The Commission shall provide to the applicant a written, detailed explanation of the basis for any withholding of approval.
(c) Any entity, including without limitation, a limited liability company, that is disregarded for income tax purposes pursuant to Treasury Regulation section 301.7701-3(b)(1)(ii), as applicable in the Virgin Islands, shall be similarly disregarded for all purposes of title 29, chapter 12 of the Virgin Islands Code, so that a beneficiary can establish directly or indirectly one or more such single-owner entities, and such entity or entities shall be considered to be a part of the beneficiary.