(a) In the case of a company, firm or partnership, such application must be accompanied by evidence that the qualifier is a principal in the company to be licensed. Such individual must meet all applicable licensing requirements.

(b) In the case of a corporation the qualifier may be an officer or employee of the corporation. In addition to meeting all applicable licensing requirements, such individual must direct and control the operation of the corporation. Such direction and control must be real and substantial and take place on a day to day basis.