Eligibility Requirements

1. Eligibility:  The conditions of membership eligibility in the Organization shall be:

a. Status:  Each member must hold one of the following positions in a Qualifying Business:

 

• The Founder or Co-founder; or
• The Owner; or
• The Controlling Shareholder

 

b. Age:  Members shall have joined prior to their 50th birthday.

 

c. Qualifying Business:  Except for venture-backed companies (definition below), the applicant’s qualifying business shall have an annual gross turnover of sales, or annual commission billing equal to or above such minimum levels as may be set from time to time by the Board of Directors (US $1,000,000 as of July 1, 2006).  The Qualifying Business shall be a “for profit” Organization. 

• Venture backed company:  For a venture backed company to fall within the definition of Qualifying Business, the company shall have privately raised funds of at least US $2,000,000 or publicly raised funds of at least US $5,000,000, and a minimum of 10 full-time employees.  Members with venture backed companies are exempt from meeting the other Qualifying Business criteria in subsection 1.c., above, for a period of three (3) years.  However, by the end of the third year of membership, the venture backed company’s gross turnover of sales or annual commission billing shall meet the Qualifying Business criterion.

• Currency conversion:  When an International member first joins EO, the applicant’s business must have the equivalent of US$1,000,000 in annual gross turnover of sales or annual billing commissions (venture backed companies would need original amounts as outlined herein).  The exchange rate between the U.S. dollar and the domestic currency of a potential member’s country other than the U.S. shall be recorded in effect on the date of acceptance of the applicant to membership, and such exchange rate shall at all subsequent times be used to determine whether the member has maintained quantitative membership requirements.  Prospective members of EO residing in countries which have had substantial devaluation of their national currency during the year preceding the date of the prospective member’s application may, for purposes of meeting quantitative requirements for membership, use the currency on a date up to five years prior to the date of the application for membership.  Substantial devaluation is interpreted to mean a devaluation of 25% or more of the value of the currency with respect to the U.S. dollar.

 

d. Compliance With Dues and Fees Policy:  All members shall comply with the Dues and Fees Policy set by the Organization to become or remain as Members in Good Standing.  Only Members in Good Standing may be eligible for membership in the Organization.