Incorporation. Each applicant and licensee shall be incorporated and maintain their corporate status. The applicant shall submit to the licensing agency: A certified copy of the articles of incorporation and by-laws, before licensure and upon request of the licensing agency; and At least 45 days before the proposed implementation date, any changes in the: Corporate name; Articles of incorporation; or By-laws. Before it submits an application for licensure to the licensing agency, an out-of-State applicant shall register and qualify with the Department of Assessments and Taxation to do business in Maryland. Financial Operation. The applicant shall: Upon initial application, provide written documentation that the organization: Is solvent; and Has access to the financial resources to operate for at least 6 months; Base the financial operation of the program on an annual budget that reflects anticipated expenditures and sources of income; Have a sound plan of financing to provide sufficient funds to operate the program; Maintain insurance in the following categories: Fire; Casualty; Professional liability; General liability; and Directors' and officers' liability; Comply with the legal requirements for unemployment compensation and workers' compensation; Submit to the licensing agency an annual audit by an independent certified public accountant who is not: An employee or officer of the corporation; A member of the board of directors; or Related to an employee, officer, or director; Provide the licensing agency access to financial records or financial statements, upon request; Notify the licensing agency of any filing of bankruptcy, and keep the licensing agency informed of any legal actions resulting from the bankruptcy filing; and Notify the licensing agency of any legal action related to the licensee's residential child care programs that is filed against the licensee, and the outcome of the legal action.