A William Blair IAR works exclusively from a coffee shop in State P, conducting all advisory activities electronically. The Administrator in State P discovers the arrangement. Which is the Administrator MOST LIKELY to conclude?

1. AThe coffee shop is not a place of business, so registration is not required.
2. BSince business is conducted electronically, registration is not required.
3. CThe coffee shop is a place of business, making registration in State P mandatory.✓ Correct answer
4. DRegistration is only required if the IAR meets clients in person at the coffee shop.

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