Any person who owns or controls an MSB is responsible for registering the business. If more than one person owns or controls the MSB, the owning or controlling persons may enter into an agreement designating one of them to register the business. The failure of the designated person to register the MSB, however, does not relieve any of the other persons who own or control the business of the liability for the failure to register the MSB.

31 CFR 1022.380(c) (formerly 103.41(c))