; (B) from which benefits are derived and distributed equitably by each of the farmer or rancher owners; (C) the members of which are actively engaged in farming; and (D) that is not a subsidiary of, or owned in any part by, a multilayer subsidiary entity. (4) Authorized legal entity The term authorized legal entity means a legal entity that meets each of the following requirements: (A) The legal entity is not a subsidiary of, or owned in any part by, a multilayered subsidiary entity. (B) The shareholders, partners, members, or beneficial owners of the legal entity do not exceed 25. (C) The shareholders, partners, members, or beneficial owners of the legal entity are all natural persons who are actively engaged in farming. (5) Beneficial owner The term beneficial owner , with respect to a legal entity, means any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has or shares— (A) voting power, including the power to vote for, or to direct the voting of, the legal entity; or (B) investment power, including the power to dispose, or to direct the disposition, of an interest in the legal entity. (6) Corporation The term corporation means— (A) a domestic corporation organized pursuant to the laws of a State