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Here's what BSIS says:
A private patrol operator operates a business that protects persons or property or prevents theft. In order for a company to seek licensure as a Private Patrol Operator, the Qualified Manager (see below) must have passed the licensing examination. In addition, each individual applicant, partner, or corporate officer must meet the following requirements:
To apply for a company license, submit the $700 company license fee, two recent passport-quality photographs and a Private Patrol Operator Live Scan form signed by the Live Scan Operator. A $32 DOJ fingerprint processing fee and a $19 FBI fingerprint processing fee must be paid at the Live Scan site for each applicant, partner, and officer. Send your application to the Bureau of Security and Investigative Services, P.O. Box 989002, West Sacramento, CA 95798-9002. (A Qualified Manager who is also an applicant, partner, or officer is not required to send in another set of fingerprints or pay another fingerprint processing fee.)
A Private Patrol Operator who employs armed security guards must have $1 million in insurance - $500,000 for one loss due to bodily injury or death, and $500,000 for one loss due to injury or destruction of property.
An individual, partnership, or corporation seeking a license as a Private Patrol Operator must specify in the application the individual who will manage the business on a day-to-day basis.
This individual is called the Qualified Manager. (An owner, partner, or corporate officer may serve as the Qualified Manager, or may hire someone to fill this role.) To be eligible to apply for licensure as a Qualified Manager, you must meet the following requirements: