Your idea is clean, and coceptually interesting.
I'd like to see what you could do to change the number of bodies to three, and in doing so, find a way to represent the "Illustrating the Co-Employment Relationship" image from the url from the NAPEO.org website. Conceptually, the legal structure of coemployment is well represented in that graphic, in that there are three distinct entities that over lap to create a structure that identifies roles and relationships of each, and that benefits each party.
I like the use of the people in that graphic representation, but want to try to do it in a way that speaks to the fact that its more than just a relationship, but that each of the three entities has its role to play, its relationship with each of the other two parties, and that where all three overlap, it culminates in a mutually beneficial relationship for all three entities...a win - win - win, if you will.
The above is the why the top ranked logo is where it is; it comes the closest to telling this story in one visual piece.
Thanks very much for participating, we're excited to see what the next few days brings, and am optimistic of an awesome outcome!