Terms Used In South Carolina Code > Title 34 > Chapter 26 > Article 12 - Change in Corporate Status

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Contract: A legal written agreement that becomes binding when signed.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Person: means an individual, corporation, partnership, association, estate, or trust. See South Carolina Code 39-65-10
• Principal: means a person who:
  
  (a) manufactures, produces, imports, or distributes a tangible product for wholesale;
  
  (b) contracts with a sales representative to solicit orders for the product; and
  
  (c) compensates the sales representative, in whole or in part, by commission. See South Carolina Code 39-65-10
• Sales representative: means a person who:
  
  (a) contracts with a principal to solicit wholesale orders;
  
  (b) is compensated, in whole or in part, by commission;
  
  (c) does not place orders or purchase for his own account or for resale; and
  
  (d) does not sell or take orders for the sale of products to the ultimate consumer. See South Carolina Code 39-65-10