Kansas Statutes 16-115. Definitions
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 16-115
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Whenever used in this act, the following words and phrases shall have the meanings respectively ascribed to them herein, unless the context otherwise requires:
(a) “Property” means real or personal property, or both, and any interest therein; and
(b) “person” means any person, firm, partnership, association or corporation.