Nevada Revised Statutes 694C.110 – ‘Parent’ defined
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‘Parent’ means a corporation, limited-liability company, partnership, association or other form of business organization that directly or indirectly owns, controls or holds with power to vote more than 50 percent of the outstanding voting securities of:
Terms Used In Nevada Revised Statutes 694C.110
- 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.
1. A pure captive insurer organized as a stock corporation; or
2. The membership of a pure captive insurer organized as a nonprofit corporation.