New Jersey Statutes 34:1B-166. Definitions relative to local-State business incentive promotion
Terms Used In New Jersey Statutes 34:1B-166
- 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.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
“Act” means the “Local-State Business Incentive Promotion Act.”
“Applicant” means any business within a county or municipality applying for a loan pursuant to this act.
“Authority” means the New Jersey Economic Development Authority established pursuant to section 4 of P.L.1974, c.80 (C. 34:1B-4).
“Business” means a corporation; sole proprietorship; partnership; corporation that has made an election under Subchapter S of Chapter One of Subtitle A of the Internal Revenue Code of 1986, or any other business entity through which income flows as a distributive share to its owners; limited liability company; nonprofit corporation; or any other form of business organization located either within or outside this State.
“Loan” means money loaned to a business by the authority for the purpose of retaining existing business or attracting new business to a county or municipality pursuant to this act.
“Program” means the Local-State Business Incentive Promotion Program established pursuant to section 3 of this act.
L.1998,c.94,s.2.