Terms Used In South Carolina Code > Title 1 > Chapter 23 > Article 2 - Small Business Regulatory Flexibility

• Agency: means an authority, board, branch, commission, committee, department, division, or other instrumentality of the executive department of state government, including administrative bodies and bodies corporate and politic established as an instrumentality of the State. See South Carolina Code 1-6-10
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Ex officio: Literally, by virtue of one's office.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Quorum: The number of legislators that must be present to do business.
• small business: means a commercial retail service, industry entity, or nonprofit corporation, including its affiliates, that:
  
  (1) is, if a commercial retail service or industry service, independently owned and operated; and
  
  (2) employs fewer than one hundred full-time employees or has gross annual sales or program service revenues of less than five million dollars. See South Carolina Code 1-23-270
• Statute: A law passed by a legislature.