Tennessee Code 47-18-1201 – Part definitions
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As used in this part, unless the context otherwise requires:
Terms Used In Tennessee Code 47-18-1201
- 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.
- Property: includes both personal and real property. See Tennessee Code 1-3-105