Tennessee Code 47-25-202 – Part definitions
Current as of: 2024 | Check for updates
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As used in this part, unless the context otherwise requires:
Terms Used In Tennessee Code 47-25-202
- 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.
- Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
- Personal property: All property that is not real property.
- Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Retailer: means and includes every person, partnership, firm, corporation or association engaged in the business of making sales at retail within this state. See Tennessee Code 47-25-202
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- wholesale sales: means and includes any transfer, for a valuable consideration made in the ordinary course of trade or the usual prosecution of the seller's business, of title to tangible personal property to the purchaser for resale either in its original form or as processed or prepared for resale by hotels, cafes, or hospitals or other institutions. See Tennessee Code 47-25-202
- Wholesaler: means and includes every person, partnership, firm, corporation, or association engaged in the business of making sales at wholesale within this state. See Tennessee Code 47-25-202
less any legitimate trade discounts, but exclusive of cash discounts for prompt payment, and plus a mark-up amounting to not less than the minimum cost of distribution by the most efficient retailer, which mark-up, in the absence of proof to the contrary, shall be six percent (6%);
less any legitimate trade discounts, but exclusive of cash discounts for prompt payment;