Texas Business and Commerce Code 116.0001 – Definitions
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Terms Used In Texas Business and Commerce Code 116.0001
- 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.
In this chapter:
(1) “Payee” means an individual who resides in this state or a corporation, trust, partnership, association, or other private legal entity authorized to do business in this state that receives money as payment under an agreement.
(2) “Person” means an individual, corporation, trust, partnership, association, or other private legal entity.