Texas Business and Commerce Code 15.03 – Definitions
Terms Used In Texas Business and Commerce Code 15.03
- 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.
- 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
- 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 corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005
Except as otherwise provided in Subsection (a) of Section 15.10 of this Act, for purposes of this Act:
(1) The term “attorney general” means the Attorney General of Texas or any assistant attorney general acting under the direction of the Attorney General of Texas.
(2) The term “goods” means any property, tangible or intangible, real, personal, or mixed, and any article, commodity, or other thing of value, including insurance.
(3) The term “person” means a natural person, proprietorship, partnership, corporation, municipal corporation, association, or any other public or private group, however organized, but does not include the State of Texas, its departments, and its administrative agencies or a community center operating under Subchapter A, Chapter 534, Health and Safety Code.
(4) The term “services” means any work or labor, including without limitation work or labor furnished in connection with the sale, lease, or repair of goods.
(5) The terms “trade” and “commerce” mean the sale, purchase, lease, exchange, or distribution of any goods or services; the offering for sale, purchase, lease, or exchange of any goods or services; the advertising of any goods or services; the business of insurance; and all other economic activity undertaken in whole or in part for the purpose of financial gain involving or relating to any goods or services.