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Terms Used In Texas Utilities Code 181.001

  • 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) “Corporation” includes:
(A) a partnership, limited partnership, or master limited partnership;
(B) a combination of business entities composed exclusively of corporations or in which a corporation is a general partner;
(C) a limited liability company; and
(D) a gas utility or electric utility regardless of form of organization, but not including a municipally owned utility.
(2) “Electric corporation” means an electric current and power corporation.