Terms Used In Utah Code 53B-16-301

• 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: means :
       (1)(a) a federal, state, or local governmental entity:

            (1)(a)(i) that sponsors sponsored research; or

            (1)(a)(ii) participates in a technology transfer;
       (1)(b) an individual;
       (1)(c) a nonprofit or profit corporation;
       (1)(d) a partnership;
       (1)(e) a sole proprietorship; or
       (1)(f) other type of business organization. See Utah Code 53B-16-301
• Public institution of higher education: means an institution within the state system of higher education defined in Section 53B-1-102. See Utah Code 53B-16-301
• Sponsored research: refers to research, training, and other sponsored activities as defined by the federal Executive Office of the President, Office of Management and Budget:
       (4)(a) conducted by a public institution of higher education through an office responsible for sponsored projects or programs; and
       (4)(b) funded or otherwise supported by an external person that is not created or controlled by the public institution of higher education. See Utah Code 53B-16-301
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• Technology transfer: refers to transferring information, commercializing research, or providing technical assistance between a public institution of higher education and external persons for the purpose of economic development. See Utah Code 53B-16-301