Terms Used In Nevada Revised Statutes > Chapter 89 - Professional Entities and Associations

• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Appraisal: A determination of property value.
• Articles: means either the articles of incorporation of a professional corporation or the articles of organization of a professional limited-liability company. See Nevada Revised Statutes 89.020
• Bequest: Property gifted by will.
• Chambers: A judge's office.
• Department: means the Department of Taxation. See Nevada Revised Statutes 360.001
• Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
• Employee: means a person licensed or otherwise legally authorized to render professional service within this State who renders such service through a professional entity or a professional association, but does not include clerks, bookkeepers, technicians or other persons who are not usually considered by custom and practice of the profession to be rendering professional services to the public. See Nevada Revised Statutes 89.020
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Executive Director: means the Executive Director of the Department of Taxation. See Nevada Revised Statutes 360.001
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Licensed: means legally authorized by the appropriate regulating board of this State to engage in a regulated profession in this State. See Nevada Revised Statutes 89.020
• Minority leader: See Floor Leaders
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Owner: means the owner of stock in a professional corporation or the owner of a member"s interest, as defined in NRS 86. See Nevada Revised Statutes 89.020
• Professional association: means a common-law association of two or more persons licensed or otherwise legally authorized to render professional service within this State when created by written articles of association which contain in substance the following provisions characteristic of corporate entities:

  (a) The death, insanity, bankruptcy, retirement, resignation, expulsion or withdrawal of any member of the association does not cause its dissolution. See Nevada Revised Statutes 89.020

• Professional corporation: means a corporation organized under this chapter to render a professional service. See Nevada Revised Statutes 89.020
• Professional entity: means either a professional corporation or a professional limited-liability company. See Nevada Revised Statutes 89.020
• Professional limited-liability company: means a limited-liability company organized pursuant to this chapter to render professional service. See Nevada Revised Statutes 89.020
• Professional service: means any type of personal service which may legally be performed only pursuant to a license, certificate of registration or other legal authorization. See Nevada Revised Statutes 89.020
• Regulating board: means the body which regulates and authorizes the admission to the profession which a professional entity or a professional association is authorized to perform. See Nevada Revised Statutes 89.020
• retailer: has the meaning ascribed to it in NRS 372. See Nevada Revised Statutes 360.005
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Verdict: The decision of a petit jury or a judge.