Alabama Code 8-27-2. Definitions
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As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise:
Terms Used In Alabama Code 8-27-2
- 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.
- following: means next after. See Alabama Code 1-1-1
- 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: is a natural person, corporation, business trust, estate, trust, partnership, association, joint venture, government, governmental subdivision or agency, or any other legal or commercial entity. See Alabama Code 8-27-2