The definitions in Florida Statutes § 570.242, and the following apply:

Terms Used In Florida Regulations 5H-21.002

  • 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.
    (1) “AED Program” means the Agricultural Economic Development Program.
    (2) “Agribusiness” means any agricultural proprietorship, partnership, corporation, association or cooperative interested in producing alternative crops or expanding into value-added processing and/or marketing.
    (3) “Alternative crops” means potentially profitable crops or livestock produced in an area which historically were not grown there.
    (4) “Applicant” means any agribusiness, educational institution or government entity requesting assistance from the AED Program.
    (5) “Key personnel” means vital members of management or consultants.
    (6) “Principal” means an officer, director or owner of ten (10) percent or more of an agribusiness; or for an association or cooperative, an officer, director or voting member.
    (7) “Profit” means the increase in the net worth of an agribusiness enterprise in a given accounting period, prior to any bonuses, dividends, patronage refunds or salary increases.
    (8) “Project Business Plan” means the business plan as requested by the AED Program. Project Business Plans are forwarded to the Committee for determination of assistance, as recommended to the Commissioner.
    (9) “Value-added” means taking raw commodities or products and, through processing and/or creative marketing, adding additional value to the commodity.
Rulemaking Authority 570.247 FS. Law Implemented Florida Statutes § 570.242. History—New 12-31-91, Amended 7-5-95.