Iowa Code 15E.42 – Definitions
Current as of: 2023 | Check for updates
|
Other versions
For purposes of this subchapter, unless the context otherwise requires:
1. “Affiliate” means a spouse, child, or sibling of an investor or a corporation, partnership, or trust in which an investor has a controlling equity interest or in which an investor exercises management control.
Terms Used In Iowa Code 15E.42
- authority: means the economic development authority created in section 15. See Iowa Code 15E.1
- Child: includes child by adoption. See Iowa Code 4.1
- 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 individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
2. “Authority” means the economic development authority created in section 15.105.
3. “Entrepreneurial assistance program” includes the entrepreneur investment awards program administered under section 15E.362, the receipt of services from a service provider engaged pursuant to section 15.411, subsection 1, or the program administered under section 15.411, subsection 2.
4. “Investor” means a person making a cash investment in a qualifying business. “Investor” does not include a person that holds at least a seventy percent ownership interest as an owner, member, or shareholder in a qualifying business.
5. “Qualifying business” means a business meeting the criteria defined in section 15E.44.