Terms Used In Maine Revised Statutes Title 7 Sec. 16

  • 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.
Unless a specific penalty has otherwise been provided, a person, firm, partnership or corporation that violates a provision of this Title or a rule adopted pursuant to this Title commits a civil violation for which a forfeiture of not less than $100 nor more than $500 may be adjudged. [PL 2001, c. 421, Pt. B, §2 (RPR); PL 2001, c. 421, Pt. C, §1 (AFF).]
SECTION HISTORY

PL 1977, c. 696, §54 (RPR). PL 2001, c. 421, §B2 (RPR). PL 2001, c. 421, §C1 (AFF).