Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 15-413
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Terms Used In Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 15-413
- 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.
The Board may reinstate the permit of a corporation, partnership, or limited liability company that has failed to renew the permit for any reason if the corporation, partnership, or limited liability company:
(1) otherwise is entitled to a permit; and
(2) pays to the Board a reinstatement fee set by the Board.