New Jersey Statutes 52:27H-21.8. Definitions
Terms Used In New Jersey Statutes 52:27H-21.8
- 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: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
a. “Authority” means the New Jersey Development Authority for Small Businesses, Minorities and Women’s Enterprises established pursuant to the provisions of P.L. 1985, c. 386 (C. 34:1B-47 et seq.);
b. “Commissioner” means the Commissioner of the Department of Commerce and Economic Development;
c. “Division” means the Division of Development for Small Businesses and Women’s and Minority Businesses;
d. “Eligible business” means a small business or a minority or women’s business certified by the division and determined to be eligible to receive assistance and to participate in programs according to the standards established pursuant to this act;
e. “Minority” means a person who is:
(1) Black, which is a person having origins in any of the black racial groups in Africa;
(2) Hispanic, which is a person of Spanish or Portuguese culture, with origins in Mexico, South or Central America, or the Caribbean islands, regardless of race;
(3) Asian American, which is a person having origins in any of the original people of the Far East, Southeast Asia, the Indian Subcontinent, Hawaii, or the Pacific Islands; or
(4) American Indian or Alaskan native, which is a person having origins in any of the original peoples of North America;
f. “Minority business” means a business which is:
(1) A sole proprietorship, owned and controlled by a minority;
(2) A partnership or joint venture owned and controlled by minorities in which at least 51% of the ownership interest is held by minorities and whose management and daily business operations are controlled by one or more of the minorities who own it; or
(3) A corporation or other entity the management and daily business operations of which are controlled by one or more minorities who own it, and which is at least 51% owned by one or more minorities, or, if stock is issued, at least 51% of the stock of which is owned by one or more minorities;
g. “Small business” means a sole proprietorship, partnership or corporation which is a size and type defined by the commissioner;
h. “Women’s business” means a business which is:
(1) A sole proprietorship owned and controlled by a woman; or
(2) A partnership or joint venture owned and controlled by women in which at least 51% of the ownership is held by women; or
(3) A corporation or other entity the management and daily business operations of which are controlled by one or more women who own it, and which is at least 51% owned by women, or, if stock is issued, at least 51% of the stock of which is owned by one or more women.
L. 1987, c. 55, s. 2.