North Dakota Code 57-38.5-01 – Definitions
As used in this chapter, unless the context otherwise requires:
Terms Used In North Dakota Code 57-38.5-01
- 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.
- Individual: means a human being. See North Dakota Code 1-01-49
- Primary sector business: means an individual, corporation, limited liability company, partnership, or association certified by the department of commerce division of economic development and finance which through the employment of knowledge or labor adds value to a product, process, or service which results in the creation of new wealth. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
1. “Director” means the director of the department of commerce division of economic development and finance.
2. “Passthrough entity” has the same meaning as in section 57-38-01.
3. “Primary sector business” has the meaning provided in section 1-01-49 but does not include an agricultural commodity processing facility as defined under section 57-38.6-01.
4. “Qualified business” means a business other than a real estate investment trust which is a primary sector business that:
a. Is incorporated or its satellite operation is incorporated as a for-profit corporation, passthrough entity, or joint venture; b. Is in compliance with the requirements for filings with the securities commissioner under the securities laws of this state; c. Has North Dakota residents as a majority of its employees in the North Dakota principal office or the North Dakota satellite operation; d. Has its principal office in this state and has the majority of its business activity performed in this state, except sales activity, or has a significant operation in North Dakota that has or is projected to have more than ten employees or one hundred fifty thousand dollars of sales annually; and
e. Relies on innovation, research, or the development of new products and processes in its plans for growth and profitability.
5. “Taxpayer” means an individual, estate, or trust or a corporation, passthrough entity, or an angel fund. The term does not include a real estate investment trust.