Terms Used In South Carolina Code 39-65-10

• 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 an individual, corporation, partnership, association, estate, or trust. See South Carolina Code 39-65-10
• Principal: means a person who:
  
  (a) manufactures, produces, imports, or distributes a tangible product for wholesale;
  
  (b) contracts with a sales representative to solicit orders for the product; and
  
  (c) compensates the sales representative, in whole or in part, by commission. See South Carolina Code 39-65-10
• Sales representative: means a person who:
  
  (a) contracts with a principal to solicit wholesale orders;
  
  (b) is compensated, in whole or in part, by commission;
  
  (c) does not place orders or purchase for his own account or for resale; and
  
  (d) does not sell or take orders for the sale of products to the ultimate consumer. See South Carolina Code 39-65-10