Terms Used In Tennessee Code 47-25-402

  • 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 any individual, partnership, corporation, or association. See Tennessee Code 47-25-401

In proceedings for the violation of this part, an act or omission of any individual acting for a partnership, corporation, or association, or the act or omission of an officer or employee of any partnership, corporation, or association within the scope of that person‘s office or employment, shall be deemed to be the act or omission of such partnership, corporation, or association, as well as of the individual.