Texas Labor Code 207.051 – Sale of Business
Current as of: 2024 | Check for updates
|
Other versions
(a) An individual is disqualified for benefits if the individual left the individual’s last work because of the sale of:
(1) a corporation and the individual was:
(A) an officer of the corporation;
(B) a majority or controlling shareholder in the corporation; and
(C) involved in the sale of the corporation;
(2) a limited or general partnership and the individual was a limited or general partner who was involved in the sale of the partnership; or
(3) a sole proprietorship and the individual was the proprietor who sold the business.
(b) The disqualification under this section continues until the individual has returned to employment and:
(1) worked for six weeks; or
(2) earned wages equal to six times the individual’s benefit amount.
Terms Used In Texas Labor Code 207.051
- 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.