Terms Used In Texas Occupations Code 2153.301

  • 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.
  • Trustee: A person or institution holding and administering property in trust.

In this subchapter, “applicant,” “license holder,” or “registration certificate holder” includes:
(1) an individual;
(2) each partner of a partnership;
(3) each trustee of a trust;
(4) each receiver of a receivership;
(5) each officer, director, or member of an entity, including an association or corporation;
(6) each shareholder owning 25 percent or more of the shares of the corporation; and
(7) a business entity.

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