Terms Used In Texas Tax Code 171.252
- 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.
If the corporate privileges of a corporation are forfeited under this subchapter:
(1) the corporation shall be denied the right to sue or defend in a court of this state; and
(2) each director or officer of the corporation is liable for a debt of the corporation as provided by Section 171.255 of this code.