Texas Transportation Code 520.056 – Application Requirements: Partnership
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Terms Used In Texas Transportation Code 520.056
- 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.
In addition to the information required in § 520.054, a motor vehicle title service license applicant that intends to engage in business as a partnership shall submit an application that includes the following information:
(1) the name, address, date of birth, and social security number of each partner;
(2) information about each partner as required by the county tax assessor-collector to establish the business reputation and character of the applicant; and
(3) a statement indicating whether a partner or employee has been refused a motor vehicle title service license or a title service runner’s license or has been the holder of a license that was revoked or suspended.