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Business Organizations Code Archives - Coonley Law

Assumed Name

“Assumed name” means a name adopted for use by a person. The term includes an assumed name filed under Chapter 71, Business & Commerce Code.


“Business” means a trade, occupation, profession, or other commercial activity.

Certificated Ownership Interest

“Certificated ownership interest” means an ownership interest of a domestic entity represented by a certificate issued in bearer or registered form.

Close Corporation

“Close corporation” means a for-profit corporation that elects to be governed as a close corporation in accordance with Subchapter O, Chapter 21.


“Contribution” means a tangible or intangible benefit that a person transfers to an entity in consideration for an ownership interest in the entity or otherwise in the person’s capacity as an owner or a member. The benefit includes cash, services rendered, a contract for services to be performed, a promissory note or other obligation of … Read more


“Corporation” means an entity governed as a corporation under Title 2 or 7. The term includes a for-profit corporation, nonprofit corporation, and professional corporation.


“Director” means an individual who serves on the board of directors of a foreign or domestic corporation.

Domestic Entity Subject to Dissenters’ Rights

‚ÄúDomestic entity subject to dissenters’ rights” means a domestic entity the owners of which have rights of dissent and appraisal under this code or the governing documents of the entity.

Foreign Entity

“Foreign entity” means an organization formed under, and the internal affairs of which are governed by, the laws of a jurisdiction other than this state.

General Partner

“General partner” means: (A) each partner in a general partnership; or (B) a person who is admitted to a limited partnership as a general partner in accordance with the governing documents of the limited partnership.

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Texas Constitution