Section 19:44A-20.17 - "Business entity" definedFor the purposes of this act, a "business entity" means any natural or legal person, business corporation, professional services corporation, limited liability company, partnership, limited partnership, business trust, association or any other legal commercial entity organized under the laws of this State or any other state or foreign jurisdiction. The definition of a business entity includes:
(i) all principals who own or control more than 10 percent of the profits or assets of a business entity or 10 percent of the stock in the case of a business entity that is a corporation for profit, as appropriate;(ii) any subsidiaries directly or indirectly controlled by the business entity;(iii) any political organization organized under section 527 of the Internal Revenue Code that is directly or indirectly controlled by the business entity, other than a candidate committee, election fund, or political party committee; and(iv) if a business entity is a natural person, that person's spouse or child, residing therewith, are also included within this definition.Added by L. 2005, c. 51, s. 5, eff. 3/22/2005. L. 2005, c. 51, s. 18, states: "Sections 14, 15 and 16 shall take effect on the original effective date of P.L. 2004, c 19(C. 19:44A-20.2 et seq.), and the remainder of this act shall take effect immediately and shall be retroactive to October 15, 2004 and shall apply to contributions made and contracts awarded on or after October 15, 2004." .