1. (a) In this part the following words have the meanings indicated.

2. (b)

   1. (1) “Enterprise” means a business entity proposing to carry on a business in the State that meets the requirements of § 5-526 of this subtitle.

   2. (2) “Enterprise” includes:

      1. (i) a sole proprietorship;
      2. (ii) a partnership;
      3. (iii) a limited partnership;
      4. (iv) a corporation; or
      5. (v) a joint venture.
3. (c) “Equity participation financing” includes investment or guaranty of investment in an enterprise.
4. (d) “Existing business” means a business whose board of directors or owners approve the sale of the business to an enterprise receiving equity participation financing.
5. (e) “Fund” means the Equity Participation Investment Program Fund.
6. (f) “Program” means the Equity Participation Investment Program.

7. (g) “Qualified security” means:

   1. (1) a note, bond, debenture, or other evidence of indebtedness;
   2. (2) stock or other form of equity participation;
   3. (3) a certificate of interest or participation in a profit-sharing agreement;
   4. (4) an investment contract;
   5. (5) a certificate of deposit for a security;
   6. (6) a certificate of interest or participation in a patent or patent application or in royalty or other payments under a patent or patent application; or
   7. (7) an interest or instrument commonly known as a “security” or a certificate for, receipt for, guaranty of, or option, warrant, or right to subscribe to or purchase a qualified security.
8. (h) “Small business” means a business that is classified as a small business under the U.S. Small Business Administration size standards.

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008. Amended by Acts 2014, c. 70, § 1, eff. July 1, 2014; Acts 2014, c. 71, § 1, eff. July 1, 2014; Acts 2021, c. 39, § 1, eff. Feb. 15, 2021.