§ 31048 Definition Of Person

Financial Code·California

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Key Takeaways

•The word 'person' doesn't just mean one human being. It can also mean a group of people or a company.
•If a group of people work together to control a company, they count as one 'person' under this law.
•This rule helps the law cover all kinds of groups, not just single people.

Example

A group of friends team up to buy and control a small business together.

Even though there are multiple friends, the law sees them as one 'person' because they are working together to control the business.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 31048 Definition Of Person

“Person” means any natural person, proprietorship, joint venture, partnership, trust, business trust, syndicate, association, joint stock company, corporation, limited liability company, government, agency of any government, or any other organization; provided, however, that “person”, when used with respect to acquiring control of or controlling a specified person, includes any combination of two or more persons acting in concert. (Amended by Stats. 1994, Ch. 1010, Sec. 119. Effective January 1, 1995.)

Last verified: January 23, 2026

Key Terms

partnership corporation liability stock organization in california definition influence

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 31048.

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Key Takeaways

Example

Key Terms

Related Statutes

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