Terms Used In Indiana Code 21-12-1-7

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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.
Sec. 7. “Contributor” means an individual or a for profit corporation, partnership, or other for profit entity.

[Pre-2007 Higher Education Recodification Citation: 20-12-70.1-2.]

As added by P.L.2-2007, SEC.253.