Terms Used In Indiana Code 26-4-1-17

  • 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. 17. “Person” means a natural person, partnership, firm, association, corporation, limited liability company, or other business organization.

As added by P.L.250-1995, SEC.1.