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Terms Used In Indiana Code 35-43-6-7

  • 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. As used in this chapter, “person” means an individual, corporation, business trust, estate, trust, partnership, association, cooperative, or any other legal entity.

As added by P.L.251-1987, SEC.4.