Terms Used In Indiana Code 8-23-17-9

  • 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. 9. As used in this chapter, “person” and “owner” include any individual, partnership, corporation, limited liability company, or association.

As added by P.L.18-1990, SEC.226. Amended by P.L.8-1993, SEC.163.