Terms Used In Indiana Code > Title 24 > Article 5 > Chapter 8 - Business Opportunity Transactions

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• Business opportunity: means an investment that:

  Indiana Code 24-5-8-1

• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: means any agreement relating to a business opportunity. See Indiana Code 24-5-8-1
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Docket: A log containing brief entries of court proceedings.
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Goods: means any merchandise, equipment, product, supply, or material. See Indiana Code 24-5-8-1
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• Initial cash payment: means that portion of the initial payment that the investor is obligated to pay to the seller before or at the time of delivery of goods or services. See Indiana Code 24-5-8-1
• Initial payment: means the total amount an investor is obligated to pay under the terms of the contract before or at the time of delivery of the goods or services to the investor or within six (6) months of the date that the investor commences operation of the business. See Indiana Code 24-5-8-1
• Investor: means a person who is solicited to become obligated or does become obligated on a contract. See Indiana Code 24-5-8-1
• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Offer: includes every attempt to dispose of a business opportunity or an interest in a business opportunity for value. See Indiana Code 24-5-8-1
• 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.
• Person: means a human being, corporation, limited liability company, partnership, unincorporated association, trust, or governmental entity. See Indiana Code 24-5-8-1
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Sale: includes every contract to sell or dispose of a business opportunity or an interest in a business opportunity for value. See Indiana Code 24-5-8-1
• Seller: means a person, or his agent, who sells or leases or offers to sell or lease a business opportunity. See Indiana Code 24-5-8-1
• Service: means any assistance, guidance, direction, work, labor, or such other act as may be provided by the seller in the initiation or maintenance of a business. See Indiana Code 24-5-8-1
• Service of process: The service of writs or summonses to the appropriate party.
• Substantial seller: means a seller who has a net worth on a consolidated basis, according to current financial statements certified by an independent certified public accountant, of:

  Indiana Code 24-5-8-1

• Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5