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Terms Used In Indiana Code 10-10.7-1-4

  • 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.
  • Fiduciary: A trustee, executor, or administrator.
  • 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. 4. “Person” refers to an individual, a sole proprietorship, an association, a business association, a fiduciary, a partnership, a corporation, a limited liability company, a joint stock company, a joint venture, or other legal entity.

As added by P.L.94-2021, SEC.1.