Sec. 8. (a) “Entity” means:

(1) a business corporation;

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Terms Used In Indiana Code 23-0.5-1.5-8

  • 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.
  • Decedent: A deceased person.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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.
(2) a nonprofit corporation;

(3) a general partnership, including a limited liability partnership;

(4) a limited partnership; or

(5) a limited liability company.

     (b) The term does not include:

(1) an individual;

(2) a business trust, a trust with a predominately donative purpose, or a charitable trust;

(3) an association or relationship that:

(A) is not listed in subsection (a); and

(B) is not a partnership under the rules stated in IC 23-4-1-7 or a similar provision of the law of another jurisdiction;

(4) a decedent‘s estate;

(5) a government or a governmental subdivision, agency, or

instrumentality; or

(6) any other person that has:

(A) a legal existence separate from any interest holder of that person; or

(B) the power to acquire an interest in real property in its own name.

As added by P.L.118-2017, SEC.5.

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