Indiana Code 25-34.1-4-2. Partnership, corporation, or limited liability company as broker company
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Sec. 2. Except as provided in IC 23-1.5, a partnership broker, corporate broker, or limited liability company broker:
(2) shall designate to the commission a managing broker who meets the requirements for managing brokers set forth in IC 25-34.1-3-4.1 to be primarily responsible to the commission for its actions.
(1) may act only as a broker company; and
Terms Used In Indiana Code 25-34.1-4-2
- Broker: means a person who:
Indiana Code 25-34.1-1-2
- Broker company: means a licensee that is a business engaged in the activities described in Indiana Code 25-34.1-1-2
- Commission: means the Indiana real estate commission. See Indiana Code 25-34.1-1-2
- Managing broker: refers to an individual broker whom the commission holds responsible for the actions of licensees who are affiliated with the broker company. See Indiana Code 25-34.1-1-2
- 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.
As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.128-1994, SEC.4; P.L.229-1995, SEC.7; P.L.127-2012, SEC.21; P.L.116-2015, SEC.6.